Question
In: Finance
What will be the monthly payment on a loan of $602, amortizedover 29 years ,...
What will be the monthly payment on a loan of $602, amortized over 29 years , at an annual interest rate of 9%
Solutions
Expert Solution
Calculations-
| Here, | ||
| Fv is the future value of loan | ||
| rate is the periodic interest rate | ||
| nper is no. of periods | ||
| pmt is the periodic payments | ||
| Pv is the present value of loan | ||
| type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning. | ||
As no method was mentioned I have solved the problem using excel function.
jeff jeffy answered 2 years agoRelated Solutions
An loan is paid in 3 years with monthly payment starting one month after the loan...
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convertible monthly. What is the outstanding balance after the 15th
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4. Calculate the new monthly payment given a $150,000 loan for 6%, 30 years (monthly)...
4. Calculate the new
monthly payment given a $150,000 loan for 6%, 30 years (monthly)
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New MP:
Calculate the upfront fees that needs to be charged by the
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Calculate the total payments and total interest expense for a...
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Loan Term: 5 Years
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Payment Terms: Monthly at the end of the month
Initial Principal Amount: $12,000,000
Interest Rate: 5.75% annually
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Loan Term: 5 Years Amortization Period: 5 years Payment Terms: Monthly at the end of the...
Loan Term: 5 Years
Amortization Period: 5 years
Payment Terms: Monthly at the end of the month
Initial Principal Amount: $12,000,000
Interest Rate: 5.75% annually
Develop an Amortization schedule for this particular loan. The
schedule must show all payments associated with the loan. At the
end of the fifth year of the loan, the loan balance should be
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A machine is purchased for $2 million dollars with a monthly loan payment lasting 3 years.
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1. What would be the monthly payment on a 5 year loan of $35,000 if the...
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if the interest rate is 6.0% compounded monthly?
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how long will it take her to pay off the credit card?
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2. A What is the monthly payment amount on a $100,000 home loan if the rate...
2. A What is the monthly payment amount on a $100,000 home loan
if the rate is 8.0% APR, and the loan is made for a 15-year
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B A four-year investment requires annual deposits of $300 at the
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The monthly payment on a loan may be calculated by the following formula: Payment = Rate *...
The monthly payment on a loan may be calculated by the following
formula:
Payment = Rate * (1 +
Rate)N
((1 + Rate)N -1)
Rate is the monthly interest rate, which is the annual
interest rate divided by 12. (12 percent annual interest would be 1
percent monthly interest.)
N is the number of payments, and
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Write a program that asks for these (Input)
values then displays a report similar to:
Loan
Amount:
$...
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26.)What would be the monthly payment on a 5 year loan of $24,000 if the interest...
26.)What would be the monthly payment on a 5 year loan of
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A.
$452.91
B.
$492.75
C.
$377.42
D.
$500.00
true or false:
27.)When doing a comparison of ratios for your company, the
comparison probably should be with the industry average.
28.)When taking out a loan you would rather get an interest rate
of 7% compounded monthly, instead of one compounded daily.
29.)Which of the following financial ratios are market-based
ratios?...
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