You just borrowed $10,000 from the crooked bank at 10% with monthly payments for 60 months....

You just borrowed $10,000 from the crooked bank at 10% with monthly payments for 60 months. you had to pay an origination fee of $250 at the time you borrowed the money. What is the APR on the loan?

Expert Solution

AS NOTHING IS MENTIONED, WE ASSUME THAT ORIGINATION FEE IS PAID FROM LOAN AMOUNT ONLY

jeff jeffy answered 1 year ago

You borrow $10,000 today to be repaid over 60 months. What is the monthly payment if...

You borrow $10,000 today to be repaid over 60 months. What is the monthly payment if the interest rate is 2% per month? A. $88 B. $288 C. $305 D. $1003

$5,000 are borrowed now with the understanding that it will be repaid in equal monthly payments over 24 months

$5,000 are borrowed now with the understanding that it will be repaid in equal monthly payments over 24 months, if the interest rate is 1% per month, for payment number 6 find the amount that is due to principal? Your answer might be exact or to the closest.a. $833.33b. $194.83c. -540.54d. $40.54

A $10,000 loan is to be repaid in monthly equal payments in 10 years with an...

A $10,000 loan is to be repaid in monthly equal payments in 10 years with an annual effective interest rate of 19.56% charged against the unpaid balance. What principal remains to be paid after the third payment?

You borrowed $2,000 from a bank and 8 months later, you paid it off with $2,160....

You borrowed $2,000 from a bank and 8 months later, you paid it off with $2,160. What annual interest rate did you pay? Please show how to set up. Thanks

Your bank offers you a 10-year loan, with annual payments of $10,000 starting 1 year from...

Your bank offers you a 10-year loan, with annual payments of $10,000 starting 1 year from today. If the annual interest rate is 6.7%, compounded annually, what is the principal amount of the loan?

Lauren knows she can afford to make monthly payments of $525 for 60 months. How much...

Lauren knows she can afford to make monthly payments of $525 for 60 months. How much will the bank lend her today on a 3% APR car loan in exchange for her promised monthly payments?

find the savings plan balance after 10 months with an apr of 3% and monthly payments...

find the savings plan balance after 10 months with an apr of 3% and monthly payments of $390

You just borrowed $50,000 to buy a car. You will pay back this loan with monthly...

You just borrowed $50,000 to buy a car. You will pay back this loan with monthly payments of $1,610 for 4 years. What is the APR (annual percentage rate) on this loan? What is the effective annual rate associated with an 8% nominal annual rate (r = 0.08) when interest is compounded (1) annually: (2) semiannually: (3) quarterly: (4)monthly: You negotiate a great deal and your bank agrees to lend you money for 30 years at 4% APR (annual percentage...

You have made 60 monthly payments of $500 at 8.5% annual interest. You have 300 payments...

You have made 60 monthly payments of $500 at 8.5% annual interest. You have 300 payments left on the loan. If you sell the house and must pay off this loan, how much do you owe the lender?

1.Assume you have just arranged a loan from your bank in the amount of $10,000. The...

1.Assume you have just arranged a loan from your bank in the amount of $10,000. The bank will allow you to repay the loan with a lump sum payment of $11,500 in two years. No other payments will be made during this period. What is the implied EAR of this lending arrangement? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be...

Question