Question
In: Finance
You get a car loan for $16,000 at an annual interest rate of 7%, which requires...
You get a car loan for $16,000 at an annual interest rate of 7%, which requires 5 annual payments. Draw a loan amortization chart, which details the payment, interest and principle each year of the loan. Replicate the chart in Excel using monthly payments.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
You get a car loan for $16,000 at an annual interest rate of 7%, which requires...
You get a car loan for $16,000 at an annual interest rate of
7%, which requires 5 annual payments. Draw a loan amortization
chart, which details the payment, interest and principal each year
of the loan. Replicate the chart in Excel using monthly payments.
For each of the following questions, continue to identify
the critical values, draw a time line, write the appropriate
formula, and then solve the problem.
If you take out a car loan for $35,000, will pay an annual interest rate of...
If you take out a car loan for $35,000, will pay an annual
interest rate of 4% on the loan, and make monthly payments of
$547.58, how many payments will you need to make? -What are you
solving for? -What is your answer?
You are looking at a one-year loan of $16,000. The interest rate is quoted as 11...
You are looking at a one-year loan of $16,000. The interest rate
is quoted as 11 percent plus two points. A point on a loan
is simply 1 percent (one percentage point) of the loan amount.
Quotes similar to this one are common with home mortgages. The
interest rate quotation in this example requires the borrower to
pay two points to the lender up front and repay the loan later with
11 percent interest.
What rate would you actually be...
You are looking at a one-year loan of $16,000. The interest rate is quoted as 7.8...
You are looking at a one-year loan of $16,000. The interest rate
is quoted as 7.8 percent plus three points. A point on a loan is 1
percent (one percentage point) of the loan amount. Quotes similar
to this one are very common with home mortgages. The interest rate
quotation in this example requires the borrower to pay three points
to the lender up front and repay the loan later with 7.8 percent
interest. a. What rate would you actually...
Suppose that the initial loan is $16,000 and the interest rate is 0.5% per month. Interest...
Suppose that the initial loan is $16,000 and the interest rate is
0.5% per month. Interest due is paid at end of each month. $8,000
of the original unpaid balance is to be repaid at the end of months
two and three only. How much total interest would have been paid by
the end of month three?
You took a loan to buy a new car. The monthly interest rate on the loan...
You
took a loan to buy a new car. The monthly interest rate on the loan
is 1.5% and you have to pay $240 every month for 60 months
1)What is the Present value of the Cash flows if its an
ordinary annuity?
2)What is the future value of cash flows if its an ordinary
annuity?
3)What is the present value of the cash flows if its an
annuity due?
4)What is the future value of cash flows if its...
(7-A) The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate...
(7-A) The Mendez family is considering a
mortgage loan of $348,500 at an annual interest rate of 6.9%. How
much less is the amount of interest paid over the life of the
20-year loan than over the life of the 30-year loan?
(8-B) Marcel Thiessen purchased a home for
$209,300 and obtained a 15-year, fixed-rate mortgage at 9% after
paying a down payment of 10%. Of the first month's mortgage
payment, how much is interest and how much is applied...
Amortize a $35,000 car loan with a 5% annual interest rate and payments for 60 months...
Amortize a $35,000 car loan with a 5% annual interest rate and
payments for 60 months (4) What is the monthly payment? (5) What
will the balance on the loan be after 2 years of payments? (Assume
that you just took out the loan) (6) How many months will it be
before the car is halfway paid off?
When you purchased your car, you took out a five-year annual-payment loan with an interest rate...
When you purchased your car, you took out a five-year
annual-payment loan with an interest rate of 5.9% per year. The
annual payment on the car is $5,000. You have just made a payment
and have now decided to pay off the loan by repaying the
outstanding balance. What is the payoff amount for the following
scenarios?
a. You have owned the car for one year (so there are four years
left on the loan)?
b. You have owned the...
If you accept a car loan of $20,000 for 5 years at an interest rate of...
If you accept a car loan of $20,000 for 5 years at an
interest rate of 3%, what is the monthly payment?
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