Suppose you have a student loan of $35,000 with an APR of 12​% for 30 years.   The required monthly pament is ____

Q: Can you solve using excel formulas please. If you have 7% APR loan for 25, 000, your monthly…

A: Time, value of money refers to a concept used for evaluating the present value of an asset that will…

Q: o i need formulas Annual Interest Rate: 3.69% Length of Loan (in years):   Loan Amount:…

A: Loans are paid by the equal installments and these installments carry the payment for interest and…

Q: Consider borrowing $250,000 to purchase a house at a 4% annual interest rate to be paid in full in…

A: The debt amortization schedule refers to the table that showcases the interest and principal…

Q: You have an outstanding student loan with required payments of $600 per month for the next four…

A: With number of compounding in a year (m) and Annual percentage rate (APR), the effective rate of…

Q: our budget allows a monthly mortgage payment of $700.  How much can you borrow based on a 30 year…

A: A mortgage means an agreement between a lender and a person mortgaging a property with the lender…

Q: Use technology to complete parts (a) through (c) below. a. Find the monthly payment for a loan of…

A: Loan amount (PV) = $ 5000 APR  = 12% Monthly interest rate (r) = 12%/12 = 1% Term = 20 Years Number…

Q: make $6,000 annual deposits into a retirement account that pays an APR of 10.9% compounded monthly.…

A: Future value of deposits will include the amount that is being deposited and amount of compound…

Q: What is the amount of each monthly payment? tables provided

A: Time value of money(TVM) means that the amount of money received in the present period will have…

Q: You have a 30-Year mortgage loan for $300,000 with an interest rate of 6%  If you want to pay off…

A: Mortgage refers to the loan availed against the purchase of the real estate. Mortgage repayment…

Q: A loan officer is preparing the documents for a commercial term loan. The borrower's risk profile…

A: APR is the annual percentage rate. EAR is the annual effective rate. APR is the nominal rate or the…

Q: Suppose you have a student loan of $35,000 with an APR of 6% for 40 years. Complete parts (a)…

A: Loans are paid by equal monthly installments and these monthly installments carry the payment for…

Q: Compare the monthly payment and total payment for the following pair of $180,000 loan options.…

A: An annuity is a stream of fixed cash flows that occur at regular intervals.The periodic payments on…

Q: Extra # 3. Suppose you borrow $250,000 as a mortgage at annual effective rate of 7.5%. Equal…

A: The payment made towards a loan consists of both interest as well as principal. The interest amount…

Q: You have a student loan of 40,0005s that you want to repay in 10 years interest rates are at year…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: What is the discounted value (present value), and compound discount (interest) of a debt of…

A: Future value is a value received in a future period after adding interest as per the particular…

Q: , find the monthly payments or

A: Monthly payments refer to the specified amount that a borrower is required to repay on a loan each…

Q: Prepare an amortization schedule for a five-year loan of $67,500. The interest rate is 7 percent per…

A: The process of extending out the repayment of a loan over a period of time is referred to as…

Q: Suppose you have a student loan of $35,000 with an APR of 6% for 40 years. Complet parts (a) through…

A: A loan is a financial arrangement in which one party, typically a lender or a financial institution,…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 27000 at the time…

A: Compound = monthly = 12 Present value = pv = $27,000 Interest rate = 8 / 12% Time = t = 10 * 12 =…

Q: What is the monthly payment on a 30 year amortized loan with a fixed interest rate of 3.75% per year…

A: An amortized loan is a type of loan that is repaid in regular installments over a specified period…

Q: use excel to answer You have two options for paying your home insurance: 1) Pay $11,000 annually at…

A: The internal rate of return: The internal rate of return can be thought of as the interest rate…

Q: After graduating from UCF, you plan to purchase a small condominium for $100,00o. You will be…

A: Purchase Price = 100,000 Down Payment = 10%× Purchase Price = 10%×100,000 = 10,000 Loan Amount =…

