You are considering taking out a loan of $7,000.00 that will be paid back over 10...

You are considering taking out a loan of $7,000.00 that will be paid back over 10 years with quarterly payments of $240.45. If the interest rate is 6.6% compounded quarterly, what would the unpaid balance be immediately after the eighth payment?

The unpaid balance would be $_______. (Round to 2 decimal places.)

Expert Solution

jeff jeffy answered 10 months ago

You are considering taking out a loan of $11,000.00 that will be paid back over 10...

You are considering taking out a loan of $11,000.00 that will be paid back over 10 years with quarterly payments. If the interest rate is 5.6% compounded quarterly, what would the unpaid balance be immediately after the thirteenth payment? The Unpaid balance would be $ (Round to 2 decimal places.)

you are taking out a loan today of 10000 dollars. it will be paid off with...

you are taking out a loan today of 10000 dollars. it will be paid off with three annual payments, and it has an interest rate of 8% . For each of the next three years, calculate the beginning balance, interest paid, principal paid, and ending balance

You are taking out an $11,000 loan today at 7% compounded annually. You will pay back...

You are taking out an $11,000 loan today at 7% compounded annually. You will pay back the loan with 6 equal end-of-year payments. How much interest will you owe in the third year? How much will you owe the bank at the end of the third year? Show necessary formulas to find equal payment, principal payment, and interest payments.

you are taking out a $100,000 mortgage loan to be repaid over 25 years in 300...

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Suppose you're considering taking out a car loan for $15,000. Loan #1 allows you to borrow...

Suppose you're considering taking out a car loan for $15,000. Loan #1 allows you to borrow at 8% interest for 3 years, while Loan #2 charges 6% interest for 5 years. Which will cost you less in the long run?

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A firm would like to finance an investment by taking out a loan that requires 10...

A firm would like to finance an investment by taking out a loan that requires 10 fixed annual payments, with the first payment due in one year. The bank will require a return of 6.5% on this loan. The firm plans to borrow $450,000 using this loan. [Use annuity formulas to answer the questions below.] a. What will the firm’s annual payments be? b. Check your calculation by computing the present value of those annual payments, using the rate of...

A loan of $4500 is to be paid back with payments of $450 apiece. If the...

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You are taking out a $25,000 loan for a new car. You will make monthly payments...

You are taking out a $25,000 loan for a new car. You will make monthly payments for 5 years. You are given the choice between putting nothing down and a 7% APR OR putting $5000 down and a 5% APR. Which do you choose?

The Rialto family bought a house 10 years ago, taking out a mortgage loan for $249,500...

The Rialto family bought a house 10 years ago, taking out a mortgage loan for $249,500 at 7% interest for 30 years. They've made all of their monthly payments on time for the past 10 years. With 20 years left on the loan, how much does the Rialto family still owe on the mortgage? (Hint: first you will need to figure out the monthly payment on the 30 year loan.)

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