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: 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: 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: You borrow $21421 to buy a car. You will have to repay this loan by making equal monthly payments…

A: Formula for calculating EMI: EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] P = Loan amount  r=…

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: 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: 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 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 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: 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…

Q: Find the future value of this loan. $8783 at 6% for 16 months The future value of the loan is $…

A: Principal amount is $8783 interest rate is 6% Time period is 16 months To Find: Future Value of the…

Q: Find the monthly payment on an auto loan of 200000 to be akortized over a 5-year period at a rate of…

A: Given Information : Auto loan - 200000 Period - 5 years Rate - 9%

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

A: GIVEN, P = $20,000 R=4% M=12 N=10

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: What is the monthly loan payment on a 30 year, $250,000 loan at 5.25%, plus two points

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

Q: Find the future value of this loan. $15,458 at 6.7% for 6 months

A: Future value (FV) is the value of an asset at a specific point in the future, assuming a certain…

Q: Calculate the monthly mortgage payment. Round to the nearest cent.  $120,000 is financed for 15…

A: The objective of this question is to calculate the monthly mortgage payment for a loan amount of…

Q: You have taken out a 20-year loan of $72,000 with 3% interest (APR) compounded monthly and with…

A: Annual percentage rate (APR) is a rate that a person is paying annually after undertaking all the…

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

A: Loan Amount = $1,500 Total Interest = $585 Time Period = 3 Years Number of Payments in a Year (n) =…

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

A: In this question , we will be calculating the monthly payment for the loan , when A $518,000 home…

Q: Find the future value of this loan. $16,916 at 6.8% for 18 months The future value of the loan is $…

A: Principal amount is $16,916 interest rate is 6.8% Time period is 18 months To Find: Future Value of…

Q: You have taken out a 30-year loan of $55,000 with 6% interest (APR) compounded monthly and with…

A: An amount or asset borrowed by an entity from an individual or financial institution is known as a…

Q: Find the interest paid on a 30-year loan of $350,000 at an annual interest rate of 6% compounded…

A: Monthly payments are made to amortize a loan taken. It includes a principal repayment and interest…

Q: Find the future value of this loan. $18,972 at 8.2% for 7 months The future value of the loan is $…

A: The FV of an investment refers to the value of the cash flows as maturity based on the assumption…

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.