ou have just signed for a car loan with 48 monthly payments of $500 (principal and interest) at an annual interest rate (APR) of 15%. Total interest cost (paid over the life of the loan) is approximately __________ percent of the loan.

Q: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…

A: Short term loan: Short-term loans are borrowed funds used to fulfill immediate liquidity demands,…

Q: You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You just took a $90,000, 10 years loan. The annual percentage rate (APR) is 8%. You are obligated to…

A: Calculation of quarterly payments of the loan. Formula A = P (r (1+r)^n) / ( (1+r)^n -1 ) A =…

Q: Suppose you take out a loan for 180 days in the amount of $11,500 at 14% ordinary interest. After 60…

A: A loan is an amount borrowed by a party in exchange for its repayment along with some interest.

Q: You are financing a car worth $29039.30 including tax. The interest rate is 10.8% compounded daily.…

A: Loan amount (L) = $29039.30 - $1700 = $27339.30 Interest rate = 10.8% daily compounding (m = 365) n…

Q: You borrow $500,000 from a bank to buy a $600,000 building. You amortize the loan (annually) over 25…

A: Monthly payment refers to an amount that is paid every month for the repayment of a loan amount by…

Q: You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has…

A: Monthly payments refers to the periodic payment of repayment of a loan. Monthly payments includes…

Q: You plan to borrow $49,400 at a 7.3% annual interest rate. The terms require you to amortize the…

A: Yearly installments= $49400* R* (1+R)^n/((1+R)^N-1) = 49400* 7.3%* (1+7.3%)^7/((1+7.3%)^7-1) = 9262

Q: Timothy Lawrence plans to borrow $5,000 and to repay it in 36 monthly installments. This loan is…

A: The add-on interest rate method is a way of calculating interest in which the interest is calculated…

Q: Payment rate = i 729.18 dollars per year Interest paid i 12395.98

A: We first need to determine the effective annual rate using the formula below: EAR = einterest rate -…

Q: After making twentieth payment of $582.17 on your car loan, you wanted to find out how much is left…

A: In this we need to calculate the present value of loan payment made and how much is balance payment.

Q: you obtain a 20-year mortgage loan of $198,000 at an annual interest rate of 8.3%. The annual…

A: Monthly housing expenses include the payment for mortgage, payment for insurance and payment for…

Q: Investigate the effect of the interest rate on home loans by finding the monthly payment and the…

A: Data Given, Loan Amount (Principle) = $150000 Time period of loan (n)= 20 years Payment Interval =…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at  5 1/4%…

A: The monthly payment for a mortgage is made is such a way that the mortgage amortizes to zero by the…

Q: ect of the term on simple interest amortized auto loans by finding the monthly payment and the total…

A: Monthly Payment = Total Loan Amount / (Term in years * 12)Total Interest = (Total Loan Amount *…

Q: I borrowed $10,000 at 4% on a 60-month term and found the monthly payment to be $184. How much do I…

A: The concept of time value of money will be used to answer this question.   (Note that you have…

Q: Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your…

A: Information Provided: Term = 30 years Loan = $193,000 Annual Interest Rate = 7.8% Annual tax bill =…

Q: Find the interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year.…

A: Simple interest = Principle × rate × time

Q: Consider a home mortgage of $150,000 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: An individual is purchasing a $15,000 automobile, which is to be paid for in 48 monthly installments…

A:

Q: EZ Pay Loans will lend you $100 today with repayment of $117.50 due in 1 month. Determine the…

A: Given Information : Present Value of loan : $ 100 Future Value : $ 117.50 Time : 1 month

Q: You have just signed up for a very strange loan - one that is amortized on a WEEKLY basis (i.e. yc…

A: The payment amount is the amount paid periodically during the period. It is decided as per the terms…

Q: Your business takes a loan for $5,000. The loan term is 90 days and you will pay $200 in interest…

A: Effective rate refers to the actual interest rate earned or paid after taking into account…

Q: You have taken out a 60-month, $23,000 car loan with an APR of 4%, compounded monthly. The monthly…

A: The loan Amortization Schedule gives the information about your loan and how you'll repay it. The…

Q: A car loan of $28,641.62 is to be repaid with end-of-month payments of $582.15. If interest is 4%…

A: The number of months can be calculated with the help of NPER function of Excel.

Q: You have just purchased a car and taken out a $42,000 loan. The loan has a five-year term with…

A: Given Loan taken is $42000 term of loan is 5 years APR is 6.4%

Q: Suppose you obtain a 25- year mortgage loan of 191,000$ at an annual interest rate of 7.9%. The…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: A student loan with a simple annual interest rate of 2.5% must be paid back in ten years. A student…

A: Given data, Interest rate(r)=2.5% or 0.025 per annum Total interest(I)=P2,000 Time(t)=10 years

Q: How much do you still owe on your auto loan if you have 47 remaining monthly payments of $543 with…

A: Compound = Monthly = 12Number of Payment = n = 47Monthly Payment = p = $543Interest Rate = r = 6.9 /…

Q: r wants to buy a property for $375,000 and qualified for a 80 percent loan. A fixed-rate loan is…

A:

Q: The remaining balance of your car loan would be

A: Remaining balance is the unpaid portion on the loan. It is the amount of money not yet paid to the…

Q: You take out a 5-year car loan for $16000 at a 6% interest rate. Calculate the fixed monthly payment…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: 1. Consider a home mortgage of ​$150,000 at a fixed APR of 4.5​% for 25 years.   a. Calculate the…

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

Q: I want to borrow $700 for ten days from a payday loan store. Here are the terms for the payday loan:…

A: Pay Day loan: A payday loan is a small personal cash loan at a very high interest rate, secured by…

Q: you are taking a $100,000 mortgage loan for your business to be repaid over 5 years in equal…

A: Mortgage loan is the loan which is given by keeping something as collateral. This loan is for…

Q: Find the monthly payment needed to amortize a typical $220,000 mortgage loan amortized over 30 years…

A: COMPOUNDED MONTHLY RATE (5.3%/12) 0.441667% YEARS  (12*30) 360 PRESENT VALUE $220,000…

Q: You have taken out a 60-month, $26,000 car loan with an APR of 4%, compounded monthly. The monthly…

A: Loan Amortization Schedule gives the information of your loan and how you'll repay it. The payment…

Calculating the Return On A Loan