i just need correct answer. i attached the apr table. Numberofmonthlyloans (n)126 1.76 1.90 2.05182430366.0%606.377.946.5% 7.0%3.28 3.56 3.83 4.119.524812.12.734.82 5.22 5.63 6.04 6.456.91 7.458.61 9.3010.34 11.16Annual Percentage Rate (APR) for Monthly Payment Loans13.83 14.947.5%16.00 17.408.008.0%9.982.20 2.35 2.49 2.64 2.79 2.94 3.08 3.238.5%16.06Annual Percentage Rate (APR)9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5%(Finance charge per $100 of amount financed) (h)4.39 4.66 4.94 5.22 5.50 5.786.86 7.28 7.69 8.108.54 9.09 9.6410.19 10.75 11.3010.66 11.35 12.04 12.74 13.43 14.1311.98 12.81 13.64 14.48 15.32 16.16 17.0117.18 18.31 19.45 20.5918.81 20.23 21.66 23.10 24.558.52 8.9321.74 22.9026.01 27.486.0628.9611.8614.833.38 3.536.34 6.629.3512.42 12.9815.54 16.243.686.9030.45 31.969.77 10.19 10.6116.9517.86 18.71 19.57 20.4313.0%3.8313.54 14.107.1833.47 34.9917.6624.06 25.23 26.40 27.58 28.7721.3036.52 Cameron decides to pay off his car loan at the end of 5 years rather than paying for 7 years as originally agreed. If the the monthly payments are $316 with an APR of 7%, use theformulas:u=kRh$ 100+ handPayoff amount = (k+ 1)R-u where k = additional payments, R = regular monthly payments, h is the finance charge per $100, and u = unearned interestFind the unearned interest and payoff amount (the amount required to pay off the loan at the end of 5 years).Review calculating payoff amounts here.Use the APR table here.Unearned interest: $525.83Payoff amount: $7374.17O Unearned interest: $572.46Payoff amount: $7643.54O Unearned interest: $572.46Payoff amount: $7327.54O Unearned interest: $525.83Payoff amount: $7058.17

Unearned interest is the income which the lending company will get but has yet not received or…

Cameron decides to pay off his car loan at the end of 5 years rather than paying for 7 years as originally agreed. If the the monthly payments are $316 with an APR of 7%, use the formulas: h W=AR($100+) and u=kR h Payoff amount = (k+ 1)R-u where k = additional payments, R = regular monthly payments, h is the finance charge per $100, and u = unearned interest Find the unearned interest and payoff amount (the amount required to pay off the loan at the end of 5 years). Review calculating payoff amounts here. Use the APR table here. O Unearned interest: $525.83 Payoff amount: $7374.17 O Unearned interest: $572.46 Payoff amount: $7643.54 O Unearned interest: $572.46 Payoff amount: $7327.54 O Unearned interest: $525.83 Payoff amount: $7058.17

Cameron decides to pay off his car loan at the end of 5 years rather than paying for 7 years as originally agreed. If the the monthly payments are $316 with an APR of 7%, use the formulas: h W=AR($100+) and u=kR h Payoff amount = (k+ 1)R-u where k = additional payments, R = regular monthly payments, h is the finance charge per $100, and u = unearned interest Find the unearned interest and payoff amount (the amount required to pay off the loan at the end of 5 years). Review calculating payoff amounts here. Use the APR table here. O Unearned interest: $525.83 Payoff amount: $7374.17 O Unearned interest: $572.46 Payoff amount: $7643.54 O Unearned interest: $572.46 Payoff amount: $7327.54 O Unearned interest: $525.83 Payoff amount: $7058.17

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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