The advertised month-end financing payments on a $28,757.72 car are $699 for a four- ear term. What semi-annual and effective interest rate is being used in the calculation?
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Use the Loan Payoff Table to determine both the finance charge and the payment required to amortize a loan of $4100 at an annual interest rate of 11% with a term of 36 monthly payments. What is the amount of each payment? What is the finance charge?Suppose a borrower makes a $100,000 loan with annual payments at a 10 percent rate and a 10-year term. The loan is fully amortizing; however, payments are made on an annual basis to simplify the initial illustration. How the annual loan payment is calculated?
- Consider a $150,000 loan with an annual interest rate of 6.5 percent and a 30-year term. Discount points are equal to 2 percent. All other up-front financing costs to be paid by the borrower total $3,000. Compute the monthly payment and the loan balance at the end of months 1–6. What is the effective borrowing cost (EBC), assuming that the loan remains outstanding to maturity?Assuming that the interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments 166.10? What is the APR on this loan?Determine the annual payment on a OMR15,000 loan that is to be amortized over a four-year period and carries a 10 percent interest rate. Also prepare a loan amortization schedule for this loan.
- You are preparing a loan amortization table for a 1-year loan of $1000 with a monthly interest rate of 1%. What is your principal payment in month 3 of the amortization schedule?A loan of $15,000 requires monthly payments of $477 over a 36-month period of time. These payments include both principal and interest. Solve, (a) What is the nominal interest rate (APR) for this loan? (b) What is the effective interest rate per year? (c) Determine the amount of unpaid loan principal after 20 months.Create a loan repayment schedule for a loan of $30295 and payments of $8482 made annually. Assume a rate of interest of 6.13% per year compounded annually. What is the balance remaining after the second payment?
- Consider a student loan of $15,000 at a fixed APR of 9% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $141,126.2179. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan, % is paid toward the principal and % is paid toward interest. (Round to the nearest tenth as needed.)You are considering a car loan with a stated APR of 6.78% based on monthly compounding. What is the effective annual rate of this loan? The effective annual rate is %. (Round to two decimal places.)A car loan of $28,641.62 is to be repaid with end-of-month payments of $582.15. If interest is 4% compounded monthly, how long is the term of the loan? State your answer in years and months (from 0 to 11 months). It will require year(s) and month(s) to repay the loan.