Question

In: Finance

A $52,500 new car loan is taken out with the terms 9% APR for 60 months....

A $52,500 new car loan is taken out with the terms 9% APR for 60 months. How much are monthly payments on this loan? ________.

A pottery factory purchases a continuous belt conveyor kiln for $72,000. A 6.0% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $746.43, how many years will it take for this loan to be paid?

Expert Solution

Q-1)

Loan amount for new Car = $52,500

Monthly Interest Rate = 9%/12 = 0.75%

Calculating the Monthly Loan payment using the Excel "PMT" function:-

So, Monthly Paymnet of loan is $1089.81

Q-2)

Loan amount = $72,000

Monthly payment aginst loan = $746.43

Monthly Interest Rate = 6%/12 = 0.5%

Calculating the Number of months it will take to pay off the loan using excel "NPER" function:-

Number of months = 132

Number of Years = 132 months/12 months

Number of Years = 11 years

So, years will it take for this loan to be paid is 11

If you need any clarification, you can ask in comments.

If you like my answer, then please up-vote as it will be motivating

jeff jeffy answered 2 years ago

a $43,000 new car loan is taken out with the terms 9% APR for 48 months....

a $43,000 new car loan is taken out with the terms 9% APR for 48 months. How much are monthly payments on this loan? A.$1,070.06 B.$1,177.06 C.$1,284.07 D.$1,391.07

You have just taken out a $ 30000 car loan with a 6 % APR, compounded...

You have just taken out a $ 30000 car loan with a 6 % APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, $(blank)? will go toward the principal of...

You have just taken out a $19,000 car loan with a 7% APR,compounded monthly. The...

You have just taken out a $19,000 car loan with a 7% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.)

You have just taken out a $23000 car loan with a 5% APR, compounded monthly. The...

You have just taken out a $23000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, $___ will go toward the principal of the loan and...

You have just taken out a $29,000 car loan with a 4% APR, compounded monthly. The...

You have just taken out a $29,000 car loan with a 4% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, __________ $ will go toward the principal of the loan...

You have just taken out a $22000 car loan with a 7% APR, compounded monthly. The...

You have just taken out a $22000 car loan with a 7% APR, compounded monthly. The loan is for 5 years.When you first make your payment in one month, how much of the payment will go toward the principal of the loan and how much will go towards the interest.

You have just taken out a $26,000 car loan with a 7 % APR, compounded monthly....

You have just taken out a $26,000 car loan with a 7 % APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment,$__ will go toward the principal of the loan and...

You have just taken out a $15,000 car loan with a 6% APR, compounded monthly. The...

You have just taken out a $15,000 car loan with a 6% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment,$___will go toward the principal of the loan and $___ will...

You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The...

You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan?

You have just taken out an $18,000 car loan with a 6% APR, compounded monthly. The...

You have just taken out an $18,000 car loan with a 6% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? QUESTION When you make your first payment, $????? will go toward the principal of the loan and $???? will go toward the interest