Find the interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year. The interest on a loan is S ...
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Find the interest paid on a loan of $2,700, for three years at a simple interest rate of 12% per year. What is the interest on the loan?Use the Loan Payoff Table to determine both the finance charge and the payment required to amortize a loan of $4100 at an annual interest rate of 11% with a term of 36 monthly payments. What is the amount of each payment? What is the finance charge?
- Find the APR of the loan given the amount of the loan the number and type of payments, and the add on interest rate. Loan amount, $12,000; three yearly payments; rate = 8%Find the APR of the loan given the amount of the loan the number and types of payment in the add-on interest-rate. Loan amount $15,000; three-year payments; rate equals 11%. The annual percent rate is? Find the length of the loan in months, if $1000 is borrowed with an annual simple interest rate of 3% and with $1030 repaid at the end of the loan. what is the length of the loan in months?
- Consider an amortized loan of $41,000 at an interest rate of 7.9% for 8 years. What is the total interest owed? Round to the nearest dollar.Find the annual simple interest rate of a loan, where $200 is borrowed and where $218 is repaid at the end of 5 months.Given the following loan information: Annual loan payment = $47,100 Number of remaining periods = 6 Interest rate = 12% What is the book value of the loan?
- Find the simple interest and the full amount/future value for a loan of S3,600 for 3 years at a rate of 8% per year.Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $1. Let's assume that a loan of $100,000 with an annual interest rate of 6% over 30 years pays monthly payments of $500. a. Calculate the accumulation rate b. Calculate the payment rate . c. Answer : How will the balance of the principal be at the end of the loan in relation to the original amount of the loan? Less, equal or greater? Provide calculations.