Question

Erindale Bank offers you a $56,000, five-year term loan at 7.5% annual interest. What will your annual loan payment be .

**(Do not round
intermediate calculations. Round the final answer to 2 decimal
places.)**

Annual loan payment $

Answer #1

Prescott Bank offers you a five-year loan for $56,000 at an
annual interest rate of 6.75 percent. What will your annual loan
payment be?

You wish to buy a $29,500 car. The dealer offers you a 4-year
loan with a 10.8 percent APR. What are the monthly payments? (Do
not round intermediate calculations and round your final answer to
2 decimal places.)
How would the payment differ if you paid interest only?
(Do not round intermediate calculations and round your
final answer to 2 decimal places.)

Prepare an amortization schedule for a five-year loan of
$36,000. The interest rate is 9% per year, and the loan calls for
equal annual payments. (Do not round intermediate
calculations. Enter all amount as positive value. Round the final
answers to 2 decimal places. Leave no cells blank - be certain to
enter "0" wherever required.)
Year
Beginning
Balance
Total
Payment
Interest
Payment
Principal
Payment
Ending
Balance
1
$
$
$
$
$
2
3
4
5
How much interest...

Prepare an amortization schedule for a five-year loan of
$39,000. The interest rate is 9% per year, and the loan calls for
equal annual payments. (Do not round intermediate calculations.
Enter all amount as positive value. Round the final answers to 2
decimal places. Leave no cells blank - be certain to enter "0"
wherever required.) Year Beginning Balance Total Payment Interest
Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 3 4 5 How
much interest...

Prepare an amortization schedule for a five-year loan of
$47,000. The interest rate is 7% per year, and the loan calls for
equal annual payments. (Do not round intermediate
calculations. Enter all amounts as positive value. Round the final
answers to 2 decimal places. Leave no cells blank - be certain to
enter "0" wherever required.)
Year
Beginning
Balance
Total
Payment
Interest
Payment
Principal
Payment
Ending
Balance
1
$
$
$
$
$
2
3
4
5
How much interest...

If your uncle borrows $51,000 from the bank at 9 percent
interest over the seven-year life of the loan. Use Appendix D for
an approximate answer but calculate your final answer using the
formula and financial calculator methods.
a. What equal annual payments must be made to
discharge the loan, plus pay the bank its required rate of
interest? (Do not round intermediate calculations. Round
your final answer to 2 decimal places.)
Annual payments $10,133.52
b. How much of his...

Come and Go Bank offers your firm a discount interest
loan with an interest rate of 8 percent for up to $17 million, and
in addition requires you to maintain a 4 percent compensating
balance against the face amount borrowed.
What is the effective annual interest rate on this lending
arrangement? (Do not round intermediate calculations and
enter your answer as a percent rounded to 2 decimal places, e.g.,
32.16.)
Effective annual rate

Cheap Money Bank offers your firm a discount interest
loan at 5 percent for up to $18 million and, in addition, requires
you to maintain a 2 percent compensating balance against the amount
borrowed.
What is the effective annual interest rate on this lending
arrangement? (Do not round intermediate calculations and
enter your answer as a percent rounded to 2 decimal places, e.g.,
32.16.)

You company has just purchased some new computers using a 5-year
bank loan of $54,000. The interest rate on the loan is 9 percent
annually, and the loan calls for equal annual payments. Prepare an
amortization schedule for the 5-year loan. (Do not round
intermediate calculations and round your answers to 2 decimal
places, e.g., 32.16. Leave no cells blank - be certain to enter "0"
wherever required.)
Year
Beginning Balance
Total Payment
Interest Payment
Principal Payment
Ending Balance...

Prepare an amortization schedule for a five-year loan of
$62,000. The interest rate is 7 percent per year, and the loan
calls for equal annual payments. (Do not round intermediate
calculations and round your answers to 2 decimal places, e.g.,
32.16. Leave no cells blank - be certain to enter "0" wherever
required.)
b.
How much interest is paid in the third year? (Do not
round intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
c....

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