A loan of $49295 is to be financed over a period of 24 months. The bank...
A loan of $49295 is to be financed over a period of 24 months. The bank quotes a nominal rate of 8% for the first 12 months and a nominal rate of 9% for any remaining unpaid balance after 12 months compounded monthly. What equal end-of-the-month payment for 24 months would be required to repay the loan with interest?
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A loan of $49295 is to be financed over a period of 24 months.
The bank...
for number 9 is 1,500,000 dollar) 9 A loan of Rp. 25.000.000 is to be financed...
for number 9 is 1,500,000
dollar) 9 A loan of Rp. 25.000.000 is to be financed to assist a person's college education. Based upon monthly compounding for 24 months, the end-of-the-month equal payment is quoted as Rp. 150.000. What nominal interest rate is being charged'! 10. You obtained a loan of Rp.75.000.000 to finance your home improvement project. Based on monthly compounding over 24 months, the end-of-the-month equal payment was figured to be Rp. 3500.000. What is the APR used...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if interest at the rate of 6%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $ 2. The Flemings secured a bank loan of $368,000 to help finance the purchase of a house. The bank charges interest at a rate of 3%/year on the unpaid balance, and interest computations...
An automobile loan of $22,000 at a nominal rate of 10% compounded monthly for 48 months...
An automobile loan of $22,000 at a nominal rate of 10% compounded monthly for 48 months requires equal end-of-month payments of $557.98. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) End of Month Interest Payment Repayment of Remaining Loan Principal Balance $ 183.33 $ 374.65 $21,625.35 $ 180.21 $377.77 $ 21247.58 $144.10 $17
Samuel and Sandra Sharp wish to borrow $600,000 to buya home. The loan from the Highway...
Samuel and Sandra Sharp wish to borrow $600,000 to buya home. The loan from the Highway Bank requires equal monthly repayments over 20 years, and carries an interest rate of 5-1 % per annum, compounded monthly. The first repayment is due at the end of one month after the loan proceeds are received. You are required to calculate the following. i) The effective annual interest rate on the above loan (show as a percentage correct to 3 decimal places). li)...
Problem 3 (Required, 25 marks) Recently, Mr. A has 2 outstanding loans: • Loan A -...
Problem 3 (Required, 25 marks) Recently, Mr. A has 2 outstanding loans: • Loan A - He needs to repay $1720 at the end of every month and there are 36 repayments remaining. The loan charges interest at an annual nominal interest rate 12% compounded monthly Loan B - He needs to repay an amount X at the end of every month and there are 36 repayments remaining. The loan charges interest at an annual nominal interest rate 18% compounded...
An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months...
An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months requires equal end-of-month payments of $270.95 Complete the table below, as you would expect a bank to calculate the values (Round to the nearest cent) End of Month (n) Interest Payment Repayment of Remaining Loan Principal Balance $11.769.05 523172 530 59 96 239 44 2 Enter your answer in each of the answer boxes
please show all steps 2. You have borrowed a loan form bank for $400,000 to finance...
please show all steps
2. You have borrowed a loan form bank for $400,000 to finance a new house. You are required to repay the loan in 360 equal monthly payments starting at the end of month 1. The bank charges an interest rate of 3% APR, compounded monthly. (i) What is the reduction in repayment time if you decide to add $400 to each payment? What is the remaining balance of the loan after 120 payments under (ii) the...
The Flemings secured a bank loan of $336,000 to help finance the purchase of a house....
The Flemings secured a bank loan of $336,000 to help finance the purchase of a house. The bank charges interest at a rate of 2%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term? (Round your answer to...
ESTION 2 115 MARKS a) Mr. Azman, owner of a small business borrowed RM75,000 with an agreement to repay the loan with quarterly payments over a 5-year time period. If the interest rate is 12% per...
ESTION 2 115 MARKS a) Mr. Azman, owner of a small business borrowed RM75,000 with an agreement to repay the loan with quarterly payments over a 5-year time period. If the interest rate is 12% per year compounded quarterly, how much is his loan payment for cach quarter? (10 Marks) b) A credit card issued by Bank Kimia Tech carries a nominal rate of 18% or 1.5% per month. What would be the total effective cost of borrowing RM6000 after...
4-103. You repay a student loan of $20,000 in equal monthly installments over 5 years at a nominal interest rate...
4-103. You repay a student loan of $20,000 in equal monthly installments over 5 years at a nominal interest rate of 24%, compounded on a monthly basis. The interest rate remains constant over this entire period of time. What is the monthly repayment amount? (4.15)
for number 9 is 1,500,000
dollar) 9 A loan of Rp. 25.000.000 is to be financed to assist a person's college education. Based upon monthly compounding for 24 months, the end-of-the-month equal payment is quoted as Rp. 150.000. What nominal interest rate is being charged'! 10. You obtained a loan of Rp.75.000.000 to finance your home improvement project. Based on monthly compounding over 24 months, the end-of-the-month equal payment was figured to be Rp. 3500.000. What is the APR used...
An automobile loan of $22,000 at a nominal rate of 10% compounded monthly for 48 months requires equal end-of-month payments of $557.98. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) End of Month Interest Payment Repayment of Remaining Loan Principal Balance $ 183.33 $ 374.65 $21,625.35 $ 180.21 $377.77 $ 21247.58 $144.10 $17
Samuel and Sandra Sharp wish to borrow $600,000 to buya home. The loan from the Highway Bank requires equal monthly repayments over 20 years, and carries an interest rate of 5-1 % per annum, compounded monthly. The first repayment is due at the end of one month after the loan proceeds are received. You are required to calculate the following. i) The effective annual interest rate on the above loan (show as a percentage correct to 3 decimal places). li)...
Problem 3 (Required, 25 marks) Recently, Mr. A has 2 outstanding loans: • Loan A - He needs to repay $1720 at the end of every month and there are 36 repayments remaining. The loan charges interest at an annual nominal interest rate 12% compounded monthly Loan B - He needs to repay an amount X at the end of every month and there are 36 repayments remaining. The loan charges interest at an annual nominal interest rate 18% compounded...
An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months requires equal end-of-month payments of $270.95 Complete the table below, as you would expect a bank to calculate the values (Round to the nearest cent) End of Month (n) Interest Payment Repayment of Remaining Loan Principal Balance $11.769.05 523172 530 59 96 239 44 2 Enter your answer in each of the answer boxes
please show all steps
2. You have borrowed a loan form bank for $400,000 to finance a new house. You are required to repay the loan in 360 equal monthly payments starting at the end of month 1. The bank charges an interest rate of 3% APR, compounded monthly. (i) What is the reduction in repayment time if you decide to add $400 to each payment? What is the remaining balance of the loan after 120 payments under (ii) the...
ESTION 2 115 MARKS a) Mr. Azman, owner of a small business borrowed RM75,000 with an agreement to repay the loan with quarterly payments over a 5-year time period. If the interest rate is 12% per year compounded quarterly, how much is his loan payment for cach quarter? (10 Marks) b) A credit card issued by Bank Kimia Tech carries a nominal rate of 18% or 1.5% per month. What would be the total effective cost of borrowing RM6000 after...
4-103. You repay a student loan of $20,000 in equal monthly installments over 5 years at a nominal interest rate of 24%, compounded on a monthly basis. The interest rate remains constant over this entire period of time. What is the monthly repayment amount? (4.15)
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