Lexi took out a loan from a loan shark with an interest rate of 5% bi- monthly, compounded semi-monthly. After 1 year the total amount is now $14,147.19. How much is the principal amount? (note: $1 = P52.28) * P543,722.40 O $10,500.00 P550,176.77 $10,400.00
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- Suppose that you borrow$ 12000 at interest rate of 5% per year. If you must be repaid the loan in equal end of year payments over the next 4 years, how much must you repay at the end of each year? O a. $3672 Ob. $3384 Oc. $2672 O d. $2384A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57 years at 12.98%, with .13 points. The loan payments will be monthly. The closing cost is estimated to be $2,168. Calculate the prepaid interest. O $169.18 O $167.72 O $196.60 O $177.71If someone borrow $4000 with interest rate 4% and has to return the loan with equal payment in 4 years. The amount of the annual payment is: Select one: а. $1169.85 b. $1400 c. $1313.9 d. $1240
- Assume you borrowed $20,000 and the terms of the loan include paying 4% interest for a period of 10 years. You plan to make annual payments. After you've made the second payment, how much principal have you paid? (Hint, first find the payment on the loan.) O $2,466 O $1,732 O $733 O $16,002Suppose you get a student loan for $8,000, and your payments are deferred until after you graduate, 2 years from now. Then, you will make 15 yearly payments (starting 2 years from now). What are your payments? The interest rate is 8%/year. a. $845 b. $ 934 c. $ 976 d. $1,009You borrowed $30,200 to remodel your kitchen. The interest rate is of the loan is 8.2 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $750? a. 47.25 years 40.96 years. Ob. c. 3.41 years O d. 3.94 years Oe. 7.43years
- Suppose your car loan for 36 months has a monthly payment of $425. Immediately after the 30th payment, you want to pay the remaining balance in a lump sum. What lump sum amount must you pay if your interest is 4% compounded continuously? $7,977 $8,827 O$8,035 $2,277 $2,228CAN U PLEASEE PLEASE PLEASE HELP ME WITH THISS 21. A bank recently loaned $18,204.00 to buy a car. The loan is for 4 years and is fully amortized. The nominal rate on the loan is 9.2%, and payments are made at the end of each month. What will be the remaining balance on the loan after you make payment number 35? 4,106.14 5,606.14 5,106.14 4,606.14 6,106.14A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The familyagrees to pay the loan off by making monthly payments over a 15 year period.a. How much should the monthly payment be in order to pay off the debt in 15 years?b. How much of the first payment is paying off the principal amount?
- Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. by how much would you reduce the amount you owe at the end of the first year? (in other words, how much of the principal anount of the loan have you paid off) A. $2,404.91B $2,531.49C. $2,930.51D. $2,790.96E. $2,658.06Find the total amount that must be repaid on the following note described. $8,593 borrowed at 18.5% simple interest What is the total amount to be repaid 3 years, 125 days later? (Round your answer to the nearest cent.) $ 13906.53 Need Help? Read It4. Suppose $5,000 is deposited in a savings and loan account that pays 5.5% interest compounded semiannually. Use compound interest to calculate the following:a. How much money will be saved?b. How much will be owed after 2 years?