Question

Find the monthly installments that you have to make for three years in order to repay a loan of 20,000. Assume i=9% compounded monthly.

Answer #1

You borrow $400 promising to repay in 4 semi-annual installments
at 6% (APR) (compounded monthly), how much are your payments?

In order to buy a car, you borrow $16,000 from a friend at
7%/year compounded monthly for 4 years. You plan to repay the loan
with 48 equal monthly payments. The monthly payments are
$383.14.
a) How much interest is in the 23rd payment?
b) what is the remaining balance after the 37th payment?
c) Three and a half years into the loan, you decide to pay it
off. You have not made the payment due at that time. What...

In order to buy a car, you borrow $16,000 from a friend at
7%/year compounded monthly for 4 years. You plan to repay the loan
with 48 equal monthly payments. The monthly payments are
$383.14.
a) How much interest is in the 23rd payment?
b) what is the remaining balance after the 37th payment?
c) Three and a half years into the loan, you decide to pay it
off. You have not made the payment due at that time. What...

"What will be the required monthly payment to repay a loan of
$36,000 in 8 years if the interest rate is 11.35% compounded
continuously?"

Sherman Jacobs plans to borrow $10,000 and to repay it in 36
monthly installments. This loan is being made at an annual add-on
interest rate of 14 percent.
Calculate the finance charge on this loan, assuming that the
only component of the finance charge is interest. Round the answer
to the nearest cent.
Use your finding in part (a) to calculate the monthly payment
on the loan. Round the answer to the nearest cent.
Using a financial calculator, determine the...

A man has borrowed $10,000 which he will repay in 60 equal
monthly installments. After his twenty-fifth payment he desires to
pay the remainder of the loan at the time of the 26th payment in a
single payment. At an interest rate of 2% per month what is the
amount of the payment?

Suppose you borrow $20,000 and then repay the loan by making 12
monthly payments of $1,492.92 each. What rate will you be quoted on
the loan?

You want to borrow $22,425. You must repay the loan in 12 years
in equal monthly payments and a single $2,894 payment at the end of
12 years. Interest rate is 14% nominal per year.What will be the
loan balance immediately after the 50th payment?

You want to borrow $44,536. You must repay the loan in 6 years
in equal monthly payments and a single $3,319 payment at the end of
6 years. Interest rate is 3% nominal per year.
What will be the loan balance immediately after the
32th payment?

You borrowed $20,000 from a bank at an
interest rate of 12%, compounded monthly.
This loan will be repaid in 60 equal monthly
installments over 5 years. Immediately after
your 30th payment if you want to pay the
remainder of the loan in a single payment, the
amount is close to:

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