Question

Your friend needs to borrow $26,995 from a credit union to pay
tuition at a local college. The credit union charges a 3.5% nominal
annual rate. The terms of the loan require that your friend make 12
equal end of month payments each year for 4 years and then an
additional final ballon payment of $7,500 at the end. What would
the equal monthly payments be

Answer #1

You go to your local bank to borrow $5,680 to buy a used BMW.
Your loan will require monthly payments for 4 years at 6.00 percent
interest compounded monthly.
What is the amount of your monthly loan payment?

You borrow $15,000 for your tuition costs. You agree to make
payments at the end of each month for the next 10 years. If the
interest rate on this loan is 6%, how much is your monthly payment?
How much do you still owe after 20 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...

Suppose you borrow money from your parents for college tuition
on January 1, 2015. Your parents require four annual payments of
$10,000 each, with the first payment due on January 1, 2019. They
are charging you 6% annual interest. What is the cost of the
college tuition? A. $27,447 B. $29,094 C. $15,939 D. $40,000
Table solution Please!

Katie plans to purchase a new car. She decides to borrow
$25,000 from her friend at 8% per year compounded monthly for 4
years. She plans to repay the loan with 48 equal monthly payments.
How much is the monthly payment?
How much interest is in the 23rd payment?
What is the remaining balance immediately after she made her
37th payment?
Later, she became able to pay off the loan at the end of the
30th month. She has not...

2. A local credit union is advertising a car loan with
an APR of 6.75%. If interest is compounded monthly,
(a) what is the interest rate per compounding period, and (b) what
is the effective annual interest rate
(i.e., the APY)?
3. Your local credit union is offering a 5.1% APR mortgage with
monthly compounding (i.e., you pay them
once a month). A regional bank nearby is offering a 5.0% APR
mortgage with bi-monthly compounding
(i.e., you pay them twice...

36 months ago, you borrowed $30,000 from your local credit union
on a 60 month car loan at an interest rate of 3.2%. You have made
your monthly payments right on time but you now want to pay off
this car and buy a new one. How much do you still owe on this
car?
A.There is not enough information to figure this one out!
B. $12,577.97
C. $12,545.65
D. $14,985.32

On the day you enter college you borrow $12,000 from your local
bank. The terms of the loan include an interest rate of 5.45%. The
terms stipulate that the principle is due in full one year after
you graduate. Interest is to be paid annually at the end of each
year. Assume that you complete college in four years. How much will
you pay the bank one year after you graduate?
Question 12 options:
$12,000.00
$12,654.00
$2,806.27
$3,419.59
$15,646.39

A friend asks to borrow $49 from you and in return will pay you
$52 in one year. If your bank is offering a. 6.1% interest rate on
deposits and loans: a. How much would you have in one year if you
deposited the $49 instead? b. How much money could you borrow
today if you pay the bank $52 in one year? c. Should you loan the
money to your friend or deposit it in the bank?
a. How...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 18 minutes ago

asked 33 minutes ago

asked 38 minutes ago

asked 38 minutes ago

asked 45 minutes ago

asked 47 minutes ago

asked 51 minutes ago

asked 51 minutes ago

asked 52 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago