Homework Answers
Fs=P*r*t
P is the principal amount of the loan
r is the stated annual rate of interest
t is the term of the loan in years
Finance charge=10000*6%=600
Total payback=10600
Dividing the total finance charge of $600 by the life of the loan which is a year=$600
APR=600/10000=6%
Loan is a single payment loan
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Drop down options:
1. the same as, differently from
2. less, plus
3. $9280, $6720
4. -, x, /, +
5. -, x, /, +
6. principal, payback
7. annual, monthly
8. months, years
9. principal, loan disbursement
10. higher than, the same as, lower than
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Drop down options:
1. Garret, Mike
2. add-on, simple interest
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Simple interest is given by the formula A=P+PrtA=P+Prt. Where AA
is the balance of the account after tt years, and PP is the
starting principal invested at an annual percentage rate of rr,
expressed as a decimal.
Keegan is investing money into a savings account that pays 4%
simple interest, and plans to leave it there for 20 years.
Determine what Keegan needs to deposit now in order to have a
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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...
Drop down options:
1. the same as, differently from
2. less, plus
3. $9280, $6720
4. -, x, /, +
5. -, x, /, +
6. principal, payback
7. annual, monthly
8. months, years
9. principal, loan disbursement
10. higher than, the same as, lower than
7. Calculating finance charges using the discount method and APRon a single payment loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
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Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $750. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Be sure to take into account the finance charges. Round your answers to the nearest cent.) first payment $ 75 second payment $ 67.5 eBook
Drop down options:
1. Garret, Mike
2. add-on, simple interest
Ch 07: Assignment - Using Consumer Loans 10. Comparing payments on installment loans when using the simple interestor add-on methods to compute finance charges Comparing Loan Payments Using the simple interest and Add-on Methods of Interest Computation Installment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically...
annual payment
You are taking a loan out on a car. The purchase price of the car is $12,183 and the financing company is offering an APR of 11.12%. If you make a $2,000 down payment on the vehicle and finance the balance over 5 years, your annual Round your answer to two decimal places. payments would be $
Simple interest is given by the formula A=P+PrtA=P+Prt. Where AA
is the balance of the account after tt years, and PP is the
starting principal invested at an annual percentage rate of rr,
expressed as a decimal.
Keegan is investing money into a savings account that pays 4%
simple interest, and plans to leave it there for 20 years.
Determine what Keegan needs to deposit now in order to have a
balance of $50,000 in his savings account after 20...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. Amount $24,000 Interest rate 13% Annual payment $8,068.66 Term 4 years The portion of the payment that is applied to interest in year 1 is $ . (Round to the nearest cent.)
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