Find the monthly payment for the loan. (Round your answer to the nearest cent.) $100 loan for 12 months at 10%

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: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: A mortgage is a loan that is used to finance the acquisition or maintenance of a home, land or other…

Q: Find the future value of this loan. $13,842 at 5.7% for 13 months

A: Future Value is the value that is measured at a specified date at a given interest rate,  it can be…

Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Find the exact interest on a loan of ​$6000 at 8​% annually for  50 days.

A: Principal loan amount = 6000Number of days = 50Interest rate = 8%/100 = 0.080000 in decimalTotal…

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: Calculate the monthly mortgage payment. Round to the nearest cent. $180,000 is financed for 20…

A: Monthly payment refers to an amount that is paid ay every month by the borrower to the lender for…

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

A: Answer  Principle amount = $100 Interest rate =12% Time = 12 months

Q: You purchase a living room set for $10,000. they offer a loan option of 12% compounded monthly for…

A: The monthly payment will depend upon the loan balance, interest rate, and time period.

Q: A $15 000.00 loan requires payments at the end of each month for five years. If the interest rate on…

A: Present value of annuity formula.PV = A*wherePV = present value of annuityA= periodic paymentsr=…

Q: Calculate the total cost of a 15 year $20,000 student loan at an interest rate of 4.5% compounded,…

A: A loan is a financial arrangement in which a lender provides money to a borrower with the…

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: you obtained a $10000 loan at 1.5% compunded monthly. how much more interest will you pay in the…

A: Data given: Loan amount=$10,000 Rate=1.5% (compounded monthly) Required: how much more interest will…

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: What is a monthly payment on a 25 year loan of 70200 if the annual interest rebate is 5%

A: Using Excel PMT function

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

A: APR means Annual percentage rate that is charged by the lender on the amount borrowed by the…

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: A 12-month certificate of deposit at Middlesex Savings Bank is advertising a 1.2% annua percentage…

A: The question is based on the concept of Cost Accounting.

Q: What is the monthly payment on a 30 year amortized loan with a fixed interest rate of 3.75% per year…

A: An amortized loan is a type of loan that is repaid in regular installments over a specified period…

Q: First Bank offers you a car loan at an annual rate of 10% compounded monthly. What effective annual…

A: Effective annual interest rate is the rate of interest actually earned due to compounding of…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

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: Your bank is offering you an account that will pay 20% interest in total for a two-year deposit.…

A: We need to use the concept of time value of money to solve the question. According to the concept of…

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: how long will it take to pay off a loan of $45,000 at an annual rate of 11% compounded monthly if…

A:

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $261,000…

A: In the given question we required to compute the monthly payment for the loan. Given, The interest…

Q: Find the future value of this loan. $21,357 at 4.5% for 11 months The future value of the loan is $…

A: When a lender advances a certain amount of funds to a borrower at a fixed rate of interest for a…

Q: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places.)…

A: Formula to calculate EMI:  EMI= (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] Wherein:  P = Loan…

Q: Lena Horn bought a Toyota Tundra on January 1 for $30,800 with an estimated life of 6 years. The…

A: a. Depreciation per annum = ( Cost - Salvage value) / Useful life

Q: Use the appropriate formula to find the amortization payment (in S) you would need to make each…

A: Monthly interest rate Loan amount PV = $8,500,Total number of payments Loan term t=5 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: Find the future value of this loan. $13,081 at 6.8% for 6 months The future value of the loan is $…

A: Future value of loan can be calculated by using this equation Future value(FV) =P(1+r)n Where P=loan…

Q: monthly paymen

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

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: Periodic payment or PMT consists of a portion of principal and interest to be paid regularly by the…

Q: Calculate the simple interest due on a 72-day loan of P3,000 if the annual interest rate is 4%.

A: Loan amount (P) = P3000 Interest rate (r) = 4% Period (d) = 72 days

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: consider a student loan of 17,500 at a fixed apr of 12% for 25 years. what is the monthly payment

A: Annuity refers to series of annual payment which are paid or received at start or end of specific…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.