Answered: Jayson made a loan with a 8.5% interest…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

2. Sue borrows $600,000 at 3.85%. The mortgage is for 30 years. A. What is the monthly payment? B. How much interest will be paid over the life of the loan? C. Recalculate the total interest rate if the rate changes from 3.85% to 6.85 %. What is the total interest paid over the life of the 6.85% loan?
The Johnson Family borrowed $3,000 for 18 months at 4% interest. What is the total payback on the Single Payment loan(round to the nearest dollar){DO NOT INCLUDE COMMAS OR $}?
A man took out a loan with a loan shark. He accepts P21,342.00 from the loan shark and promises to repay P24,500.00 at the end of 6 quarters. How much was the simple interest rate?
Suppose the future value of a 7.25% simple interest loan is $3,208.91 at the end of 185 days. Find the present value of the loan.
Interest is $405 on a principal balance of $5,000; assuming a 7 month loan what is the rate?
A lender requires PMI that is 0.8% of the loan amount of $590,000. How much (in dollars) will this add to the borrower’s monthly payment? Round your answer to the nearest cent.
A loan of $1420 taken out on June 7 requires three payments. The first payment is due on July 7. The second payment is twice as large as the first payment and is due on August 19. The final payment, due on November 2, is three times as large as the first payment. If the focal date is June 7, what is the size of each of the three payments at an interest rate of 4.9%? The first payment is $ the second payment is $, and the third payment is $ (Round the final answers to the nearest cent as needed. Round all intermediate values to sx decimal places as needed)
6. What is the total interest that must be paid by the maker if the term of credit is 5% of Php 20,000 due 3 months from the time the amount was borrowed?
The simple interest charged on a 5-month loan of $51,000 is $356. Find the simple interest rate. (Round your answer to one decimal place.)
4) I have an NOI of$172,400. The lender indicated that I can borrow funds at a 7.0% interest rate with a 25 year amortization and 5 year term at a 1.20 Debt Service Ratio(DCR). The lender will charge 2 points. a. What is the monthly payment? b.What is the APR (annual percentage rate) if fully amortized? C.What is the APR at the end of the loan term? d.What if I pay the loan off at the end of the second year, what is my APR? e.What if there was a prepayment penalty of 1.5% at the end of year 4, what is myAPR?
If you borrow $1,000 at 8.5% simple interest and the loan requires a lump sum payment of $1,213.16, what is the term of the loan? (Round your answer to the nearest whole number.)t = days
If $800 is borrowed and the interest after 6 months is $44, what is the annual interest rate for a simple interest loan?

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Jayson made a loan with a 8.5% interest rate that is equal to 3,559.38 and its principal is 225,000. How many days is the term of the loan?