Question
In: Finance
Suppose you apply a 5-year bank loan of $500000 at 12% APR, repayable in equal installments...
Suppose you apply a 5-year bank loan of $500000 at 12% APR, repayable in equal installments at the end of each month.
a. How much do you need to pay each month?
b.How much is owed (to the bank) at the end of year 3?
c. How much interest is paid at the first month of year 4 of the loan?
d. How much interest is paid over the last two years of the loan? (Round up your answer to the nearest two decimal points)
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Suppose you apply a 5-year bank loan of $500000 at 12% APR, repayable in equal installments...
Suppose you apply a 5-year bank loan of $500000 at 12% APR,
repayable in equal installments at the end of each month.
a. How much do you need to pay each month?
(Round up your answer to the nearest two decimal points)
b.How much is owed (to the bank) at the end of year 3?
(Round up your answer to the nearest two decimal points)
c. How much interest is paid at the first month of year 4 of the...
Suppose you apply a 5-year bank loan of $500000 at 12% APR, repayable in equal installments...
Suppose you apply a 5-year bank loan of $500000 at 12% APR,
repayable in equal installments at the end of each month.
a. How much do you need to pay each month?
b.How much is owed (to the bank) at the end of year 3?
c. How much interest is paid at the first month of year 4 of the
loan? d. How much interest is paid over the last two years of the
loan? (Round up your answer to...
Suppose you apply a 5-year bank loan of $500000 at 12% APR, repayable in equal installments...
Suppose you apply a 5-year bank loan of $500000 at 12% APR,
repayable in equal installments at the end of each month. a. How
much do you need to pay each month? b.How much is owed (to the
bank) at the end of year 3? c. How much interest is paid at the
first month of year 4 of the loan? d. How much interest is paid
over the last two years of the loan?
EREREFEFE--- Suppose you apply a 5-year bank loan of $500000 at 12% APR, repayable in equal...
EREREFEFE---
Suppose you apply a 5-year bank loan of $500000 at 12% APR,
repayable in equal installments at the end of each month.
a. How much do you need to pay each month?
b.How much is owed (to the bank) at the end of year 3?
c. How much interest is paid at the first month of year 4 of the
loan
You borrowed $10,000 two years ago. The loan terms are: 5-year loan with APR of 12%...
You borrowed $10,000 two years ago. The loan terms are: 5-year
loan with APR of 12% and with monthly payments of $222.44. Today,
you decided you want to pay off the loan in 20 months rather than
the remaining life of the loan. How much more do you have to add to
your monthly payment in order to accomplish it?
Write out your answer in the space provided. MAKE SURE TO
SHOW HOW YOU OBTAIN THE ANSWER (STEPS NECESSARY). If...
A loan of Rs 7,00,000 is to be paid in 5 equal annual installments. If the...
A loan of Rs 7,00,000 is to be paid in 5 equal annual
installments. If the rate of interest is 10% pa compounded
annually.
Find the amount of each annual installment and also
prepare the loan amortization schedule.
please try to give answer within 1Hr
A loan of Rs 5,00,000 is to be paid in 5 equal annual installments. If the...
A loan of Rs 5,00,000 is to be paid in 5 equal annual
installments. If the rate of interest is 10% p.a compounded
annually.
Find the amount of each annual installment and also prepare the
loan amortization schedule.
Suppose you borrow $8,000 and agree to repay the loan in 4 equal installments over a...
Suppose you borrow $8,000 and agree to repay the loan in 4 equal
installments over a 4-year period. The interest rate on the loan is
13% per year. What is the amount of the reduction in principal in
year 2?
A. $1,040 B. $1,864 C. $2,690 D. $826 E. $2000
Suppose you win $100 million in lottery. The money is paid in
equal annual installments of $4 million over 25 years. If the
appropriate discount rate is 10%, how much...
Construct an amortization schedule for a $1,000, 12% annual rate loan with 4 equal installments. What...
Construct an amortization schedule for a $1,000, 12% annual
rate loan with 4 equal installments. What is the annual interest
expense for the borrower, and the annual interest income for the
lender, during Year 2?
Suppose on January 1 you deposit $1000 in an account that pays
a nominal, or quoted, interest rate of 12%, with interest added
(compounded) daily. How much will you have in your account on
October 1, or 9 months later?
You want to buy a...
A loan is repaid in ten equal annual installments with the first installment paid one year...
A loan is repaid in
ten equal annual installments with the first installment paid one
year after the loan is made. The effective annual interest rate is
4%. The total amount of principal repaid in the fifth, sixth, and
seventh payments combined is $6,083. What is the total amount of
interest paid in the second, third, and fourth payments
combined?
Less than $2,000
At least $2,000, but
less than $2,020
At least $2,020, but
less than $2,040
At least $2,040,...
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