Falco Inc. financed the purchase of a machine with a loan at 3.34% compounded semi-annually. This loan will be settled by making payments of $7,100 at the end of every six months for 7 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?
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- Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.A company financed the purchase of a machine with a loan at 4.5% compounded semi-annually. This loan would be settled by making payments of $9,100 at the end of every six months for 6 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan?A company financed the purchase of a machine with a loan at 4.25% compounded semi-annually. This loan would be settled by making payments of $7,500 at the end of every six months for 6 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan? $0.00 Round to the nearest cent
- A company financed the purchase of a machine with a loan at 2.5% compounded monthly. This loan would be settled by making payments of $9,400 at the end of every month for 5 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan? $0.00 Round to the nearest cent(1) The total amount of a loan to which interest has been added is P 200,000. The term of the loan was four and one-half years. a. If money accumulated at simple interest at a rate of 6%, what was the amount of the loan? b. If the annual rate of interest was 6% and interest was compounded annually, what was the amount of the loan?LEW Company purchased a machine at a price of $100,000 by signing a note payable, which requires a single payment of $123,210 in 2 years. Assuming annual compounding of interest, what rate of interest is being paid on the loan?
- 1. Mary made a loan of P58,000 to supply her new business. It is to be amortized by ten equal payments of P6,300 at the end of each quarter. a. What is the semi-annual interest needed to amortize the loan? b. Make an amortization schedule showing the distribution of the payments.Acme Industries Ltd. borrowed $50,000 and amortized the loan over 10 years at a rate of j1=8.00%. They will make monthly payments on the loan. a) Calculate the monthly loan payment rounded UP to the next cent: b) What is the balance owing on the loan after 3 years?The payment necessary to amortize a 4.9% loan of $86,000 compounded annually, with 4 annual payments is $24,196.70. The total of the payments is $96,786.80 with a total interest payment of $10,786.80. The borrower made larger payments of $25,000.00. Calculate (a) the time needed to pay off the loan, (b) the total amount of the payments, and (c) the amount of interest saved. a. The time needed to pay off the loan with payments of $25,000.00 is _____ years. (Round up to the nearest year.) b. The total amount of the payments is $______ (Round to the nearest cent as needed.) c. The amount of interest saved is $______. (Round to the nearest cent as needed.)
- Create a loan repayment schedule for a loan of $30295 and payments of $8482 made annually. Assume a rate of interest of 6.13% per year compounded annually. What is the balance remaining after the second payment?1. Leo's Auto Repair Inc. borrowed $5500 to be repaid by end-of-month payments over 4 years. Interest on the loan is 9% compounded monthly. a)What is the size of the periodic payment? b)What is the outstanding principle after the 13th payment? c)What is the interest paid in the 14th payment? d)How much principle is repaid in the 14th payment? e)Make a partial amortization schedule showing the details of the first 3 payments and the 14th payment.Stinson Corporation borrowed $85,000 at 8% compounded quarterly to buy a warehouse. Monthly payments of $1200 were made over the term of the loan. Construct a partial amortization schedule showing the last 2 payments. Determine the total amount paid to settle the loan. Show work, not just the answer. Determine the total principal repaid. Determine the total amount of interest paid. Show work, not just the answer.
