Miller borrows $370,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at 8%. What is the amount of each payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1). Multiple Choice О $62,451 $118,400 О $122,549 $54,955

A local finance company quotes an interest rate of 16.7 percent on one-year loans. So, if you borrow $25,000, the interest for the year will be $4,175. Because you must repay a total of $29,175 in one year, the finance company requires you to pay $29,175/12, or $2,431.25 per month over the next 12 months. Is the interest rate on this loan 16.7 percent? What rate would legally have to be quoted? What is the effective annual rate?

Use an online loan calculator to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $148,000. The bank requires a 20% down payment and three points at the time of closing The cost of the home is financed with a 30-year fixed rate mortgage at 85% Complete parts (a) through (e) below -CHEDD a. Find the required down payment $0 b. Find the amount of the mortgage How much must be paid for the three points at closing? (Round to the nearest dolar as needed) d. Find the monthly payment (excluding escrowed taxes and insurance) (Round to the nearest dollar as needed) e. Find the total cost of interest over 30 years (Round to the nearest dolar as needed)

A finance company uses the discount method of calculating interest. The loan principal is $5,000, the interest rate is 10%, and repayment is expected in two years. You will receive

To borrow $3,400, you are offered an add-on interest loan at 9.6 percent with 12 monthly payments. Compute the 12 equal payments. Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Equal payment Effective annual rate

A local finance company quotes a 12 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $3,600. Because you must repay a total of $33,600 in one year, the finance company requires you to pay $33,600/12, or $2,800.00, per month over the next 12 months. a.What rate would legally have to be quoted? b.What is the effective annual rate?

Ross Land has a loan of $8,500 compounded quarterly for four years at 4%. What is the effective interest rate for the loan? Click here to view page 1 of the future value table. Click here to view page 2 of the future value table. The effective interest rate is %. (Round to two decimal places as needed.)

Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 5.2% Use PMT= nt] to complete parts (a) through (c) below. The total interest for Loan A is $1501.35. (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $284.42 (Do not round until the final answer. Then round to the nearest cent as needed.)

A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,100. Because you must repay a total of $35,100 in one year, the finance company requires you to pay $35,100/12, or $2,925.00, per month over the next 12 months. a. What rate would legally have to be quoted? b. What is the effective annual rate?

The Nguyens are thinking of buying a home for $121,000. A potential lender advertises an 80%, thirty-year simple interest amortized loan at 8 and 1/4% interest, with an APR of 9.23%. Use the APR to approximate the fees included in the finance charge. (Round your answer to the nearest cent.)