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

Q: if they have $57,000 combined student loans with an APR of 5.5%, what size monthly payment would pay…

A: MONTHLY PAYMENT FORMULA: PMT=P×rm1-1+rm-m×n where, P = principal of loan r = rate of interest m =…

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 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: Assume that you can get a loan from NCB for $264,500 for three years to buy an item of your…

A: Present Value of Ordinary Annuity refers to the concept which dictates the discounted value of a sum…

Q: Find the exact interest on a loan of ​$6000 at 8​% annually for  50 days.

A: Principal loan amount = 6000Number of days = 50Interest rate = 8%/100 = 0.080000 in decimalTotal…

Q: Consider a loan of $7000 with an APR of 9% and a loan term of 10 years. Construct a table showing…

A: To open the "PMT function" window - MS-Excel --> Formulas --> Financials --> PMT. To open…

Q: What is the monthly payment on a loan of $5,000 at APR = 8% for one year.

A: Loan amount (LV) = $5000 Interest rate = 8% Monthly interest rate (i) = 8%/12 = 0.666666666666667%…

Q: You want to borrow 27,500 and can afford monthly pay of $650 for 48 months, but no more. Assume…

A: Given, PV = $27,500 Monthly payment (PMT) = $650 Total periods = 48 months PV = PMT *…

Q: Determine the monthly payment if you take out a loan for $ 330000 with an annual interest rate of…

A: in this we have to calculate present value FACTOR and than find out monthly payment.

Q: Assume that you take out a $7000 loan for 46 months at 7.5% APR. How much total interest will you…

A: Loan: It is the amount of money borrowed from a person or bank or company for a certain period…

Q: Calculate the total cost of a 15 year $20,000 student loan at an interest rate of 4.5% compounded,…

A: A loan is a financial arrangement in which a lender provides money to a borrower with the…

Q: Determine the monthly payment if you take out a loan for $ 220000 with an annual interest rate of 9%…

A: Given information: Loan amount is $220,000 Annual interest rate is 9% Number of years is 15 years

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: You have a student loan of 40,000$ that you want to repay in 10 years. Interest rates are at 6% per…

A: Since an amount is paid annually over the loan period, it is a type of annuity. The present value of…

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: Suppose you want to apply for a loan of $500,000 with repayment tenure of 5 years. The interest rate…

A: The objective of the question is to calculate the Annual Percentage Rate (APR) of the loan. The APR…

Q: You expect to graduate with $30,847 in student loans. The interest rate on your loan is 6.4 percent…

A:

Q: 1. How much would the equal monthly payments be on a student loan of $10,500 that has a ten-year…

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

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: You receive a 10-year subsidized student loan of $29,000 at an annual interest rate of 4.8%. What…

A: Loan payments are given by, L = E(1-(1+r)^-n)/r Where, E = payment = ?? r = interest rate = 4.8%/12…

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: Calculate the number of months required to repay the loan.

A: When we borrow money from the borrower, we need to repay the periodical installments to repay the…

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: Suppose you have a student loan of ​$50,000 with an APR of 6​% for 30 years.   a. What are your…

A: Here,Loan Amount is $50,000APR is 6%Time Period is 30 years

Q: What is the monthly payment on a loan of $5,000 at APR = 6% for 4 years.

A: Loan amount (LV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Period = 4…

Q: A loan of $11,300 is to be amortized with quarterly payments over 6 years. If the interest on the…

A: Time value of money is the concept where the value of money today is higher than the value of money…

Q: retire at age 60. Furthermore, you would like to have a retirement fund from which you can draw an…

A: Future value is the amount of deposit done and plus amount of compounding interest accumulated over…

Q: You plan to obtain a $10000 loan from a furniture dealer at 10% annual interest rate that you will…

A: Annual loan payment is the repayment of loan annually for the period of loan, that includes interest…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $35000 at the time you…

A: Loan amount is $35000 Interest rate is 9%  Time period is 10 years To Find: Fixed Monthly repayment

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

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

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: Suppose you are getting a loan from a bank to purchase a feed business. The interest rate on the…

A: The objective of the question is to calculate the annual payment for a loan of $1,000,000 at an…

Q: What is the monthly payment on a loan of $5,000 at APR = 10% for one year.

A: Loan amount = $5000 Interest rate = 10% Monthly interest rate  = 10%/12 = 0.833333333333333% Number…

Q: suppose that you would like your retirement account, which has a 5% APR compounded monthly, to pay…

A: The value of a series of repeating payments at a certain date in the future is known as the future…

Q: You wish to purchase a home for $500,000. You will make payments of $30,000 at the end of every year…

A: The present value of an annuity is the value today of a series of equal payments that are made at…

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: Determine the monthly payment if you take out a loan for $ 180000 with an annual interest rate of…

A: Loan amount (PV) = $180,000 Interest rate = 8.25% Monthly interest rate (r) = 0.0825/12 = 0.006875…

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.