A loan will be repaid by month-end repayments of 9,000 for 10 years. The interest rate...
A loan will be repaid by month-end repayments of 9,000 for 10 years. The interest rate is 2.4% p.a. compounded monthly for the first 6 years and 8.2% p.a. compounded monthly thereafter. How much is the loan? Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
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A loan will be repaid by month-end repayments of 9,000 for 10
years. The interest rate...
A 10-year loan is to be repaid by quarter-end repayments of 8,000 starting in 3 months...
A 10-year loan is to be repaid by quarter-end repayments of 8,000 starting in 3 months at an interest rate of 3.8% p.a. compounded quarterly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded semi- annually for the next two years, and 10% compounded monthly thereafter. What is the size of the final payment? The final payment is $ ?. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded quarterly for the next two years, and 10% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after six years. Interest is 5% compounded quarterly for the first two years, 6% compounded monthly for the next two years, and 6% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ 1. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
We take a 10-year mortgage for $300,000 at 7.25% p.a. It is to be repaid in...
We take a 10-year mortgage for $300,000 at 7.25% p.a. It is to be repaid in monthly repayments. a. What is the repayment amount? Assume that interest is compounded monthly. Which formula should you use to solve this problem? b. What is the balance outstanding after two years? How much principal and how much interest have been paid? c. After two years, the interest rate falls to 6.75% p.a. What prepayment penalty would make it unattractive to prepay the loan?
2. You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period,...
2. You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period, starting in six months. The annual interest rate is 5% (a) Compute the size of the repayments if interest is compounded every six months. (b) Suppose instead that interest is compounded monthly but repay- ments are still made every six months. Determine the equivalent annual interest rate for payments made every six months and find...
15. 10 years ago, Alan started to repay a loan by making equal month-end repayments of $3,200 for 15 years. If the inter...
15. 10 years ago, Alan started to repay a loan by making equal month-end repayments of $3,200 for 15 years. If the interest rate charged for the loan is 12% per annum compounded monthly, the loan outstanding immediately after the 120th payment is closest to A. $125,430 B. $138,420 C. $142,440 D. $143,860 16. Andrew's monthly instalment made in arrears to repay his loan fully is $4,500. If the effective for the loan is 0.3%, calculate the amount of the...
Kellie purchases an apartment by borrowing $600,000 from the bank. The interest rate charged on the...
Kellie purchases an apartment by borrowing $600,000 from the bank. The interest rate charged on the loan is 6% per annum compounded monthly and Kellie agrees to make level month-end repayments to fully repay the loan over the next 30 years. (a) Calculate the level monthly repayment (rounded to the nearest cent). Without EXCEL
You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period, sta...
You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period, starting in six months. The annual interest rate is 5%. (a) Compute the size of the repayments if interest is compounded every six months. (b) Suppose instead that interest is compounded monthly but repayments are still made every six months. Determine the equivalent annual interest rate for payments made every six months and find the size...
4. A loan of $14,000 with interest at 12% compounded annually is repaid by payments of...
4. A loan of $14,000 with interest at 12% compounded annually is repaid by payments of $856.00 made at the end of every month. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full in 1 year, what is the payout figure? (c) If paid out, what is the total cost of the loan? (a) The number of payments required to amortize the loan is (Round up to the nearest whole...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded quarterly for the next two years, and 10% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after six years. Interest is 5% compounded quarterly for the first two years, 6% compounded monthly for the next two years, and 6% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ 1. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
2. You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period, starting in six months. The annual interest rate is 5% (a) Compute the size of the repayments if interest is compounded every six months. (b) Suppose instead that interest is compounded monthly but repay- ments are still made every six months. Determine the equivalent annual interest rate for payments made every six months and find...
4. A loan of $14,000 with interest at 12% compounded annually is repaid by payments of $856.00 made at the end of every month. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full in 1 year, what is the payout figure? (c) If paid out, what is the total cost of the loan? (a) The number of payments required to amortize the loan is (Round up to the nearest whole...
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