Question

Consider a student loan of ​$15,000 at a fixed APR of 6​% for 30 years. a....

Consider a student loan of ​$15,000 at a fixed APR of 6​% for 30 years.

a. Calculate the monthly payment.

b. Determine the total amount paid over the term of the loan.

c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Loan $           15,000
APR 6%
Term in years 30
Number of payments in a year 12
a) Monthly payment $             89.93
b) Total amount paid $     32,375.73
c) Percentage of principal 46.33%
Percentage of interest 53.67%

Excel formulas

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years. -....
Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years. -. Calculate the monthly payment. -. Determine the total amount paid over the term of the loan. - Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is what? ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) b. The total amount paid over the...
1.) Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years....
1.) Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years. -. Calculate the monthly payment. -. Determine the total amount paid over the term of the loan. - Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is what? ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) b. The total amount paid over...
Consider a student loan of $17, 500 at a fixed APR of 12 % for 15...
Consider a student loan of $17, 500 at a fixed APR of 12 % for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
Consider a student loan of ​$20 comma 00020,000 at a fixed APR of 66​% for 1515...
Consider a student loan of ​$20 comma 00020,000 at a fixed APR of 66​% for 1515 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. What is the monthly payment?
Consider a home mortgage of ?$ 150000 at a fixed APR of 4.5?% for 30 years....
Consider a home mortgage of ?$ 150000 at a fixed APR of 4.5?% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount? paid, what percentage is paid toward the principal and what percentage is paid for interest.
consider a home mortgage of $200,000 at a fixed APR of 3% for 20 years. a....
consider a home mortgage of $200,000 at a fixed APR of 3% for 20 years. a. calculate the monthly payment B. determine the total amount paid over term of the loan. c. of the total anount paid what percentage is paid toward the principal and what percentage is paid for interest.
Suppose you have a student loan of $40,000 with an APR of 9% for 30 years....
Suppose you have a student loan of $40,000 with an APR of 9% for 30 years. Complete parts a through C. A. what are your required monthly payments? The required monthly payment is $___ do not round until the final answer. Then round to the nearest cent as needed B. suppose you would like to pay the loan off in 18 years instead of 36. What monthly payments will you need to make? C. compare the total amount you’ll pay...
Consider the following loan. Complete parts​ (a)-(c) below. An individual borrowed 71,000 at an APR of...
Consider the following loan. Complete parts​ (a)-(c) below. An individual borrowed 71,000 at an APR of 77​%, which will be paid off with monthly payments of ​$528f or 22 years. Identify the amount​ borrowed, the annual interest​ rate, the number of payments per​ year, the loan​ term, and the payment amount. The amount borrowed is ​$the annual interest rate is   ​%, the number of payments per year is the loan term is years, and the payment amount is ​$. How many...
You have just taken out a $ 15,000 car loan with a 4 %​APR, compounded monthly....
You have just taken out a $ 15,000 car loan with a 4 %​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest? When you make your first​ payment,......will go toward the principal of the loan and ..... will go toward the interest.  ​(Round to the nearest​ cent.)
You have just taken out a $28,000 car loan with a 6%​APR, compounded monthly. The loan...
You have just taken out a $28,000 car loan with a 6%​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest?  ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.) When you make your first​ payment,​$__will go toward the principal of the loan and​$___ will go toward...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT