Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a refrigerator for $1,500 at 15% add-on interest for 3 years

Q: o i need formulas Annual Interest Rate: 3.69% Length of Loan (in years):   Loan Amount:…

A: Loans are paid by the equal installments and these installments carry the payment for interest and…

Q: Find the future (FV) of a loan of a $6,100 loan at 7.5% for 9 months. (Assume simple interest and…

A: One way to figure out the interest on a loan or investment is with simple interest. It is referred…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $517,000 home…

A: Given,Total amount = $517000Down payment = 20% of $517000Loan term = 30 yearsInterest rate = 6.2%

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $518,000 home…

A: When we take a loan we usually make fixed periodic payments toward servicing the loan. The fixed…

Q: Consider borrowing $250,000 to purchase a house at a 4% annual interest rate to be paid in full in…

A: The debt amortization schedule refers to the table that showcases the interest and principal…

Q: What monthly amount is needed for a car loan with a starting balance of $8,000 over 3 years with the…

A: Car loan implies when car is purchased by making small initial payment called down-payment and rest…

Q: Calculate the present value of a loan that could be cleared by payments of $3,250 at the end of…

A: Present value of loan ca be calculated by using loan amortisation formula. Present value of loan(P)=…

Q: Using the add-on method, calculate the APR of a loan for $12,050 at 9% for 2 years.  Round your…

A: Interest on loan = Principal * Interest rate * Time period = $12050 * 0.09 * 2 = 2169 Total amount…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) $100 loan for 12…

A: Monthly payment: It is the payment paid by the loan holder to the lender every month in order to…

Q: d the monthly payment for the loan. (Round your answer to the nearest cent.) A $255,000 condominium…

A: Homes are purchased through mortgage loans and these are secured loans and home is collateral…

Q: The following loan is a simple interest amortized loan with monthly payments. (Round your answers to…

A: Using excel PMT function

Q: Using the simple interest method, find the monthly payments on a $2,000 installment loan if the…

A: Simple interest refers to the method of interest calculation where the principal amount remains the…

Q: Find the monthly house payments necessary to amortize a 10.8% loan of $172,900 over 15 years.

A: Payment per period can be calculated using PMT function in excel.PMT(rate, nper, pv, [fv],…

Q: For a student loan of $20,700 at 2.75% for 20 years, complete the following. (a) Calculate the…

A: Loan amount = $20,700Interest rate = 2.75%Number of years = 20 years

Q: , find the monthly payments or

A: Monthly payments refer to the specified amount that a borrower is required to repay on a loan each…

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

A: APR: APR stands for annual percentage rate. which means the annual percentage rate on purchases.…

Q: nd the future value of the loan. $200.00 loan at 5% for 5 months

A: Loan is the amount borrowed at a certain interest rate for a specific period of time.

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

A: The annual percentage rate refers to the cost that is paid each year for borrowing the money…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $263,000…

A: With the given information, we can determine the monthly payment for the loan using the steps below.…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $519,000 home…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Find the exact interest on a loan of $8,000 at 8% annually for 60 days. $ (Round to the nearest cent…

A: Interest Amount = Amount of Loan x Interest Rate x Time (in years)

Q: Consider a student loan of $25,000 at a fixed AP a. Calculate the monthly payment. b. Determine the…

A: Loan amount = $25,000Interest rate = 9%Number of years = 30 years

Q: Find the monthly house payments necessary to amortize a 7.2% loan of $222,000 over 15 years. The…

A: An example of debt is a loan. Borrowers agree to repay the lender with interest over a predetermined…

Q: monthly paymen

A: Monthly payment refers to the equivalent amount that is paid every month for the loan duration. The…

Q: You take out a 5-year car loan for $16000 at a 6% interest rate. Calculate the fixed monthly payment…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: rounded

A: Given, Loan Amount = $3,100 Rate = 12% Time Period = 4 Years.

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $505,000 home…

A: Here,ParticularsValuesPurchase price of home $   5,05,000.00Percentage of down payment20.00%Number…

Q: Find the monthly house payments necessary to amortize the following loan. Then calculate the total…

A: 1). Monthly payment is calculated using following equation Monthly payment = A×(r/m)(1-1(1+r/m)n×m)…

Q: Consider a student loan of $25,000 at a fixed APR of 12% for 20 years. a. Calculate the monthly…

A: We need to use loan amortisation formula below to calculate monthly payment.  PMT =P*i1-1(1+i)n…

Q: 5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest…

A: Loan may be paid by month payments or annual payments and these payments carry the payment for…

Q: A personal loan for $20,000 has an interest rate of 12% over 5 years with monthly payments. What is…

A: Equated Monthly Instalment(EMI) means a part of the equally divided monthly amount paid for the…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $253,000…

A: The monthly payment can be calculated with the help of present value of annuity

Q: Taking out a 21 year loan at $59,000 with 6% APR compounded monthly, and with monthly payments,…

A: Therefore, second principal payment is $117.9.

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n