Fishing Designs has arranged to borrow $20,000 today at 10% interest. The loan is to be repaid with end-of-year payments of $3,000 at the end of years 1 through 4. At the end of year 5, the remainder will be paid. What is the year 5 payment? $ Round entry to the nearest dollar. Tolerance is ±4.
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- If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?Del Hawley, owner of Hawleys Hardware, is negotiating with First City Bank for a 1-year loan of 50,000. First City has offered Hawley the alternatives listed here. Calculate the effective annual interest rate for each alternative. Which alternative has the lowest effective annual interest rate? a. A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year b. A 9% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year c. An 8.75% annual rate on a discounted loan, with a 15% compensating balance d. Interest figured as 8% of the 50,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the yearFishing Designs has arranged to borrow $15,000 today at 11% interest. The loan is to be repaid with end-of-year payments of $3,000 at the end of years 1 through 4. At the end of year 5, the remainder will be paid. What is the year 5 payment? $
- A loan is to be repaid over 30 years, with month-end repayments of 5,000. If the interest rate is 3.7% p.a. compounded monthly. Calculate the interest paid for year 10. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)A loan is to be repaid over 30 years, with month - end repayments of 7,000. If the interest rate is 5.5% p.a. compounded monthly. Calculate the principal paid for year 10. Correct your answer to the nearest cent without any units. (Do not use "$" or ", " in your answer. e.g. 12345.67)Bank JPX is offering personal loans of $35,000 to be repaid over 6 years with payments of $625 per month. The first loan payment occurs one month after borrowing the $35,000. What effective annual rate (EAR) are they charging on this loan?
- 1. If you borrow $2,400 and agree to repay the loan in four equal annual payments at an interest rate of 10%, what will your payment be? (Do not round intermediate calculations. Round your enswer to 2 decimal places.) Amount of payment b. What if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Repayment amount %24 %24A loan of 814, 000 is to be repaid in 20 years by month - end repayments starting in one month. The interest rate is 8.3% p.a. compounded monthly. Calculate the principal paid in Year 6. (between the end of month 60 and the end of month 72). Correct your answer to the nearest cent without any units. (Do not use "$" or ","in your answer. e.g. 12345.67) (Hint: you can use Excel to find the answer.)A 5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest rate of 1.2% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
- Suppose you borrow $14,000. The interest rate is 11%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0". Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ fill in the blank 60 $ fill in the blank 61 $ fill in the blank 62 $ fill in the blank 63 $ fill in the blank 64 2 $ fill in the blank 65 $ fill in the blank 66 $ fill in the blank 67 $ fill in the blank 68 $ fill in the blank 69 3 $ fill in the blank 70 $ fill in the blank 71 $ fill in the blank 72 $ fill in the blank 73 $ fill in the blank 74 4 $ fill in the blank 75 $ fill in the blank 76 $ fill in the blank 77 $ fill in the blank 78 $ fill in the blank 79You borrow $207,000 to be repaid in monthly installments over the next 25 years. The first payment occurs one month from today. If the annualized interest rate for the loan is3.4%, how much principal is amortized in payment #52? Enter your answer as a positive number, and round to the nearest dollar. Note:- Don't use Excel and chatgptPrepare an amortization schedule for a three-year loan of $57,000. The interest rate is 8 percent per year, and the loan agreement calls for a principal reduction of $19,000 every year. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Leave no cells blank. You must enter '0' for the answer to grade correctly.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $57,000 $4,560 2 3 0 Total Interest
