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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.A 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 $177.71You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has agreed to lend you the money at the annual rate of 6.32% a Caluate the montly repayment on this loan b Compute the interest payment for the first month of the loan based on the answer in a.
- Your bank offers to lend you $120, 000 at an 8.25% annual interest rate to start your new business. The terms require you to amortize the loan with 10 equal end-of-year payments. How much interest would you be paying in Year 2? a. $5,904.06. b. $8,487.08 0 c. $6,642.06• d. $7,011.07. e. $9224.68You have taken out a $7.500,000 loan with a 4% interest rate, 30 year amortization and ten year term. What is the loan balance after the final loan payment? a. 50 b. $7.390,303 c Cannot determine with information provided d. $5,908,797The following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $189.58 (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $ 2100 X
- A bank loan requires you to pay $88,000 at the end of each of the next eight years. The interest rate is 10%. a. What is the present value of these payments? b. Complete the following amortization table. Complete this question by entering your answers in the tabs below. Required A Required B Complete the following amortization table. Note: Negative amounts should be indicated by a minus sign. Round intermediate calculations and final answers to the nearest whole dollar amount. Year 1 2 3 4 5 6 7 8 Beginning Balance Payment Interest (10%) Loan Reduction Ending Balance Required A Required BYou plan to borrow $43,100 at an 8.0% annual interest rate. The terms require you to amortize the loan with 7 equal end-of- year payments. How much interest would you be paying in Year 2? a. $3,110.63 b. $3,061.57 c. $7,665.11 d. $8,278.32 e. $3,448.00The following loan is a simple interest amortized loan with monthly payments. $155,000, 9- 9-%, 30 years 2 (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total.interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest | Enter a number.
- Suppose you borrow $14,000. The interest rate is 11%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0". Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ fill in the blank 60 $ fill in the blank 61 $ fill in the blank 62 $ fill in the blank 63 $ fill in the blank 64 2 $ fill in the blank 65 $ fill in the blank 66 $ fill in the blank 67 $ fill in the blank 68 $ fill in the blank 69 3 $ fill in the blank 70 $ fill in the blank 71 $ fill in the blank 72 $ fill in the blank 73 $ fill in the blank 74 4 $ fill in the blank 75 $ fill in the blank 76 $ fill in the blank 77 $ fill in the blank 78 $ fill in the blank 79You apply for a loan of $79,000 with the following terms: a seven-year loan with semi-annual payments of $7,700 (at the end of period payments). Based on this information, what is the APR of the loan Bank Y offers you? 8.74% 8.42% 8.57% 9.02% 8.89%Suppose that you borrow$ 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. $2384