You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Loan (years) Nominal Rate (%) Present Value (Amount of Loan) $ every year 12 6 $40,000
Q: A student takes out a student loan in her first year of college. The loan earns simple interest each…
A: Given: Interest rate = 8.75%
Q: Write an equation that models the relationship between the amounts loaned from each bank.
A: Let, Let x represent the amount of money loaned at 3%. Let y represent the amount loaned at 4%.…
Q: You currently have a four-year-old mortgage outstanding on your house. You make monthly payments of…
A:
Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
A: A loan is a sum of money that one or more individuals, businesses, or other organisations acquire…
Q: 2.A person got a loan of 200.000 € from Bank A at 12 % annual interest rate. The bond will be repaid…
A: Amortization table: It is the schedule showing repayment of the loan amount that includes principal…
Q: A bank makes a car loan of $11,300, at 6.6% interest and with a loan period of 3 years. What is the…
A: A stream of equal cash flows paid or received periodically is termed as annuity. Annuity is either…
Q: You have just been hired as a loan officer at a national bank. Your first assignment is to calculate…
A: The loan amount is the mount that is borrowed from the lender by the borrower for the specified time…
Q: It is important to know how to build an amortization schedule when firms (or individuals) take out…
A: Given: Loan amount (P): $60,000 Number of periods (n): 3 years =3*12= 36 months Interest (i): 12%…
Q: You have Php. 100,000 to be deposited in a bank that offers compounding interest of 3%. What is the…
A: A study that proves that the future worth of the money is lower than its current value due to…
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: We need to use sum of digit method for calculation of rebate fraction. The formula is Sum of digit…
Q: Task If you are planning to apply for a personal loan and borrow PhP 30,000 and repay principal and…
A: In case of loan repayments, the principal of compound interest is applicable. The total monthly…
Q: A print shop borrows $2900 from a credit union for 231 days. The credit union charges simple…
A: Borrowed amount = $2,900 Time Period = 231 Days Interest Rate = 8.25%
Q: You borrowed an X amount of money from a local bank to be repaid over N months at an interest rate i…
A: Let us assume that: X= Loan amount = $100,000 N= No. of months = 12 i= Interest rate = 6% p.a.…
Q: PLEASE HELP ASAPThe client has made a deposit in the bank in the amount of 10,000$. The duration of…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Jassim is a Credit Officer with Riffa Bank and is working on structuring a loan facility for his…
A: Rate of return is expressed in percentage term that refers to the minimum return on the amount…
Q: 1. Glen received a $2,250 loan from the bank. After six months, he paid back an additional of $145…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Braxton used the Quantitative Reasoning Process to create a plan to pay off his credit card loan of…
A: The correct answer is $6,399.5.
Q: Company A is contemplating on borrowing $500,000 to start a business. Credit union 1 has offered to…
A: Time value of money can be defined as a concept which states that the value of a currency declines…
Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
A: in this we have to calculate present value FACTOR and from that we can monthly payment.
Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
A: Here, Amount Financed = $240,000 Interest rate = 7.50% Term of loan = 25 years Annual Property tax =…
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: Here, Amount Financed is $1,900 Number of Payments is 18 Payments Made is 14 Remaining Payments is…
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: Amount financed = $1800 Number of payments = 18 Monthly payment = $125.89 Payment made = 13
Q: A depositor opens a new savings account with $11,000 at 7% compounded semiannually. At the beginning…
A: While making deposits into savings accounts, an individual might deposit some amount at the…
Q: Suppose you are a relationship manager at an international bank. A customer who recently got…
A: To create the amortization table, first we will have to find the EMI. To find the EMI, we will use…
Q: If the finance charge on a loan made by Marjorie Young is $1,525 and the loan is to be paid in 36…
A: The cost of borrowing money, including interest and other costs, is a lending expense.
Q: A bank charges an interest rate of interest is 6% compounded annually. A customer takes a loan of…
A: In order to find the outstanding balance one has to deduct the payment from the loan amount.
Q: You have borrowed $130,000 to buy a new motor home. Your loan is to be repaid over 15 years at 8%…
A: Therefore, the principal amount paid in month 2 is $378.19.
Q: A bank gives6-month 7.2% interest rate compounded monthly(the interest rate is that the bank applies…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Compute for the total interest and amount to be received or paid at the end of the term for each…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: You borrow Php 1,000,000.00 for one year from a friend at an interest rate of 14 per month instead…
A: Borrowing = 1,000,000 Time Period (N) = 1 year Option 1. Bank Loan at 13% per year Option 2.…
Q: A loan, amortized over 5 years, is repaid by making payments of $1,700 at the end of every month. If…
A: Given:
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: Rebate: It means returning or giving relaxation on loan payments if the loan is paid off earlier.
Q: A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57…
A: Amortization is a term used in business to describe the process of spreading payments out over time.…
Q: From a bank, an engineer borrows $18000 that is to be repaid in 2 years with end-of-month payments…
A: Using the rate function in excel
Q: Suppose you secure a home improvement loan in the amount of $5,000 from a local bank. The loan…
A: The loan repayment schedule is the schedule of loan repayment which includes the bifurcation of the…
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: Amount financed = $1800 Number of payments = 18 Remaining payments = 18 - 14 = 4 Monthly payments =…
Q: You have just been hired as a loan officer at a national bank. Your first assignment is to calculate…
A: Given: Present value = $40,000 Interest rate = 6% Years = 1(3/4)
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: Rebate fraction = No of payments remaining/Total no of payments Finance charge= Rebate fraction * […
Q: You put $250 in the bank for 5 years at 12%. If interest is added at the end of the year, complete…
A: Future value = Present value ×(1+pir)^n N = number of periods = 1 year (for first year) Pir =…
Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…
A: Total payments = 18 Remaining payments = 6 Monthly payment = $128.89 Amount financed = $1800
Q: Let's say you are a credit analyst in the asset management department of a large bank or insurance…
A: We are not allowed to use excel so the excel sheet cannot be attached but I have provided the…
Q: how many months will it take to repay the debt if the annual interest rate on the credit card is…
A: Information Provided: PV of annuity = $7883.57 Monthly payment = $400 Interest rate = 19.6%
Q: ayment (in $) required to amortize (pay off) the following loan being considered by the bank (use…
A: Periodic payment = Loan amount / Present value annuity factor (interest rate per period, no. of…
Loan Payment |
Payment Period |
Term of Loan (years) |
Nominal Rate (%) |
Present Value (Amount of Loan) |
---|---|---|---|---|
$ | every year | 12 | 6 | $40,000 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 1/4 6 $20,000You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Payment Period Nominal Rate (%) Loan Term of Present Value Payment Loan (years) (Amount of Loan) every month 6 $40,000 4 %24You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ 2,582 every month 1 1 4 6 $30,000 loan payment wrong needs correction
- Suppose you secure a home improvement loan in the amount of $5,000 from a local bank. The loan officer gives you the following loan terms:• Contract amount = $5,000• Contract period = 24 months• Annual percentage rate = 12%• Monthly installment = $235 .37Shown is the cash flow diagram for this loan. Construct the loan payment schedule by showing the remaining balance, interest payment, and principal payment at the end of each period over the life of the loan.You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,800 18 $125.89 13 $ $You borrowed $200,000 from the Bank of Nova Scotia. The loan is to be repaid at the end of five (5) years. The bank is to receive 8% interest on the loan balance that is outstanding. i. Calculate the yearly payment on a $200 000 loan. ii. Prepare an amortization schedule for this loan. iii. What is the loan balance just after the end of year two (2)? iv. What is the total interest paid over the life of the loan? v. What is the effective rate of interest on the loan if interest is compounded quarterly?
- It is important to know how to build an amortization schedule when firms (or individuals) take out bank loans. It all start with calculating the monthly payment using the formula below.using the formula provided, do calculations to confirm the monthly payment for that loan based on the following information Loan amount (P): $60,000 Number of periods (n): 3 years = 36 months Interest (i): 12% per year = 1% per month (should be expressed as 0.01)You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Amount Financed Monthly Payment Number of Rebate Payments Made Loan Charge Rebate Payoff Payments Fraction $1,800 18 $128.89 12 Enter a number.You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) if the amount financed is = 1,900 number of payments are = 18 the monthly payment is = 125.89 payments made are = 13 slove for rebate fraction, finance charge rebate and the loan payoff
- You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Number of Monthly Payment Amount Rebate Payments Made Loan Charge Rebate Financed Payments Fraction Payoff $4,700 36 $163.33 33 $You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has agreed to lend you the money at the annual rate of 6.32% a Caluate the montly repayment on this loan b Compute the interest payment for the first month of the loan based on the answer in a.You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Amount Number of Monthly Payment Payments Made Rebate Loan Charge Rebate Financed Payments Fraction Payoff $4,700 36 $165.33 33