Question

7) In what period of time could you pay back a loan of $13
900.00 by making monthly payments of $296.00 if interest is 6.5%
compounded monthly?

Answer #1

You are taking out an $11,000 loan today at 7% compounded
annually. You will pay back the loan with 6 equal end-of-year
payments.
How much interest will you owe in the third year?
How much will you owe the bank at the end of the third year?

You have borrowed $24,000 and agreed to pay back the loan with
monthly payments of $200. If the interest rate is 12%,how long will
it take you to pay back the loan?

You loan 3 people money, each agrees to pay you back at
different times as follows,
the remaining time until 10 years you take the total (principal and
interest) and you put it into a
safe savings plan with 2% interest compounded annually. How much
interest do you get
combined with the three loans at the end of the 10 years?
a. Person A gets a $10,000 loan at 5% annually and will pay you
back with interest in 3...

3c2.
A commercial bank will loan you $52,207 for 7 years to buy a
car. The loan must be repaid in equal monthly payments at the end
of the month. The annual interest rate on the loan is 18.98 percent
of the unpaid balance. What is the amount of the monthly
payments?
Round the answer to two decimal places.
3b2.
What is the present value of the following annuity?
$3,185 every half year at the beginning of the period for...

You are graduating from medical school today. You took out a
$75,000 student loan at the beginning of each school year for the
past four years. Since they were student loans, you were not
obligated to make any payments until now. You will begin making
monthly payments in a month to pay back the loan in the next 20
years. The interest rate of the loan is 6%. How much is your
monthly payment? To simplify the problem, assume that...

You are graduating from medical school today. You took out a
$65,000 student loan at the beginning of each school year for the
past four years. Since they were student loans, you were not
obligated to make any payments until now. You will begin making
monthly payments in a month to pay back the loan in the next 15
years. The interest rate of the loan is 5%. How much is your
monthly payment? To simplify the problem, assume that...

You are graduating from medical school today. You took out a
$75,000 student loan at the beginning of each school year for the
past four years. Since they were student loans, you were not
obligated to make any payments until now. You will begin making
monthly payments in a month to pay back the loan in the next 20
years. The interest rate of the loan is 6%. How much is your
monthly payment? To simplify the problem, assume that...

You are graduating from medical school today. You took
out a $50,000 student loan at the beginning of each school year for
the past four years. Since they were student loans, you were not
obligated to make any payments until now. You will begin making
monthly payments in a month to pay back the loan in the next 10
years. The interest rate of the loan is 5%. How much is your
monthly payment?To simplify the problem, assume that the...

The local loan shark has loaned you $1,000. The interest rate
you must pay is 18%, compounded monthly. The loan will be repaid by
making 24-equal monthly payment. What is the amount of each monthly
payment?

You needed $10,000 and obtained the following loan:
Loan specifics: You are expected to pay 24 equal monthly
installments ($A per month) at APR 12%, compounded monthly,
starting from a month from obtaining the loan. If you miss a
payment, your APR goes up to 24%, duration of the loan does not
change but your monthly fixed payments go up.
You miss your 12th payment. On the day of your 13th payment, the
bank offers you a new deal. If...

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