Principal = $24,360, annual rate = 12%, Finance charge +$10+1.5% of principal. What is this month's minimal payment due?
Principal = $24,360, annual rate = 12%, Finance charge +$10+1.5% of principal. What is this month's minimal payment due?
Homework Answers
Month's Minimum Payment due = $24360 x 12%/12 + $10 + 1.5% x $24360
=619
Plz ask in case of doubt
Add Answer to:
Principal = $24,360, annual rate = 12%, Finance charge +$10+1.5% of principal. What is this month's minimal payment due?
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
Use the unpaid balance method to calculate the finance rate on Joanna's credit account.if last month's...
Use the unpaid balance method to calculate the finance rate on Joanna's credit account.if last month's balance was 15 she made a payment of $375. She bought hiking for $120, and she returned a jacket for $140. Assume the annual interest rate is 21%
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal....
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal. pays interest, and You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a percentage of the payment pays interest, and a percentage repays the principal. The add-on method is a widely used technique for computing interest on installment loans. With the add-on method, interest is calculated by applying...
The amount of Principal is $3000, and the annual interest rate is 12%. Answer the following...
The amount of Principal is $3000, and the annual interest rate is 12%. Answer the following questions. (a) What is the effective annual interest rate if compounded monthly? Calculate Total payback after 2 years in a lump sum. (b) What is the simple annual interest rate to generate the same amount of payback as (a) in two years with the principal of $3000?
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual end-of-year payments Calculate the annual end of year loan payment b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the...
You take a 12-years fixed rate loan at 5.0 % annual interest rate with initial principal...
You take a 12-years fixed rate loan at 5.0 % annual interest rate with initial principal of $400,000. The repayment is scheduled as quarterly instalments. (a) Solve for your quarterly payment. (6 marks) (b) Three years later, you decide the change to monthly instalment for the remaining period at the same interest rate. Solve for the monthly payment. (12 marks) (c) Calculate the total interest that you need to pay for the twelve years. (2 marks)
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking...
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what your payment will be when the loan comes due. The equation to calculate the finance charge is: In the equation, Fs is the finance charge for the loan. What are the other values? P is the r is the stated t is the...
You take a 12-years fixed rate loan at 5.0% annual interest rate with initial principal of $400,000. The repayment is s...
You take a 12-years fixed rate loan at 5.0% annual interest rate with initial principal of $400,000. The repayment is scheduled as quarterly instalments. (a) Solve for your quarterly payment. (6 marks) (b) Three years later, you decide the change to monthly instalment for the remaining period at the same interest rate. Solve for the monthly payment. (12 marks) c) Calculate the total interest that you need to pay for the twelve years. (2 marks)
Principal x Annual interest rate x Fraction of year = Interest $2,000 x 12% x 15/360...
Principal x Annual interest rate x Fraction of year = Interest $2,000 x 12% x 15/360 = $10 Knowledge Check 01 On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry on January 30, 2020, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by...
1. What is the Present Value of a $1,000 payment due in 10 years with a...
1. What is the Present Value of a $1,000 payment due in 10 years with a stated annual rate of return of 8%? 2. What is the Future Value of $1,000 in 6 years, assuming an annual rate of return of 5%? Help: FV = PV (1 + i)^n PV = FV x 1/(1 + i) n
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal. pays interest, and You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a percentage of the payment pays interest, and a percentage repays the principal. The add-on method is a widely used technique for computing interest on installment loans. With the add-on method, interest is calculated by applying...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual end-of-year payments Calculate the annual end of year loan payment b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the...
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what your payment will be when the loan comes due. The equation to calculate the finance charge is: In the equation, Fs is the finance charge for the loan. What are the other values? P is the r is the stated t is the...
You take a 12-years fixed rate loan at 5.0% annual interest rate with initial principal of $400,000. The repayment is scheduled as quarterly instalments. (a) Solve for your quarterly payment. (6 marks) (b) Three years later, you decide the change to monthly instalment for the remaining period at the same interest rate. Solve for the monthly payment. (12 marks) c) Calculate the total interest that you need to pay for the twelve years. (2 marks)
Principal x Annual interest rate x Fraction of year = Interest $2,000 x 12% x 15/360 = $10 Knowledge Check 01 On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry on January 30, 2020, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by...
1. What is the Present Value of a $1,000 payment due in 10 years with a stated annual rate of return of 8%? 2. What is the Future Value of $1,000 in 6 years, assuming an annual rate of return of 5%? Help: FV = PV (1 + i)^n PV = FV x 1/(1 + i) n
Most questions answered within 3 hours.
-
From past history, the scores on a statistics test are normally
distributed with a mean of...
asked 23 minutes ago -
Calculate the gravitational field strength on the highest peak
of Everest (8848 m above the Earth).
asked 23 minutes ago -
the energy value of carbohydrates is 4.0 cal/g. calculate the
energy in 250 g of carbohydrates,...
asked 25 minutes ago -
i
need the summary of this article “Why I Don’t Trust The Video Games
Cause Violence”...
asked 44 minutes ago -
Draw the reactants and products of the following
reaction:
3-ethyl-2-heptene + HOH → 3-ethyl-3-heptanol +
3-ethyl-2-heptanol...
asked 42 minutes ago -
Determine the ratio of adipic acid and butylene glycol that
should be used to obtain a...
asked 51 minutes ago -
Calculate the ratio of the resistance of 11.0 m of aluminum wire
2.5 mm in diameter,...
asked 44 minutes ago -
Kinkaid Co. is incorporated at the beginning of this year and
engages in a number of...
asked 48 minutes ago -
when setting up a simple pendulum, calculate the string length
required for the period to equal...
asked 1 hour ago -
: A small but very close dense mass of 389 kg is brought close
to a...
asked 1 hour ago -
Create a class called Hotel. The hotel class will track the
current reservations for your one-room...
asked 1 hour ago -
In space, a 4.0 kg metal ball moving 30 m/s has a head on
collision with...
asked 1 hour ago