You have a car loan with a nominal rate of 4.95 percent. With interest charged monthly,...
You have a car loan with a nominal rate of 4.95 percent. With interest charged monthly, what is the effective annual rate (EAR) on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
Homework Answers
EAR=[(1+APR/m)^m]-1
where m=compounding periods
=(1+0.0495/12)^12-1
=5.06%(Approx).
Add Answer to:
You have a car loan with a nominal rate of 4.95 percent. With
interest charged monthly,...
ou have a car loan with a nominal rate of 9.54 percent. With interest charged monthly,...
ou have a car loan with a nominal rate of 9.54 percent. With interest charged monthly, what is the effective annual rate (EAR) on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of...
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of $230 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) *what is Effective interest rate?? b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You take out an $8,600 car loan that calls for 48 monthly payments starting after 1...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal monthly payments of $1,474.51 over the next 25 years. a-1. What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Monthly interest rate % a-2. What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR % b. What is the effective...
You take out a $7,400 car loan that calls for 36 monthly payments starting after 1...
You take out a $7,400 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) - monthly payment? b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent -effective annual interest rate?? c. Now assume the payments are made in four annual year-end...
please help me to solve a, b, c. You take out an $8,100 car loan that...
please help me to solve a, b, c.
You take out an $8,100 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest...
In a discount interest loan, you pay the interest payment up front. For example, if a...
In a discount interest loan, you pay the interest payment up
front. For example, if a 1-year loan is stated as $50,000 and the
interest rate is 7.50%, the borrower “pays” 0.0750 × $50,000 =
$3,750 immediately, thereby receiving net funds of $46,250 and
repaying $50,000 in a year.
a. What is the effective interest rate on this
loan? (Do not round intermediate calculations. Enter your
answer as a percent rounded to 2 decimal places.)
b. What is the effective...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent...
A loan is offered with monthly payments and a 12.00 percent APR. What's the loan's effective...
A loan is offered with monthly payments and a 12.00 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Effective annual rate %
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal monthly payments of $1,474.51 over the next 25 years. a-1. What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Monthly interest rate % a-2. What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR % b. What is the effective...
please help me to solve a, b, c.
You take out an $8,100 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest...
In a discount interest loan, you pay the interest payment up
front. For example, if a 1-year loan is stated as $50,000 and the
interest rate is 7.50%, the borrower “pays” 0.0750 × $50,000 =
$3,750 immediately, thereby receiving net funds of $46,250 and
repaying $50,000 in a year.
a. What is the effective interest rate on this
loan? (Do not round intermediate calculations. Enter your
answer as a percent rounded to 2 decimal places.)
b. What is the effective...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent...
A loan is offered with monthly payments and a 12.00 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Effective annual rate %
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
Most questions answered within 3 hours.
-
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 7 minutes ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 1 hour ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 1 hour ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 2 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 2 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 2 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 2 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 2 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 3 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 3 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 3 hours ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 3 hours ago