A pottery factory purchases a continuous belt conveyor kiln for $48,000. A 6.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $428.13, over what term is this loan being paid? A. 14 years B. 15 years C. 13 years D. 12 years
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- A pottery factory purchases a continuous belt conveyor kiln for $64,000. A 7.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $605.73, over what term is this loan being paid? OA. 14 years OB. 15 years OC. 12 years OD. 13 yearsA pottery factory purchases a continuous belt conveyor kiln for $68,000. A 6.3% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $765.22, over what term is this loan being paid?A design studio received a loan of $8,950 at 5.60% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? ← a acer SUBMIT QUESTION SAVE PROGRESS V SUBMIT ASSIC
- A house costs $147,000. It is to be paid off in exactly ten years, with monthly payments of $1,783.52. What is the APR of this loan? A. 6% B. 8% C. 7% D. 9% Please use BA II where applicable.A local moving service recently purchased a van be securing a loanwith semannual payments of $3200 per semiannual period for 7 years at 12% per year compuonded semiannually. What ws the purchase price of this van?(round your answer to the nearest cent)A home is purchased for $229,000 with an amortized loan over 30 years at an interest rate of 4.6%. The payments on the loan will be $1,173.96. Complete the first three lines for an amortized loan schedule. Payment # Payment Interest 1 2 Principal Paid Extra Payment Balance After Payment
- A design studio received a loan of $6,800 at 4.10% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? Round to the nearest cent c. What was the balance of the loan at end of the first year? Round to the nearest cent d. What was the size of the interest portion on the last payment? Round to the nearest centA fully amortizing CAM loan is made for $132,000 at 6 percent interest for 20 years. Required: a. What will be the payments and balances for the first six months? b. What would payments be for a CPM loan? c. If both loans were repaid at the end of year 5, would the lender earn a higher rate of interest on either loan? Complete this question by entering your answers in the tabs below. Required A Required B Required C What will be the payments and balances for the first six months? (Round your intermediate calculations and final answers to the 2 decimal places.) Month 1 Month 2 Month 3 Total Payment End BalanceA design studio received a loan of $3,100 at 4.50% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions:a. What was the payment size?Round to the nearest centb. What was the size of the interest portion on the first payment?Round to the nearest centc. What was the balance of the loan at end of the first year?Round to the nearest centd. What was the size of the interest portion on the last payment?Round to the nearest cent
- Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $201,000 at 7.02% for 15 years Question content area bottom Part 1 The monthly payments are (Round to the nearest cent.) Part 2 The total amount paid on the loan is (Round to the nearest cent.) Part 3 The total amount of interest paid is (Round to the nearest cent.)A $31,000 new car loan is taken out with the terms 3% APR for 48 months. How much are monthly payments on this loan? A. $892.01 B. $754.78 C. $823.40 D. 686.16 Please use BA II where applicable.Suppose you secure a home improvement loan in the amount of $5,000 from a local bank. The loan officer gives you the following loan terms:• Contract amount = $5,000• Contract period = 24 months• Annual percentage rate = 12%• Monthly installment = $235 .37Shown is the cash flow diagram for this loan. Construct the loan payment schedule by showing the remaining balance, interest payment, and principal payment at the end of each period over the life of the loan.