Question
In: Finance
A loan of $4500 is to be paid back with payments of $450 apiece. If the...
A loan of $4500 is to be paid back with payments of $450 apiece. If the interest rate charged is 6% compounded quarterly, complete the first two rows of the following amortization table (use other paper-do not fill in values here).
| Beginning Balance | Amount of Payment | Interest for Period | Portion to Principal | Principal at end of Period |
Solutions
jeff jeffy answered 2 years agoRelated Solutions
A person is paying back a loan at 5% effective rate, with payments at the end...
A person is paying back a loan at 5% effective rate, with
payments at the end of each year for 10 years, such that the
payment the first year is $200, the second year is $190, etc. until
it reaches $110, on the 10th year.
,Find the loan amount.
Find the principal and interest in the fifth payment.
A person is paying back a loan at 5% effective rate, with payments at the end...
A person is paying back a loan at 5% effective rate, with
payments at the end of each year for 10 years, such that the
payment the first year is $200, the second year is $190, etc. until
it reaches $110, on the 10th year.
,Find the loan amount.
Find the principal and interest in the fifth payment.
A car loan is taken for $13,000 to be paid back in 5 years, with monthly...
A car loan is taken for $13,000 to be paid back in 5 years, with
monthly payments of $495. What nominal annual interest rate is
being charged in this loan?
1) 27.42%
2) 42.26%
3) 39.00%
4) 2.29%
3. A loan of $5000 is to be paid off with level payments at the end...
3. A loan of $5000 is to be paid off with level payments at the
end of each month at 3% compounded monthly. The amount of interest
paid in the 61" payment is $2.24 and the amount of principal repaid
in the 42nd payment is $70.31. Find: a) The amount of principal
repaid in the 61" payment. b) The size of the level monthly
payment. c) The number of months necessary to pay off the loan. d)
The amount of...
A student loan paid faithfully for 23 years had the following statistics: Borrowed: $26,400 Paid back...
A student loan paid faithfully for 23 years had the following
statistics: Borrowed: $26,400 Paid back to date: $32,700 Still
Owes: $45,276.63
Assuming the student calculated the amount paid back without
discounting them and the payments are equal and paid monthly, how
much did they pay each month?
Compute the annual rate of interest that the student agreed to
pay when they took out the loan. (Hint: Use Excel’s RATE function
to calculate this)
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 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.)
A loan of $30,000 is paid off in 36 payments at the end of each month...
A loan of $30,000 is paid off in 36 payments at the end of each
month in the following way: Payments of $750 are made at the end of
the month for the first 12 months. Payments of $750 + x are made at
the end of the month for the second 12 months. Payments of $750 +
2x are made at the end of the month for the last 12 months. What
should x be if the nominal monthly...
Q.5 You have borrowed $24,000 and agreed to pay back the loan with monthly payments of...
Q.5 You have borrowed $24,000 and agreed to pay back the loan
with monthly payments of $200. If the interest rate is 12%,how long
will it take you to pay back the loan?
A company has a loan of 80,000 to be paid I 20 annual level payments. The...
A company has a loan of 80,000 to be paid I 20 annual level
payments. The interest and the principal repayment in the 13th
payment are the same. Find the amount of principal repaid in the
6th payment. Use formulas of loans.
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