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- help please how long will it take to pay off a loan of $45,000 at an annual rate of 11% compounded monthly if you make monthly payments of $450? Use five decimal places for the monthly percentage rate in your calculations the number of years it takes to pay off the loan is ______ years? Round to one decimal place.Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCELHow many months will it take you to pay off a loan of $17,000 at 7% APR compounded monthly if you make monthly payments of $600? Your Answer: Answer
- You lend $450 to a friend who promises to make 4 payments to you of $120 at the end of 6 months, 12 months, 18 months and 24 months. Draw a timeline from your perspective. If you can reliably earn 5% per year, what is the net present value (NPV) of this loan?Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,050 one week later (or lose a finger or two). a. What is the effective annual rate on the loan? b.You buy items costing $800 and finance the cost with a fixed loan installment for 18 months at 5% simple interest per year. What is the finance charge? What is the monthly payment?
- You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? Prepare a monthly payment schedule for each loan above using Excel, and submit it. Suppose that you are only allowed to make a balloon payment to the principal of the compound interest loan. You have $1,000 to put down at the beginning of year three. How many payments will you save?You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? 3. Prepare a monthly payment schedule for each loan above using Excel, and submit it.What is the maximum APR you can accept if you can afford to make monthly payments of $120 on a 7-year, $8000 loan?
- You need a home loan of $65,000 after your down payment. How much will your monthly house payment be in the bank charges 6.25% APR for a loan of 15 years?( simplify your answer completely. Round your answer to the nearest cent)How long will it take to pay off a loan of $53 comma 00053,000 at an annual rate of 66% compounded monthly if you make monthly payments of $800800 (round up)?Assume you graduate from university with a $37,000 student loan. If your interest rate is fixed at 4.22% APR with monthly compounding and you will repay the loan over a 10-year period, what will be your monthly payment? The monthly payment will be $ (Round to two decimal places) CELLE
