Interest component of monthly payment: Solomon's student loan balance is now $26,764, with a 7.9% APR. His monthly payment amount is $300. How many dollars of interest will he pay as part of this month's payment? [Do NOT enter the "$" in the answer. Use 2 decimal places.]
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![Interest component of monthly payment: Solomon's student loan balance is now $26,764,
with a 7.9% APR. His monthly payment amount is $300. How many dollars of interest will he
pay as part of this month's payment? [Do NOT enter the "$" in the answer. Use 2 decimal
places.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae5ac0fe-da7f-45ec-ae03-c91f17b6143c%2Fbb79b2be-a87f-44bc-ad30-f99a7aa13b67%2Fuzpk0f_processed.jpeg&w=3840&q=75)
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?If you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % %The interest rate on a $118,000 loan is 8.9% compounded semiannually. The monthly payments on the loan are $960. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 210. Interest $ b. Calculate the principal component of Payment 145. Principal $ c. Calculate the final payment. Final payment $
- es If you borrow $6,100 at $510 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective rateAssume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $8,000 installment loan to be repaid in 48 monthly installments of $211.10? Round the answer to 4 decimal places. % per month What is the APR on this loan? Round the answer to 2 decimal places. %Find the monthly payment on the loan. Assume that the term of the loan is 10 years. $6300 at 7.8% interest; student graduates 2 years and 6 months after loan is acquired; payments deferred for 6 months after graduation. The monthly payment on this loan is $ necessary. Round to two decimal places, if S Oo 8:
- a. If you take out an $7,900 car loan that calls for 60 monthly payments starting after 1 month at an APR of 12%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to2 decimal places.) Effective annual interest rate %24If you borrow $5,300 at $900 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) Effective rate a. Annual payment % b. Semiannual payments % c. Quarterly payments % d. Monthly payments %P. Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual -nt interest rate of 12%. You decide to pay off the balance over three years If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? ked Scol a. The monthly payments are approximately S (Do not tound until the final answer Then round to the nearest dollar as needed) suon estion
- You take out an $8,900 car loan that calls for 48 monthly payments starting after 1 month at an APR of 6%. a. What is your monthly payment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a. Monthly payment b. Effective annual interest rate c. Annual payment $ 568.69 %If you borrow $5,300 at $400 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective rate % op % %www Will You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, th bank also charges you a loan initiation fee of $25, which is taken out of the initial proceeds of the loan. What is the effective annuall interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 19.98 % < Prev