You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is partprincipal part interest)Loan amountInterest Rate$632,00015.5%Life49 yearsDate of LoanJanuary 1, 2021Use the installment method - not straight lineDo NOT round any interrmediate numbers.Do NOT turn this into a monthly problem.Do NOT put in minus signs, answer all positive numbers. Required:1. What is the annual payment (round to the nearest $)?$2. What are the total interest payments (round to the nearest $)?$3. After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?%4. After 29 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?%Redo the problem if the interest rate is 1%(for a well designed spreadsheet this should take 30 seconds)Required:5. What is the annual payment (round to the nearest $)?6. What are the total interest payments (round to the nearest $)?$7. After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?%8. After 29 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?%

Hi, since you have posted a question with multiple sub-parts, we will answer the first three as per…

You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount Interest Rate $632,000 15.5% Life 49 years January 1, 2021 Date of Loan Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. Do NOT put in minus signs, answer all positive numbers.

You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount Interest Rate $632,000 15.5% Life 49 years January 1, 2021 Date of Loan Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. Do NOT put in minus signs, answer all positive numbers.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

See similar textbooks

Similar questions

You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount $630,000 Interest Rate 17.8% Life 62 years Date of Loan January 1, 2021 Use the installment method - not straight lineDo NOT round any interrmediate numbers.Do NOT turn this into a monthly problem.Do NOT put in minus signs, answer all positive numbers. Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $)? $ 3. After 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 25 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? % Redo the problem if the interest rate is 3%(for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to…
1 You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) $992,000 17.4% 43 years January 1, 2021 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. Do NOT put in minus signs, answer all positive numbers. Loan amount Interest Rate Life Date of Loan Required: 1. What is the annual payment (round to the nearest $)? $4 2. What are the total interest payments (round to the nearest $)? $. 3. After 16 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 1% 4. After 16 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage polint)? 1%
You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount $572,000 Interest Rate 9.7% Life 54 years Date of Loan January 1, 2023 Use the installment method not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. Do NOT put in minus signs, answer all positive numbers. Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $) ? $ 3. After 22 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 22 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point )? % Redo the problem if the interest rate is 3% (for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to the nearest $)? $ 6. What are the…
Accounting You borrow money on a self-liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount $479,000 Interest Rate 17.2% Life 43 years Date of Loan January 1, 2021 Use the installment method - not straight lineDo NOT round any intermediate numbers.Do NOT turn this into a monthly problem.Do NOT put in minus signs, answer all positive numbers. Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $)? $ 3. After 16 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 16 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? % Redo the problem if the interest rate is 2%(For a well-designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round…
4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449
P. Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual -nt interest rate of 12%. You decide to pay off the balance over three years If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? ked Scol a. The monthly payments are approximately S (Do not tound until the final answer Then round to the nearest dollar as needed) suon estion
Dinero Bank offers you a $39,000, 8-year term loan at 7 percent annual interest. Required: What will your annual loan payment be? (Do not round your intermediate calculations.) $7,475.82 $6,531.24 $6,988.43 $6,786.58 $6,280.40
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $640 per month. You will charge 1.04 percent per month interest on the overdue balance. If the current balance is $14,860, how long will it take for the account to be paid off? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. X Answer is complete but not entirely correct. Number of months 591.60 X
www Will You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, th bank also charges you a loan initiation fee of $25, which is taken out of the initial proceeds of the loan. What is the effective annuall interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 19.98 % < Prev
A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $95 every month, the monthly interest rate is 0.41%, and the loan is paid off in equal payments over 8 years. How much money was borrowed? Answer and round to the nearest cent.. Only correct pls and with explanation. Dont copy pls
Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $2,600 0 $2600 $189.69 18 $814.42 $ ??
What are the repayment schedules for each of the following five-year, 9 percent $11,000 term loans? Use Appendix D to answer the questions. Do not leave any cells blank. If the answer is zero, enter "0". Do not round intermediate calculations. A. Equal annual payments that amortize (retire) the principal and pay the interest owed on the declining balance. Round your answers to the nearest cent. Balance Interest Principal Year payment repayment on loan $ $ $ $ $ 1 2 3 4 5 $ $ $ $ $ Interest Principal Balance Year payment repayment on loan 1 $ $ 2 is B. Equal annual principal repayment, with interest calculated on the remaining balance owned. Round your answers to the nearest dollar. $ $ 3 $ $ $ 4 5 es $ $ $ $ $ $ $ $ $ $ $ $ $