I loaned 151,068 today and promised to pay it back after 5 years to the bank with monthly payments that starts also by the time I received my loaned amount with an interest rate of 0.09 compounded monthly. What is the monthly amount I must set aside to pay for this loan
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- 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?If I loaned 167,871 today and promised to pay it back after 5 years to the bank with monthly payments that starts also by the time I received my loaned amount with an interest rate of 0.14 compounded monthly. What is the monthly amount I must set aside to pay for this loan?If I loaned 151,068 today and promised to pay it back after 5 years to the bank with monthly payments that starts also by the time I received my loaned amount with an interest rate of 0.09 compounded monthly. What is the monthly amount I must set aside to pay for this loan? Will upvote thankyou
- If you borrow $1700 and agree to repay the loan in sux equal annual payments at an interest rate of 11%, what will your payment be? what will your oayment be if you make the first payment on the loan immediately instead of at the end of the first year?Assume that you borrowed $500 from a friend and promised to repay the loan in five equal annual installments beginning one year from today. Your friend wants to be reimbursed for the time value of money at an 8% annual rate. Explain how you would compute the required annual payment.You borrow $7000 to help pay your college expenses. You agree to repay the loan at the end of 7 years at 12% interest, compounded monthly. (Round your answers to two decimal places.) (a) What is the maturity value of the loan? (b) How much interest are you paying on the loan?
- a. If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 6 years at 9% interest compounded quarterly. What is the maturity value of the loan? How much interest are you paying on the loan?You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $20 which is taken out of the initial proceeds of the loan. Taking into account the impact of the initiation fee, what is the effective annual interest rate on the loan?
- a. If you borrow $1,100 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?You borrow $7000 to help pay your college expenses. You agree to repay the loan at the end of 8 years at 9% interest, compounded quarterly. (Round your answers to two decimal places.) (a) What is the maturity value of the loan?(b) How much interest are you paying on the loan?If you borrow $2,800 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be?