Your company takes out a $18,000 interest only loan over 4 years. The current prime rate...
Homework Answers
please note that the answer may slightly vary due to the number of decimals considered in calculations.
thank you:)
Add Answer to:
Your company takes out a $18,000 interest only loan over 4 years. The current prime rate...
On May 13, 2022, a college graduate takes an interest-only loan of $80,000 at an annual interest ...
On May 13, 2022, a college graduate takes an interest-only loan of $80,000 at an annual interest rate of 7%. The first payment is scheduled for June 13, 2022. On June 13, 2022, instead of making the regular-size payment, he pays 1,500. Each month after that he makes the regular payment 3a) What is the size of the payment made on August 13, 2022? 3b) When will the loan be paid off? 7778025 y4 7036 95175209 :360471592 e45556666778889 4455681 4...
You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The...
You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment will go toward the principal of the loan and will...
You took out a loan with an effective annual interest rate of 13 percent. What is...
You took out a loan with an effective annual interest rate of 13 percent. What is the equivalent 18-month interest rate on this loan? Note: I don't want the APR, I want the EPR (the actual interest rate charged over 18 months).
Today, Malorie takes out a 30-year loan of $200,000, with a fixed interest rate of 4.5%...
Today, Malorie takes out a 30-year loan of $200,000, with a fixed interest rate of 4.5% per annum compounding monthly for the first 3 years. Afterwards, the loan will revert to the market interest rate. Malorie will make monthly repayments over the next 30 years, the first of which is exactly one month from today. The bank calculates her current monthly repayments assuming the fixed interest rate of 4.5% will stay the same over the coming 30 years. (d) After...
Mr John Smith takes out a $45,000 car loan at 4% annual interest to be repaid...
Mr John Smith takes out a $45,000 car loan at 4% annual interest to be repaid over 4 years (48 equal installments). On the third day of month 14 the loan rate is reduced to 3.5%. Mr Smith is again lucky because on the tenth day of month 35 the loan rate is reduced to 3.0% Calculate how much interest Mr Smith has paid at the various rates (including the mixed monthly rates when the rate changes take place). Also...
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...
Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How...
Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How much does he owe, and what is his monthly payment if he chooses the 6- year loan payment plan? Label your answer and round to the nearest cent, if needed, Hint: Consider using the simple interest formula. Paragraph Arial T - T TT T 3 (12pt) T T. Of Meshups HTML CSS Path: p Words:0 QUESTION S How much does Spencer save if he...
You are taking out a $29556 loan. It will be amortized with fixed payments over 10...
You are taking out a $29556 loan. It will be amortized with fixed payments over 10 years. It is to be paid quarterly and the APR is 4%. What is the interest payment on the loan in the second quarter?
A B C A borrower takes out a 29-year mortgage loan for $286,819 with an interest...
A
B
C
A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
Greg takes out a $22,000 loan to buy new motorcycle. The interest rate is 3.9% per...
Greg takes out a $22,000 loan to buy new motorcycle. The interest rate is 3.9% per year and the term is 84 months. This works out to be a monthly payment of $300. (a) The first payment includes $71.50 of interest. How much principal is in the first payment? (b) What is the new loan balance after Greg makes the first payment? (c) Explain why it is incorrect to say that Greg will pay $71,50x84 = $6006 in total interest....
On May 13, 2022, a college graduate takes an interest-only loan of $80,000 at an annual interest rate of 7%. The first payment is scheduled for June 13, 2022. On June 13, 2022, instead of making the regular-size payment, he pays 1,500. Each month after that he makes the regular payment 3a) What is the size of the payment made on August 13, 2022? 3b) When will the loan be paid off? 7778025 y4 7036 95175209 :360471592 e45556666778889 4455681 4...
You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment will go toward the principal of the loan and will...
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...
Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How much does he owe, and what is his monthly payment if he chooses the 6- year loan payment plan? Label your answer and round to the nearest cent, if needed, Hint: Consider using the simple interest formula. Paragraph Arial T - T TT T 3 (12pt) T T. Of Meshups HTML CSS Path: p Words:0 QUESTION S How much does Spencer save if he...
A
B
C
A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
Greg takes out a $22,000 loan to buy new motorcycle. The interest rate is 3.9% per year and the term is 84 months. This works out to be a monthly payment of $300. (a) The first payment includes $71.50 of interest. How much principal is in the first payment? (b) What is the new loan balance after Greg makes the first payment? (c) Explain why it is incorrect to say that Greg will pay $71,50x84 = $6006 in total interest....
Most questions answered within 3 hours.
-
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 8 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 3 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 16 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 24 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 23 minutes ago -
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 26 minutes ago -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 27 minutes ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 31 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 46 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 48 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 1 hour ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 1 hour ago