Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
Rounding in the calculation of monthly interest rates is
discouraged. Such rounding can lead to answers different from those
presented here. For long-term loans, the differences may be
pronounced.
Assume that you take out a $2000 loan for 30 months at 7% APR. What
is the monthly payment? (Round your answer to the nearest
cent.)
Homework Answers
Information provided:
Present value= $2,000
Time= 30 months
Interest rate= 7%/12= 0.5833% per month
The monthly payment is calculated by entering the below in a financial calculator:
PV= -2,000
N= 30
I/Y= 0.5833
Press the CPT key and PMT to compute the monthly payment.
The value obtained is 75.86.
Therefore, the monthly payment is $75.86.
In case of any query, kindly comment on the solution.
Add Answer to:
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. Assume that you take out a $4000 loan for 30 months at 9.5% APR. How much of the first month's payment is interest? (Round your answer to the nearest cent.)
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. Assume that you take out a $6000 loan for 33 months at 8.5% APR. How much total interest will you have paid at the end of the 33 months? (Round your answer to the nearest cent.)
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. You can get a car loan with a term of three years at an APR of 3%. If you can afford a monthly payment of $200, how much can you borrow? (Round your answer to the nearest cent.)
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. You can get a car loan with a term of three years at an APR of 3%. If you can afford a monthly payment of $300, how much can you borrow? (Round your answer to the nearest cent.)
Warning: Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to...
Warning: Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. You borrow $26,000 with a term of two years at an APR of 5%. Use the Estimation Rule for Short-Term Loans to estimate your monthly payment. (Round your answer to the nearest cent.) $
Value Simple interest monthly payment Add-on interest monthly payment $4,950.00 Choose the answer that best evaluates...
Value Simple interest monthly payment Add-on interest monthly payment $4,950.00 Choose the answer that best evaluates $6,600.00 statement: $5,500.00 ns over add-or InputOutzone Inc. always prefers simpl loan, its monthly payment is lower. $6,050.00 Value Simple interest monthly payment Add-on interest monthly payment $59,950.00 Choose the answer that best evaluates tatement: $44,962.50 s over add- InputOutzone Inc. always prefers simpl loan, its monthly payment is lower. $49,958.33 $54,954.16 The comnany should only ar Forect Inans Chez Quis Inc. needs to...
7. + 1/2 points Previous Answers CraudColAlg6 1.1.EX.018.MI. 6/100 Submissions Used My Notes Ask Your Teacher...
7. + 1/2 points Previous Answers CraudColAlg6 1.1.EX.018.MI. 6/100 Submissions Used My Notes Ask Your Teacher You are buying a new car, and you plan to finance your purchase with a loan you will repay over 48 months. The car dealer offers two options: either dealer financing with a low APR, or a $2000 rebate on the purchase price. If you use dealer financing, you will borrow $14,000 at an APR of 3.3%. If you take the rebate, you will...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $5...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
The mortgage on your house is five years old. It required monthly payments of $ 1...
The mortgage on your house is five years old. It required monthly payments of $ 1 422 , had an original term of 30 years, and had an interest rate of 9 % (APR). In the intervening five years, interest rates have fallen and so you have decided to refinancelong dashthat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.625...
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...
Value Simple interest monthly payment Add-on interest monthly payment $4,950.00 Choose the answer that best evaluates $6,600.00 statement: $5,500.00 ns over add-or InputOutzone Inc. always prefers simpl loan, its monthly payment is lower. $6,050.00 Value Simple interest monthly payment Add-on interest monthly payment $59,950.00 Choose the answer that best evaluates tatement: $44,962.50 s over add- InputOutzone Inc. always prefers simpl loan, its monthly payment is lower. $49,958.33 $54,954.16 The comnany should only ar Forect Inans Chez Quis Inc. needs to...
7. + 1/2 points Previous Answers CraudColAlg6 1.1.EX.018.MI. 6/100 Submissions Used My Notes Ask Your Teacher You are buying a new car, and you plan to finance your purchase with a loan you will repay over 48 months. The car dealer offers two options: either dealer financing with a low APR, or a $2000 rebate on the purchase price. If you use dealer financing, you will borrow $14,000 at an APR of 3.3%. If you take the rebate, you will...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
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...
Most questions answered within 3 hours.
-
A.Consider the reaction when aqueous solutions of
chromium(II) sulfate and barium
acetate are combined. The net...
asked 8 minutes ago -
Two forces F1 =
-7.10i + 7.40j and
F2 = 6.80i +
3.40j are acting on...
asked 12 minutes ago -
Search the Internet regarding online Personal Health Records
(PHRs). Is an online personal health record different...
asked 24 minutes ago -
In a lottery game, a player picks 7 numbers from 1 to 43. How
many different...
asked 31 minutes ago -
How would transport and dispersion of pollutants from a coastal
stack be affected by the sea...
asked 32 minutes ago -
the
average length of a hospital stay is 4.8 days. if we assume the
lengths of...
asked 33 minutes ago -
Considering the length of the
resonance tube you used, what is the lowest frequency tuning fork...
asked 48 minutes ago -
what is ku klux klan hood and robe? is it against the law? legal or
illegal?...
asked 45 minutes ago -
Imagine that you are the (now former) CEO (Marissa Mayer) of
Yahoo! and wish to eliminate...
asked 48 minutes ago -
A star has a mass of 3 solar masses (3 times the mass of the
Sun)....
asked 48 minutes ago -
The random variable X, representing the number of errors per 100
lines of software code, has...
asked 54 minutes ago -
Looking for some assistance with C++ code using visual studio
for the following:
Input file:
Field...
asked 59 minutes ago