Question
In: Accounting
You take out a loan in the amount of $14,000 to buy a Kia Soul. The...
You take out a loan in the amount of $14,000 to buy a Kia Soul. The bank offers you a 3 year loan with an APR of 2.9%.
a. Create an amortization table. Paste the first five or six lines in your Word document.
b. What is the total amount you end up paying (including principal and interest)? (Hint: You can just add the payment column.)
Solutions
Expert Solution
In case of any doubts or Issues, Please comment below
ekkarill92 answered 11 months agoRelated Solutions
You take a fixed-rate, amortizing, 7-year loan to buy a car. The loan amount is $130,000,...
You take a fixed-rate, amortizing, 7-year loan to buy a car. The
loan amount is $130,000, the APR is 4.8%. Payment is expected at
the end of each month. How much is pure interest in your
end-of-month 24 payment assuming all payments were made on time and
no prepayments were made?
You take a fixed-rate, amortizing, 7-year loan to buy a car. The loan amount is $130,000,...
You take a fixed-rate, amortizing, 7-year loan to buy a car. The
loan amount is $130,000, the APR is 4.8%. Payment is expected at
the end of each month. what is the scheduled principal payment in
your end of month 24 payment assuming all payments were made on
time and no prepayments were made?
You take out a loan in the amount of $260,000 with annual equal repayments over the...
You
take out a loan in the amount of $260,000 with annual equal
repayments over the next 20years. What is the balance of the loan
after the 5th payment? i = 6%
Suppose you take out a $107,000, 20-year mortgage loan to buy a condo. The interest rate...
Suppose you take out a $107,000, 20-year mortgage loan to buy a
condo. The interest rate on the loan is 4%. To keep things simple,
we will assume you make payments on the loan annually at the end of
each year.
a. What is your annual payment on the loan?
(Do not round intermediate calculations. Round your answer
to 2 decimal places.)
b. Construct a mortgage amortization.
(Do not round intermediate calculations. Round your answers
to 2 decimal places.)
c....
Amortizing loans. Suppose that you take out a $200,000, 20-year mortgage loan to buy a condo....
Amortizing loans. Suppose that you take out a $200,000,
20-year mortgage loan to buy a condo. The interest rate on the loan
is 6%, and payments on the loan are made annually at the end of
each year.
What is your annual payment on the loan?
Construct a mortgage amortization table in Excel similar
to Table 2.1, showing the interest payment, the amortization of the
loan, and the loan balance for each year.
What fraction of your initial loan payment...
You take out a loan for 10000. You pay off the loan with monthly payments of...
You take out a loan for 10000. You pay off the loan with monthly
payments of 90 for 10
years.
(a) What is the monthly effective rate? What is the annual
effective rate?
(b) What is the outstanding loan balance immediately after the
7th payment? Calculate
using both the retrospective and prospective formulas.
(c) Assume you miss the 13th and 53rd payments, what will be the
outstanding loan balance after the 71st payment?
actuarial science
You have taken out a loan of $32,000 to buy a new Saturn. The loan will...
You have taken out a loan of $32,000 to buy a new Saturn. The
loan will be paid off in monthly instalments starting in one month
over the next 4 years (48 payments). The interest rate on the loan
is 8.25% per year. The bank doesn’t tell you, but it is compounded
quarterly. (a) Find the amount of the monthly loan payments. (b)
The amount owed immediately after the 30th payment is
You are looking to take out a $47，000 loan to pay for school. The loan would...
You are looking to take out a $47，000 loan to pay for school.
The loan would be a five-year loan. The lender offers you a 7%
interest rate on the loan and also offers to structure it in one of
three ways:
what‘s your ending balance of the first year?
a) As a discount loan
b) As an interest-only loan
c) As an amortized loan.
You are looking to take out a $53 ,000 loan to pay for school. The loan...
You are looking to take out a $53 ,000 loan to pay for school.
The loan would be a five-year loan. The lender offers you a 8 %
interest rate on the loan and also offers to structure it in one of
three ways: a) As a discount loan b) As an interest-only loan
c) As an amortized loan. Rounded to the nearest whole dollar,
what will be your balance at the end of year 1 if you take the...
You want to buy a $249,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan
You want to buy a $249,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan for the rest.a) How much is the loan amount going to be? $b) What will your monthly payments be if the interest rate is 5%? $c) What will your monthly payments be if the interest rate is 6%?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- UNIX ONLY -- DIFFICULT LAB ASSIGNMENT This is an extremely difficult subject for me. Could you...
- Do you know why your credit card can be refused even though you are profitable?
- The Following Java expression: S/10 * 10 + 10 – S = C Show that this...
- Year Cash Flow 0 −$9,700 1 5,800 2 2,500 3 3,400 &nb
- In a two – story building, an exterior column is to be designed for a service...
- Explain the use of neural networking modeling in predictive analytics. Discuss a real-life example of where...
- Boarder line and antisocial disorder are perhaps the most research personality disorder.What are the most common...
ADVERTISEMENT