Question
In: Finance
You want to buy a car, and a local bank will lend you $30,000. The loan...
You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 6%, with interest paid monthly.
What is the monthly loan payment?
What is the loan's EFF%?
Solutions
jeff jeffy answered 3 weeks agoRelated Solutions
You want to buy a car, and a local bank will lend you $30,000. The loan...
You want to buy a car, and a local bank will lend you $30,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 5% with interest paid monthly.
What will be the monthly loan payment? Do not round
intermediate steps. Round your answer to the nearest
cent.
$
What will be the loan's EAR? Do not round intermediate
steps. Round your answer to two decimal places.
%
LOAN AMORTIZATION You want to buy a car, and a local bank will lend you $30,000....
LOAN AMORTIZATION You want to buy a car, and a
local bank will lend you $30,000. The loan will be fully amortized
over 7 years (84 months), and the nominal interest rate will be 6%
with interest paid monthly. What will be the monthly loan payment?
Round to TWO decimal places.
a. You want to buy a car, and a local bank will lend you$30,000. The...
a. You want to buy a car, and a local bank will lend you
$30,000. The loan will be fully amortized over 5 years (60 months),
and the nominal interest rate will be 7% with interest paid
monthly. What will be the monthly loan payment? What will be the
loan's EAR? Do not round intermediate calculations. Round your
answer for the monthly loan payment to the nearest cent and for EAR
to two decimal places.Monthly loan payment: $ EAR:b. What is...
You want to buy a car, and a local bank will lend you $10,000.The loan...
You want to buy a car, and a local bank will lend you $10,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 8% with interest paid monthly. What
will be the monthly loan payment? What will be the loan's EAR? Do
not round intermediate calculations. Round your answer for the
monthly loan payment to the nearest cent and for EAR to two decimal
places.
You want to buy a car, and a local bank will lend you $25,000.The loan...
You want to buy a car, and a local bank will lend you $25,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 5% with interest paid monthly. What
will be the monthly loan payment? What will be the loan's EAR? Do
not round intermediate calculations. Round your answer for the
monthly loan payment to the nearest cent and for EAR to two decimal
places.Monthly loan payment: $EAR: %Find the following...
You want to buy a car, and a local bank will lend you $15,000. The loan...
You want to buy a car, and a local bank will lend you $15,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 8% with interest paid monthly. What
will be the monthly loan payment? What will be the loan's EAR? Do
not round intermediate calculations. Round your answer for the
monthly loan payment to the nearest cent and for EAR to two decimal
places. Monthly loan payment: $ EAR: %
You want to buy a car, and a local bank will lend you $20,000.The loan...
You want to buy a car, and a local bank will lend you $20,000.
The loan will be paid off over 5 years with equal monthly
payment.a) If the nominal interest rate of the loan is quoted as 6% with
monthly compounding assumption, what is your monthly payment?b)What is the effective annual rate of Part(1)?c) If the nominal interest rate of the loan is quoted as 6% with
semiannual compounding assumption, what is your monthly
payment?
You want to buy a car, and a local bank will lend you $40,000. The loan...
You want to buy a car, and a local bank will lend you $40,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 10% with interest paid monthly.
What will be the monthly loan payment? Do not round intermediate
steps. Round your answer to the nearest cent.
$
What will be the loan's EAR? Do not round intermediate steps.
Round your answer to two decimal places.
%
You want to buy a car, and a local bank will lend you $20,000. The loan...
You want to buy a car, and a local bank will lend you $20,000.
The loan would be fully amortized over 5 years (60 months), and the
nominal interest rate would be 12%, with interest paid monthly.
a)What would be the monthly loan payment?
b)What would be the loan’s EAR?
c) If the nominal interest rate of the loan is quoted as 12%
with semiannual compounding assumption, what is your monthly
payment?
You want to buy a car, and a local bank will lend you $35,000. The loan...
You want to buy a car,
and a local bank will lend you $35,000. The loan will be fully
amortized over 5 years (60 months), and the nominal interest rate
will be 4% with interest paid monthly.
What will be the
monthly loan payment? Do not round intermediate steps. Round your
answer to the nearest cent.
$
What will be the
loan's EAR? Do not round intermediate steps. Round your answer to
two decimal places.
%
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