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Betty borrows $20,000 from the bank. For a five-year loan, the bank requires annual end-of-year payments of $4,878.05. The annual interest rate on the loan is
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- Kathy borrows $10,000 from the bank. For a four year loan, the bank requires annual end of year payments of $3,223.73. The annual interest rate on the loan isCarol borrows $30, 000 from the bank. For a six-year loan, the bank requires annual end-of-year payments of $5, 878.05. The annual interest rate on the loan is?Jason Stein from Topeka, Kansas, borrows $1,500 (including interest) for four years (48 months) at an interest rate of 7% per year. The loan uses the discount method for determining the amount of interest. How much of the loan amount ($1,500) consists of interest? How much of the loan is actually given directly to Jason? What is the monthly payment (rounded to the nearest penny), assuming 48 monthly payments?
- Carissa wishes to borrow $280,000. Lender A qualifies her for a rate of 4.59% over a 30-year term, and Lender B will give her 3.2% for a 20-year loan. Excluding taxes, insurance and all other charges, find the 3. amount of the loan payment for each. Round your answer to the nearest whole dollar.Lydia borrows $2000 from a credit card company at 23% annually for two years. Determine Lydia’s monthly payments.Jessica borrows $1,000.00 from a credit card company at 25% annually for two years. Determine Jessica’s monthly payment. Show your work.
- Jamie borrowed $900 from the Essex District Credit Union. The loan agreement provided for repayment of the loan in four equal monthly payments plus interest at 12% per annum calculated on the unpaid balance. What was the loan balance outstanding after the second payment? how much total interest did Jamie pay on this loan?Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months. How much money does Henry receive into his bank account when the loan is drawn down?John borrows $15000 for 5 years at an annual effective interest rate of %9. At the end of each year she pays the lender $1000 and deposits a level amount necessary to repay the loan in full after 5 years into a sinking fund that earns an annual effective interest rate of %4. Determine the total annual payment that John makes.
- ABC bank loans $250,000 to Yossarian to purchase a new home. Yossarian will repay the note in equal monthly payments over a period of 30 years. The interest rate is 12 percent. Required: If the monthly payment is $2,571.53, how much of the first payment is interest expense, and how much is principal repayment?\A couple borrows $935,000 for 7 years for the purchase of a vacation home at interest rate of 7 percent. The loan requires that the interest and principle be paid in equal, annual payments. The interest is determined on the declining balance that is owed. What are the required annual payments on the loan? How much is the principal loan balance reduced by during the first year?Ms Smith borrows 5000 at 5% annual effective interest, with payments at end of each year. The lender keeps the interest portion and accumulates the principal portion in a fund at 3.5% until loan is paid in full. Ms Smith pays 750 each year until a smaller payment will complete the loan payment. What is the amount of this last payment, including interest?