What is the effective interest rate (APY) for a loan of $8,500 at 12% APR compounded monthly? use the formula method
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What is the effective interest rate (APY) for a loan of $8,500 at 12% APR compounded monthly? use the formula method.
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- 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?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%What would the loan payment amount and the interest payed for Kevan’s loan be if the PV=8500, PMT=495.74, FV=0, Rate=6.2, Period=18, Payment Frequency=12, and Compounding=monthly
- Estimate the annual percent rate for the add on loan Using the given number of payments and annual interest-rate. Use the formula APR = 2nr/n+1 N= 48; R= 8% APR=???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, $9,000; three yearly payments; rate = 8% The annual percentage rate is%. (Type an integer or a decimal.)Given the following loan information: Annual loan payment = $47,100 Number of remaining periods = 6 Interest rate = 12% What is the book value of the loan?
- Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.)Calculating the APR on simple interest and discount loans. Find the finance charges on a 6.5 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Find the finance charges on the same loan when interest is computed using the discount method. Determine the APR in each case. Assume a loan ammount of $1000
- The principal P is borrowed and the loan's future value, A, at time t is given. Determine the loan's simple interest rate, r, to the nearest tenth of a percent.P = $500, A = $530, t = 4 monthsAssuming 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?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?