You borrow $560,000 to purchase a home. The loan rate is 8.95% and must be repaid in 27 years. What is the monthly payment? 4,635 4,590 O 4,202 O 4,177
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- Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?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?
- You receive a car loan of $22,000 and must pay off the loan in 60 monthly installments. If your interest rate is 18% per year compounded monthly, what are your approximate monthly payments on this loan? O $558.66 $885.50 O $658.35 O $500.00 O $605.89after making payments of $917.10 for 6 years on your 30-year loan at 8.3%, you decide to sell your home. what is the loan payoff?You lend a friend $50,000. Your friend will repay you in 6 equal annual end-of-year payments of $12,000. You will receive the first payme one year from now. What rate of return does your loan earn? 14.86% 12.50% 11.53% 6.00%
- A house costs $147,000. It is to be paid off in exactly ten years, with monthly payments of $1,783.52. What is the APR of this loan? A. 6% B. 8% C. 7% D. 9% Please use BA II where applicable.If you take out a loan for a new $20,000 car, a typical APR with a fair credit score is 4.8%. If you make monthly payments of A dollars, find an expression for your debt right after your first payment (remember that there is a difference between the APR and the monthly interest rate). *the first picture is my answer that is needed to answer the question (20000)(1.048') – A1.048* k=1 For any integer n > 1, and any r+ 1, it can be verified that п-1 pn 1 - r – 1 - k=0Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.
- You have just purchased a home by borrowing $400, 000 for 30-years at a fixed APR of 3.87%. The loan payments are monthly and interest is compounded monthly. What is the effective annual rate on the loan? (I.e., what is the interest rate once we take into account compounding?) 0.0394 2.1239 2.0394 1.0394 O OFind the monthly house payments necessary to amortize the following loan. What are the total payments and total amount of interest paid. 196,000 at 6.89% for 25 yearsYou want to take out a $250,000 mortgage (home loan). The interest rate on the loan is 5% and the loan is for 25 years. How much will your semi- monthly payments be? a. $655 $622 c. $730 O d. $680 e. $752 O b.