One of your clients has an outstanding personal loan of 77,000, which is stated to have 20.3% APR interest. If the bank...
One of your clients has an outstanding personal loan of 77,000, which is stated to have 20.3% APR interest. If the bank actually compounds interest daily, how much money will your client owe on this loan at the end of the year, assuming no additional borrowing or repayment of the loan?
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One of your clients has an outstanding personal loan of 77,000, which is stated to have 20.3% APR interest. If the bank...
72. Currently, you owe the bank $19,600 for a car loan. The loan has an interest...
72. Currently, you owe the bank $19,600 for a car loan. The loan has an interest rate of 7.75 percent and monthly payments of $620. Your financial situation recently changed such that you can no longer afford these payments. After talking with your banker and explaining the situation, he has agreed to lower the monthly payments to $450 while keeping the interest rate at 7.75 percent. How much longer will it take you to repay this loan than you had...
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount...
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $11061 and the bank charges her 3% APR., how much interest will she be paying over a year? Answer: Check
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount...
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $11061 and the bank charges her 3% APR., how much interest will she be paying over a year? Answer: Check
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount...
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $9562 and the bank charges her 3% APR., how much interest will she be paying over a year? g 2.0 Answer Check
An investor can invest money with a particular bank and eam a stated interest rate of...
An investor can invest money with a particular bank and eam a stated interest rate of 15.40%; however, interest w be compounded quarterly. What are the nominal, periodic, and effective interest rates for this investment opportunity? Interest Rates Nominal rate Periodic rate Effective annual rate Rahul needs a loan and is speaking to several lending agencies about the interest rates they would charge and the terms they offer. He particularly likes his local bank because he is being offered a...
22.) A credit card has a stated interest rate of 13.3 percent. What is the APR...
22.) A credit card has a stated interest rate of 13.3 percent. What is the APR if interest is compounded monthly? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What interest rate is the company required by law to report to potential customers? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What is the effective annual rate it charges its customers? Curtis...
A bank is offering you a loan of $10,000 for 20 years. The stated interest rate...
A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). Answer: Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30- year, monthly payment, amortized mortgage...
17 A bank is offering you a loan of $10,000 for 20 years. The stated interest...
17 A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). of Answer: 18 Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment,...
5(a) A company is discussing a $0.5 million loan with a bank. The interest rate is...
5(a) A company is discussing a $0.5 million loan with a bank. The interest rate is 12% compounded annually and the repayment period is 5 years. The bank is offering two options for loan repayment: Option A: Payments are to be received in equal installments at the end of each year Option B: Interest is to be received on a yearly basis and the Principal is to be received at the end All loan repayment items are end-of-year payments Which...
2) You have received a 3-year $10,000 loan from your bank. This is an amortized loan...
2) You have received a 3-year $10,000 loan from your bank. This is an amortized loan which means you have to make 3 equal annual payments to the bank. The bank is charging you 12% APR (annual percentage rate) for this loan. a. Complete the following amortization schedule. (25 points) Amortization schedule Beginning Balance Annual Payment Interest Balance Reduction year End Balance Expense $10,000 $0.00 How much in total you end up paying back to the bank? (5 points) Assume...
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $11061 and the bank charges her 3% APR., how much interest will she be paying over a year? Answer: Check
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $11061 and the bank charges her 3% APR., how much interest will she be paying over a year? Answer: Check
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $9562 and the bank charges her 3% APR., how much interest will she be paying over a year? g 2.0 Answer Check
An investor can invest money with a particular bank and eam a stated interest rate of 15.40%; however, interest w be compounded quarterly. What are the nominal, periodic, and effective interest rates for this investment opportunity? Interest Rates Nominal rate Periodic rate Effective annual rate Rahul needs a loan and is speaking to several lending agencies about the interest rates they would charge and the terms they offer. He particularly likes his local bank because he is being offered a...
A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). Answer: Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30- year, monthly payment, amortized mortgage...
17 A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). of Answer: 18 Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment,...
5(a) A company is discussing a $0.5 million loan with a bank. The interest rate is 12% compounded annually and the repayment period is 5 years. The bank is offering two options for loan repayment: Option A: Payments are to be received in equal installments at the end of each year Option B: Interest is to be received on a yearly basis and the Principal is to be received at the end All loan repayment items are end-of-year payments Which...
2) You have received a 3-year $10,000 loan from your bank. This is an amortized loan which means you have to make 3 equal annual payments to the bank. The bank is charging you 12% APR (annual percentage rate) for this loan. a. Complete the following amortization schedule. (25 points) Amortization schedule Beginning Balance Annual Payment Interest Balance Reduction year End Balance Expense $10,000 $0.00 How much in total you end up paying back to the bank? (5 points) Assume...
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