(Annuity number of periods) How long will it take to pay off a loan of $49,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.) CID

(Annuity number of periods) How long will it take to pay off a loan of $49,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.) CID

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

See similar textbooks

Similar questions

Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?
(Annuity number of periods) How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.) C
(Annuity number of periods) How long will it take to pay off a loan of $48,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.)
How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is enter your response here years. (Round to one decimal place.)
(Annuity interest rate) You've been offered a loan of $25,000, which you will have to repay in 5 equal annual payments of $7,000, with the first payment due one year from now. What interest rate would you pay on that loan? The interest rate you would pay on the loan is %. (Round to two decimal places.)
If you were to borrow $9,100 over five years at 0.13 compounded monthly, what would be your monthly payment? Round to two decimal places. check_circle Expert Answer thumb_up thumb_down Step 1 Annuity - Annuity means the amount of series of payments based on fixed intervals periods. The formula used to calculate annuity is = Amount*PAVF(R, N) where PAVF = Present value annuity factor, R = Interest rate , N= no of periods Step 2 In the given question we have, Amount borrowed = $9,100 Interest rate = 0.13% compounded monthly N = no.of periods = 5*12 = 60 periods Let the monthly payment be =x x,PVAF(0.13%,60) = $9,100 X*PVAF(1+0.0013)60 = $9,100 X*61.4396868 = $9,100 how is this calculated? I don't get this number. X = $9,100/61.4396868 X = $ 148.11 monthly payment = $148.11
help please how long will it take to pay off a loan of $45,000 at an annual rate of 11% compounded monthly if you make monthly payments of $450? Use five decimal places for the monthly percentage rate in your calculations the number of years it takes to pay off the loan is ______ years? Round to one decimal place.
Use the table to find the monthly payments on the given loan. Amount Rate Time $63,000 12% 3 years table of monthly payments on a $1,000 loan. The monthly payments for this loan are? (Type an integer or a decimal.)
Suppose you take out a margin loan for $71,000. The rate you pay is an effective rate of 5.6 percent. If you repay the loan in six months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Suppose you take out a margin loan for $65,000. The rate you pay is an effective rate of 8.7 percent. If you repay the loan in six months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Interest

Step 1:Suppose that your Stafford loans plus accumulated interest total $31,811 at the time that you start repayment and the interest rate is 6.8% APR.If you elect the standard repayment plan of a fixed amount each month for 10 years, what is your monthly payment?(Fill in the blank below and round your answer to 2 decimal places.)Your monthly payment would be $______. STEP 2: How much will you pay in interest?(Fill in the blank below and round your answer to the nearest whole number.)You would pay a total of $______ in interest. STEP 3: However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead.Fill in the blanks (Give your answers to two decimal places):If you do that:Your monthly payment would be $______.You will pay $______ in interest.Answer 1:Answer 2: