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: Cengage Learning
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Textbook Question
Chapter 7, Problem 7FPE
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?
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Assuming 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?
asssuming that the interest is the only finance charge, how much interest would be paid on 5,000 installment loan to be repaid in 36 moonthly installment 166.10? what is the apr on this loan?
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?
Chapter 7 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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- 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?arrow_forwardWhat is the effective interest rate (APY) for a loan of $8,500 at 12% APR compounded monthly? use the formula method.arrow_forwardCalculating 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 $1000arrow_forward
- Prepare the first row of a loan amortization schedule based on the following information. The loan amount is for $17,900 with an annual interest rate of 09.00%. The loan will be repaid over 22 years with monthly payments. 1. What is the Loan Payment? 2. What portion of this payment is Interest? 3. What portion of this payment is Principal? 4. What is the Loan balance after first monthly payment?arrow_forwardCalculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.)arrow_forwardGiven 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?arrow_forward
- what is the total amount of monthly payments made at the end of the loan termarrow_forwardFind 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.)arrow_forwardCalculate 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.)arrow_forward
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