Paul obtained a loan of $20,000 at 4.10 % compounded monthly. How long will it take to settle the loan with payments of $1,200 at the end of every month?
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- If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?Calculating single-payment loan amount due at maturity. Stanley Price plans to borrow 8,000 for five years. The loan will be repaid with a single payment after five years, and the interest on the loan will be computed using the simple interest method at an annual rate of 6 percent. How much will Stanley have to pay in five years? How much will he have to pay at maturity if hes required to make annual interest payments at the end of each year?Joseph obtained a loan of $30,000.00 at 5.90% compounded quarterly. How long (rounded up to the next payment period) will it take to settle the loan with payments of $1,400.00 at the end of every 3 months? You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.50% compounded monthly. How long will it take you to save the planned amount?
- Catherine obtained a loan of $40,000 at 4.5% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month?John obtained a loan of $25,000 at 4.6% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month? Express the answer in years and months, rounded to the next payment periodFor how long will Markus have to make payments of $116 at the end of every month to repay a loan of $3340 if intere is 4% per annum compounded semi-annually? State your answer in years and months (from 0 to 11 months). He will have to make payments for year(s) and month(s).
- Paul obtained a loan of $37,500 at 4.60% compounded monthly. How long will it take to settle the loan with payments of $1,300 at the end of every month? The answer is: ...years... months Round up to the next monthYou obtain a loan of 1.5M at the rate of 18% compounded annually in order to build a house. The payment is made at the first day of the month. How much must you pay monthly to amortize the loan with a period of ten years?Please tell in years and months( round to next month) Paul obtained a loan of $22,500 at 6.30% compounded monthly. How long will it take to settle the loan with payments of $1,100 at the end of every month?
- You borrow $6,275 from your friend at a nominal interest annual rate of 11.35% compounded weekly. You agree to pay your friend $800 per year. Approximately how long will it take for you to pay off your loan assuming that you pay exactly $800 per year?You owe $34,000 on student loans at an annual interest rate of 5.4%, with interest compounded monthly. You want to pay off the loan in 12 years.What will your monthly payments be?How much total interest do you pay over the life of the loan?You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate (APR), of 12%. Monthly payments will be made until all the principal and interest have been repaid. Solve, a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $9,800 from the bank, what is your true APR on the loan?