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A: Simple interest is an amount of interest that is paid on the principal portion of a loan or deposit.
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Q: What is the monthly payment on a loan of $5,000 at APR = 6% for one year.
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The annual rate of interest on a mortage loan is 11 1/2% the monthly interest payment is $453.76.. what is the Principal amount.
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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?Find the annual percentage rate using the annual percentage rate table. Here are some conditions of the loan. amount financed: $11500 finance charge: $2875 number of monthly payments: 42Calculate the interest due for the monthly installment payment on a loan given the remaining principal and interest rate.Remaining principal = $22,021.59, interest rate = 13.3% Interest due = $ (Give your answer rounded to the nearest hundredth)
- 2. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1% compounded monthly. (a) Find the number of monthly payments. (b) What is the total amount of interest paid over the course of the loan?Find the APR of the loan given the amount of the loan the number and type of payments, and the add on interest rate. Loan amount, $12,000; three yearly payments; rate = 8%Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Paid on Interest Rate Payment Paid Principal Balance 11.6% $425.57 $64.23 $361.34 $6,280.78 Fill out the amortization schedule below. Annual Interest Paid on Payment Balance Interest Rate Paid Principal 11.6% $425.57 $64.23 $361.34 $6,280.78 (Round to the nearest cent as needed.)
- Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment Interest Paid Paid on Principal Balance 5.4% $289.80 $21.30 $268.50 $4,464.20 Fill out the amortization schedule below. Annual Interest Rate Payment Interest Paid Paid on Principal Balance 5.4% $289.80 $21.30 $268.50 $4,464.20 $______ $_______ $_______ $_____ (Round to nearest cent as needed)The interest amount on a $46,500 loan was $24,785.95. The interest rate charged on loan was 9.20% compounded semi-annually. a. What was the accumulated value of the loan? Round to the nearest cent b. What was the time period of the loan? years monthsGiven the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment 6.7% $468.39 Fill out the amortization schedule below. Interest Paid $42.28 Annual Interest Rate 6.7% Interest Paid $42.28 $ (Round to the nearest cent as needed.) Payment $468.39 Paid on Principal $426.11 Paid on Principal $426.11 $ Balance $7,150.14 Balance $7,150.14 $
- Find apr of the loan given the amount of the loan, number and type of payments and the add on interest rate. Loan amount $6000, 3 yearly payments ;rate 8% the annual percentage rate is?A financing company charges 1.5% per month on a loan. Find the equivalent effective rate of interest. 19.5618% 18.5618% 17.5618% 16.5618%Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Amount Financed Finance Charge $1032 Number of Monthly Payments 48 $5300