Question
In: Finance
A $26,000 loan borrowed 5 years ago, has been scheduled for re-pay starting today. The payment...
A $26,000 loan borrowed 5 years ago, has been scheduled for re-pay starting today. The payment schedule is equal monthly payments made at the end of every month for the next 10 years. Find the size of the payments if interest is 3.6% p.a. compounding monthly.
Solutions
jeff jeffy answered 2 years agoRelated Solutions
you borrowed 100,000 exactly 5 years ago. the loan is structured as an amortized loan. the...
you borrowed 100,000 exactly 5 years ago. the loan is
structured as an amortized loan. the interest rate is 6 % and you
make quarterly (end of quarter) payments of 1937.06. the loan is
amortized over 25 years. how much principal have you paid over the
first 5 years ?
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...
You borrowed $10,000 two years ago. The loan terms are: 5-year loan with APR of 25%...
You borrowed $10,000 two years ago. The loan terms are: 5-year
loan with APR of 25% compounded monthly.
1. What is the monthly payment for the loan?
2. What is the loan balance today?
3. Today, you decide 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 the goal?
Please include Excel formulas.
A re-payment of £15,000 has been posted to XYZ’s loan account, whereas £3,000 of this amount...
A re-payment of £15,000 has been posted to XYZ’s loan account,
whereas £3,000 of this amount was paid as interest on the loan. To
correct this error the journal entry would require:
1.
Debit Jerry Blakes loan a/c and credit Interest on loan account
with £3,000
2.
Debit Interest on loan account and credit Jerry Blakes Loan a/c
with £3,000
3.
Debit Cash account and credit Jerry Blakes Loan a/c with
£3,000
4.
Debit Interest on loan account and credit...
john wishes to pay $1000 a year for 3 years, starting 5 years from today. interest...
john wishes to pay $1000 a year for 3 years, starting 5 years from
today. interest rates are forecast at 2% compounded monthly over
the next two years and 4% compounded monthly there after. how much
must he set aside today?
You purchased a house five years ago and borrowed $250,000 . The loan you used has...
You purchased a house five years ago and borrowed $250,000 . The
loan you used has 300 more monthly payments of $1,194 each,
starting next month, to pay off the loan. You can take out a new
loan for $226,119 at 3.00% APR compounded monthly , with 300 more
payments, starting next month to pay off this new loan. and pay off
the old loan. If your investments earn 3.00% APR compounded monthly
, how much will you save in...
You purchased a house five years ago and borrowed $400,000 . The loan you used has...
You purchased a house five years ago and borrowed $400,000
.
The loan you used has 300 more monthly payments of $1,686 each,
starting next month, to pay off the loan.
You can take out a new loan for $355,625 at 2.00% APR compounded
monthly , with 300 more payments, starting next month to pay off
this new loan.
If your investments earn 2.75% APR compounded monthly , how much
will you save in present value terms by using the...
You purchased a house five years ago and borrowed $400,000 . The loan you used has...
You purchased a house five years ago and borrowed $400,000 . The
loan you used has 300 more monthly payments of $1,686 each,
starting next month, to pay off the loan. You can take out a new
loan for $355,625 at 2.00% APR compounded monthly , with 300 more
payments, starting next month to pay off this new loan. If your
investments earn 2.75% APR compounded monthly , how much will you
save in present value terms by using the...
An loan is paid in 3 years with monthly payment starting one month after the loan...
An loan is paid in 3 years with monthly payment starting one
month after the loan is made. The payments are 540 each in the
first year, and 900 per month in the second year, and 700 each in
the last year. Interest is at a nominal rate of 7.8 percent
convertible monthly. What is the outstanding balance after the 15th
payment. Keep 4 decimal places only.
Fantasy Corp. has borrowed to invest in a project. The loan calls for a payment of...
Fantasy Corp. has borrowed to invest in a project. The loan
calls for a payment of $20,000 every month for four years. The
lender quoted Fantasy a rate of 9.60 percent with monthly
compounding. At what rate would you discount the payments to find
the amount borrowed by Fantasy Corp.? (Round to two decimal
places.)
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