Personal Finance For a $27,000 student loan with a 6% APR, how much of the payment...

Personal Finance

For a $27,000 student loan with a 6% APR, how much of the payment will go toward the principal and how much will go toward paying interest for each of the first six payments? Assume this is a 10-year loan with monthly payments. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Payment Number Interest Paid Principal Paid

Expert Solution

Payment number	Interest Paid	Principal Paid
1	135.00	164.76
2	134.18	166.58
3	133.34	168.42
4	132.50	170.26
5	131.65	172.11
6	130.79	173.97

Please do rate me and mention doubts, if any, in the comments section.

jeff jeffy answered 6 months ago

Home: $180,000 with $40,000 down payment. Financed for 20 years at 6% APR. Create loan amortization...

Home: $180,000 with $40,000 down payment. Financed for 20 years at 6% APR. Create loan amortization schedule in excel for constant payment method. Rework with an extra $40 in principal Create a loan amortization schedule in excel for constant amortization method.

1. Identify how student loan debt (or personal debt, if you don’t have student loan debt)...

1. Identify how student loan debt (or personal debt, if you don’t have student loan debt) can affect your: Credit score Future budget Spending goals/habits 2. Explain how managing your student loans (or personal loans and debt if you don’t have student loans) can contribute to personal financial success and growth. 3. Examine how debt influences your career considerations in the following areas: Salary Determining what you choose to negotiate Geographical location of the job

On a 5-year, $20K car loan at 4% APR, how much money will you still owe...

On a 5-year, $20K car loan at 4% APR, how much money will you still owe after 3 years? (round to the nearest dollar, no pennies!) Numeric Response

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan...

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Amount Financed Number of Payments APR Table Factor Finance Charge Monthly Payment $9,400 36 13% $ $ $

A 10-year amortized loan of $100,000 with 5% APR requires yearly loan payment. After making four...

A 10-year amortized loan of $100,000 with 5% APR requires yearly loan payment. After making four yearly payments, the fourth year's ending loan balance is $Answer (don't include thousand separator( , ), rounding the number with two decimal places)

How much should each payment be for a 22-years term loan of $250,000 that charges 4.5%...

How much should each payment be for a 22-years term loan of $250,000 that charges 4.5% APR (compounded quarterly) if the payments are a) Monthly, b) Semi-annual, c) Quarterly, d) Annual.

7. I am a student and can afford a monthly car payment of $350. How much...

7. I am a student and can afford a monthly car payment of $350. How much could I finance on a car purchase, assuming auto borrowing rates are 3.0%, and the term of the loan is 5 years? 8. I have since graduated from Webster. I can now afford a payment of $550 per month. How much could I finance now, assuming terms of 3.0%, and 6 years?

6. Suppose that a loan is offered with quarterly payments and a 13.36% APR. What is...

6. Suppose that a loan is offered with quarterly payments and a 13.36% APR. What is the loan's effective annual rate (EAR)? A. 14.21% B. 14.04% C. 13.92% D. 13.81% E. 13.65% 7. Suppose that a loan is offered with monthly payments and a 10.56% APR. What is the loan's effective annual rate (EAR)? A. 10.78% B. 10.85% C. 10.92% D. 11.09% E. 11.17% 8. Gretchen is 30 years old and has just changed to a new job. She has...

Loan rates of interest Personal Finance Problem John Flemming has been shopping for a loan to...

Loan rates of interest Personal Finance Problem John Flemming has been shopping for a loan to finance the purchase of a used car. He has found three possibilities that seem attractive and wishes to select the one with the lowest interest rate. The information available with respect to each of the three $7,000 loans is shown in the following table, Each loan requires John to make one payment at the end of each year. Loan Principal Annual payment Term (years)...

Assume you have a student loan that you will pay off in 10 years. How much...

Assume you have a student loan that you will pay off in 10 years. How much will you save in interest if you refinance at the new rate? Use the accompanying table of monthly payments on a $1,000 loan. Amount of Loan Original Rate New Rate $19,000 10% 8% The total savings in interest will be?

Question