A $90,000 loan at 7.7% compounded semiannually requires monthly payments of $1,600. Calculate the final payment. $1291.47 $1144.46 $1289.61 $1165.92 $1137.28
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A $90,000 loan at 7.7% compounded semiannually requires monthly payments of $1,600. Calculate the final payment.
$1291.47
$1144.46
$1289.61
$1165.92
$1137.28
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
- Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?The interest rate on a $118,000 loan is 8.9% compounded semiannually. The monthly payments on the loan are $960. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 210. Interest $ b. Calculate the principal component of Payment 145. Principal $ c. Calculate the final payment. Final payment $A $42,000 loan is repaid with semiannual payments of $5,000. What is the size of the final payment if money is borrowed at 66 compounded semi-annually $4,125.09 $4.227.79 $4,004.94 $4,114.35 $3,090.00
- Determine the monthly payment for a five-year loan on a $25 000 vehicle at 7% per year, compounded monthly. $265.39 $328.80 $376.22 $495.03 FPrepare an amortization schedule for a three-year loan of $60,000. The interest rate is 6 percent per year, and the loan calls for equal annual payments. How much is the principal payment for the first year? Select one: a.$ 50,377.17 b.$ 22,446.59 c.$ 20,000 d.$ 18,846.59a 5-year $10,000 loan requiring monthly payments at a fixed rate of 9% is amortized into five-year monthly payments. How much is the monthly payment? $711.11 $312,55 $677.33 $207.58 $234 $678.90 $333.14 $450
- A loan is taken out at /12 = 18% and is paid back with monthly payments of $279.00, plus a smaller concluding payment. With one month left on the loan, the outstanding balance is $268.66. What is the size of the final loan payment? $279.00 $264.63 $270.69 $268.66 $272.69To repay a loan of $20,000, a series of nineteen level payments is to be made with the first payment in one year and each subsequent payment two years after the preceding one. The annual effective interest rate is 3.5%. Find the payment amount. Possible Answers A $1,459 B $1,685 c $1,729 D $1,887 E $1,953Monthly payments are required on a $45,000 loan at 6.0% compounded monthly. The loan has an amortization period of 15 years (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 137. Interest component $1 b. Calculate the principal component of Payment 76. Principal component c. Calculate the interest paid in Year 1. Interest paid d. Calculate the interest paid in Year 14. Interest paid