Q: You purchased a house for $100,000 at an 8% APR.  Your loan term is 360 months.  If you make minimum…

A: Here, Particulars Values Loan Amount (PV)  $ 100,000.00 APR 8.00% No. of months (NPER)…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $263,000…

A: With the given information, we can determine the monthly payment for the loan using the steps below.…

Q: You estimate that you will have $30,000 in student loans by the time you graduate. The interest rate…

A: Amount of the student loan =$30000The interest rate compounded monthly =5%Number of years of loan…

Q: Suppose Marty borrows $300,000 at 4% for 30 years, monthly payments. The APR on the loan is 4.25%.…

A: Step 1: I/Y=4.25%/12N=12*30PV=300000CPT PMT=$1,475.82 Step 2:PMT=1475.82I/Y=4%/12N=12*30CPT…

Q: Find the periodic payment ?

A: Loan is a contract between lender and borrower where lender provide funds to borrower for definite…

Q: With the following information, compute the net benefit of refinancing: Current loan balance:…

A: Refinancing is a financial strategy aimed at securing lower interest rates, reducing monthly…

Q: Consider a student loan of $25,000 at a fixed AP a. Calculate the monthly payment. b. Determine the…

A: Loan amount = $25,000Interest rate = 9%Number of years = 30 years

Q: You want to take out a $450,000 loan on a 20-yearmortgage with end-of-month payments. The annualrate…

A: Repayment of mortgage is made in fixed amount of instalments which includes interest and part of…

Q: Compute the monthly payment on a $65,000 loanif the principal and interest are to be repaid in 84…

A: a) Loan amount (PV) of $65,000 needs to be repaid in (n) 84 equal installments at an annual interest…

Q: finish your engineering degree with $17,350 in student loans.  The interest rate on your loans is…

A: Loans are paid the monthly payments and these monthly payments are equal and fixed and these carry…

Q: Consider a student loan of $25,000 at a fixed APR of 12% for 20 years. a. Calculate the monthly…

A: We need to use loan amortisation formula below to calculate monthly payment.  PMT =P*i1-1(1+i)n…

Q: If your credit card charge 20% compound monthly, a. If your current balance is $3000, how much…

A: a) Current balance = $3000 Interest rate = 20% compounded monthly Interest next month will be…

Q: Use the Excel NPV() function to calculate the maximum loan you would be willing to give today for a…

A: Annual payment = $18,000 Interest rate = 10%

Q: you put $200 per month in an investment plan that pays an APR of 2.5% How many will you have after…

A: An annuity is a type of financial contract intended to give someone a steady stream of income…

Q: Consider a loan of 25000 for a period of 30 years at a fixed apr of 9.5% the monthly payment is

A: Given information: Loan amount is 25,000 APR is of 9.5% Number of years (period) is 30

Q: Consider a 30-year, 8.5% loan for $130,000 with fixed monthly payments. Construct an amortization…

A: A loan amortization table is the schedule of loan repayments which include bifurcation of principal…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $253,000…

A: The monthly payment can be calculated with the help of present value of annuity

Q: Compare the monthly payments and total loan costs for the following pairs of loan options. Assume…

A: Option 1 Loan Amount = $1,10,000 Number of payments = 30 x 12 = 360 Monthly interest rate = 9% / 12…

Q: Mr Ridge range for a mortgage loan for 65% of the 2.5 million purchase price of a home. The monthly…

A: Loan amount = 65% of purchase price of a home = 0.65×2500000 = 1,625,000 Number of monthly payment…

Q: Consider borrowing $250,000 to purchase a house at a 4% annual interest rate to be paid infull in 15…

A: Loan amount = $250,000Interest rate = 4%Loan period = 15 yearsTo find: the total interest amount and…

Q: Create an amoritization schedule for a $1,000,000 loan that requires equal annual payments in each…

A: An amortization schedule is a table or chart that outlines the specific details of a loan over time.…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.