Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Calculate the APR of a loan for $9,775 (which includes loan fees of $210), at 13% for 4 years. Round your answer to the nearest hundredth percent.
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- Assume that you take out a $2000 loan for 53 months at 5.5% APR. How much total interest will you have paid at the end of the 53 months?arrow_forwardFind the maturity value FV of the given loan amount. (Round your answer to the nearest cent.) $1,400 borrowed at 7 1/8% for four yearsarrow_forwardAssume you take out a $3000 loan, compounded monthly, for 2 and a half years at 8.5% APR. What is the last month's interest? Answer rounded to the nearest penny. $26.08 $147.04 $10.76 O None of the other answers are correct. $2716.46 $707.52arrow_forward
- Suppose you take out an auto loan for $25,500 over a period of six years at an APR of 7.5%. Determine your monthly payments, the total amount paid, and the percent paid toward interest.arrow_forwardDetermine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest cent.) $20,000 borrowed at 4% for 10 years, with monthly paymentsarrow_forwardYou take out $17,300 loan that will be paid off in six equal installments. The stated annual interest rate is 7%. What is the APR?arrow_forward
- A loan is repaid with payments of $2560 made at the end of each month for 13 years. If interest on the loan is 14.5%, compounded semi-annually, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas. Answer: NEXT PAGEarrow_forwardConsider a student loan of $18,000 with an APR of 6.2% for 7 Years with monthly compounding and monthly payment schedule. 1. Find the monthly paymentarrow_forwardFind the monthly payment for the loan. (Round your answer to the nearest cent.) $200 loan for 12 months at 14%arrow_forward
- Consider a student loan of $12,500 at a fixed APR of 12%for 25 years. What is the monthly payment?(Do not round until the final answer. Then round to the nearest cent as needed.) The total payment over the term of the loan is?(Round to the nearest cent as needed.) Of the total payment over the term of the loan %? is paid toward the principal and %? is paid toward interest.arrow_forwardTaking out a 21 year loan at $59,000 with 6% APR compounded monthly, and with monthly payments, calculate the amount of your second principal payment. Round your final answer to one decimal place.arrow_forwardCalculate the monthly mortgage payment. Round to the nearest cent. $120,000 is financed for 15 years at 3.5% APRarrow_forward
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