Tom takes out a loan for $15,000 at an APR of 6% to start out his business. He promises to make quarterly payments for 10 years, which will pay off the loan. What is his payment amount and how much interest will he over the total life of the loan? рay раy

Q: Amy received a 25 year loan of $325,000 to purchase a house. The interest rate on the loan was 2.20%…

A: Given, The loan amount is $325,000 Term of loan is 25 years Interest rate is 2.2% compounded semi…

Q: the monthly payments? $ 852.09 heir loan balance right after they have made the

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Q: For how long will Zack have to make payments of $114.00 at the end of every six months to repay a…

A: The objective of the question is to find out the time period Zack will take to repay his loan by…

Q: months over 3 years at 7% per year compounded quarterly. much is Ana's quarterly payment?

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Q: Fritz Benjamin buys a car costing ​ $16700. He agrees to make payments at the end of each monthly…

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Q: Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

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Q: Diego is getting a mortgage for $320,000 at a rate of 4.5% for 30 years. What is his monthly payment…

A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…

Q: José borrowed 8100 at 5 1/2% for  three years compounded, semi am annually. What is the future…

A: Future value is the value of an investment or cash flow at a future point in time, based on the…

Q: Benjamin borrows $50,000 from a lending institution for building a house. The lending institution…

A: The question is based on the concept of amortization of mortgage loans. A mortgage loan is paid back…

Q: For how long will Zack have to make payments of $114.00 at the end of every six months to repay a…

A: Loan amount = $3,460.00Semi-annual payment = $114.00Interest rate = 4%

Q: Taylor will make payments of $150 at the end of every month to settle a loan of $1,300 at 5.10%…

A: Montly payment(PMT) = $150 Loan Amount = $1,300 Rate = 5.10% Compounded semi- annually

Q: Paige refinanced her home loan. The new loan of $85,000.00 has an interest rate of 3.7% compounded…

A: i) Monthly Payment: Solved using Financial Calculator  PV = - 85,000 I/Y = 3.7/12 = 0.3083333333 N =…

Q: Ellery purchases a home with a loan of R149 000. The 30-year loan term and 7,5% interest rate apply…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: A boy borrows 25000 from father. His father lends him the money, on the condition that he would be…

A: Here, Borrowed Amount is 25,000 First year monthly payment is 500 Interest Rate is 5.2% Compounding…

Q: If Phil borrows $40,000 from a loan company at an interest rate of 6.5% per year compounded weekly,…

A: Here, Loan amount = $40,000 Quarterly payment of the loan = $800 Interest rate = 6.5% compounded…

Q: Homer promises to pay $1,000 at the end of 6 months in obtaining a loan from a banker who charges 6%…

A: Loan amount (PV) is $1,000 Loan Period is 6 months Interest Rate charged in advance is 6%  (We…

Q: Jim sets up a retirement annuity in which he deposits $200 per month. The annuity pays 3% compounded…

A: Future value: The value of the asset at some future date which is computed using the assumed rate of…

Q: Mr. Joe  takes a loan P amount from the bank. The loan attracts an interest of 1.5% per month…

A: future value = present value×ert where, r=rate of interest t=time in years

Q: Bro decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: Installment is the periodic amount paid by the borrower to the lender in order to pay back the loan…

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A: Mortgage refers to the borrowed amount of funds that is taken from financial institutions, such as…

Q: Tara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20…

A: Cost = $930000 downpayment = 30%*$930000 = $279000 Loan = $930000-$279000 = $651000 Monthly interest…

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A: With interest money grow according to the interest rate and period given into larger future value.

Q: Marcus is expected to settle a loan by paying $6,000. What amount should he pay if he decides to…

A: Present Value refers to the discounted value of a single cash flow or multiple cash flows today…

Q: Fritz Benjamin buys a car costing $14200. He agrees to make payments at the end of each monthly…

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Q: Michael needs an investment loan. He gets a simple interest amortized loan for $12,000 at 9 % for…

A: Amortized loan include a series of equal timely instalments paid at the end of each time interval.…

Q: Approximately how long will he take to pay off the loan under these​ conditions?

A: Information Provided: Time = 5 years Interest rate = 6.5% Present value = $62,000 Additional payment…

Q: Bozo decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: The periodic payment is the amount that will be paid every period until the loan amortized which…

Q: Freddy agreed to make quarterly payments of $781.25 for 4 years on a loan of $10,000. What simple…

A: Simple interest refers to the method of calculating the interest earned where the principal amount…

Q: Tak wants to save $10 000 for a vacation. He deposits $150 at the end of each month for 4.5 years in…

A: Solved using Financial Calculator  PMT = +/- 150 N = 4.5 years *12 months = 54 I/Y = 8.7/12 = 0.725…

Q: Jason has a credit card with an APR of 29.5% and a current balance of $13,150.35. He wants to pay it…

A: APR = 29.5% Monthly interest rate (r) = 29.5%/12 = 2.45833333333333% Current balance (PV) = $…

Q: Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan…

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Q: Peter takes out a loan of R1000000 to start a new business. After 14 years his business grows and he…

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Q: Every three years, D will pay Mr. J 5,000 at 8% rate to settle his loan. Mr. D will use which…

A: An Annuity:- An annuity is a fixed amount of perodic payment that an individual receive or pay for a…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.