Find the amount of simple interest on a loan of $4,500 at 9% interest for 13 years. 2 $427.50 $1,485.15 $4,275.00 $5,557.50
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- 7. Find the amount of simple interest on a loan of $4,500 at 9 1 2 % interest for 13 years. $427.50 $1,485.15 $4,275.00 $5,557.50Franklin's new snowmobile cost $9,500. After his down payment of $1,500, he financed the remainder at 10% for 3 years. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are $. (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. ? 1 part remaining Clear All Greck Answer javascript:doExercise(5); Copyright © 2020 Pearson Education Inc. All rights reserved. | 99 a 近5.Consider a $10,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 7%. a. Set up an amortization schedule for the loan. Round your answers to the nearest cent. Enter "0" if required Year Payment Repayment Interest Repayment of Principal Balance 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ 5 $ $ $ $ Total $ $ $ b. c. How large must each annual payment be if the loan is for $20,000? Assume that the interest rate remains at 7% and that the loan is still paid off over 5 years. Round your answer to the nearest cent.$ d. How large must each payment be if the loan is for $20,000, the interest rate is 7%, and the loan is paid off in equal installments at the end of each of the next 10 years? This loan is for the same amount as the loan in part b, but the payments are spread out over twice…
- 5. A $200 loan is offered with an annual simple interest rate of 6 percent. How much would the borrower owe if the loan is repaid after two years? A. $200 B. $224 C. $224.72 D. $212Calculate the amount of simple interest payable if a person borrowed $25 500 at a simple interest rate of 12% over a three-year period. Select one: a. $9 000.00 b. $10 326.00 c. $9 180.00 d. $3 060.00Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid. Calculate (a) the reduction in the monthly payment by increasing the down payment by the amount specified, and (b) the amount saved on interest over the life of the loan. Assume the mortgage is for 10 years and use the amortization table to find the monthly payments. Increase in Amount of Loan Interest Rate Down Payment Down payment $191,000 12% $32,000 $15,000 Click the icon to view a table of monthly payments on a $1,000 loan. a. The monthly payment will be reduced by $ when the down payment is increased by $15,000. (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. 1 part Check Answer SO Clear All remaining javascript:doExercise(5); Copyright © 2020 Pearson Education Inc. All rights reserved. Ter 99+ a 近
- In order to buy a vacation home, Neal and Lilly took out a 20-year mortgage for $220,000 at an annual interest rate of 6%. After 10 years, they refinanced the unpaid balance of $142,125 at an annual rate of 4%. Use the table to find the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments on the original loan are $ (Type an integer or a decimal.) Enter your answer in the answer box and then click Check Answer. 2 parts remaining Clear All Check Answrer javascript:doExercise(6); 10:45 PM 10/26/2020 120A $100,000 mortgage loan at 6.3% compounded semi-annually has a 25-year amortization period. Calculate the monthly payment. 0000 a b C d $657.75 $596.75 $648.52 $620.32Jaspreet received a 15 year loan of $300,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent Question 5 of 6 b. What is the balance of the loan at the end of year 2? $0.00 Round to the nearest cent c. By how much will the amortization period shorten if Jaspreet makes an extra payment of $30,000 at the end of year 2? SUBMIT QUESTION
- 8. A loan of $10,000 is repaid using the amortization method with payments at the end of each year for 12 years at an annual interest rate of 5%. To the nearest dollar, find the principal repaid in the 9th payment. A. $ 200 B. $537 C. $ 764 D. $915 E. $928Problem 2: Sarah borrowed $120,000 at an interest rate of 9%. Repayment of the loan will be on six years in installments according to the following table: End of year 1 2 34 . (F/P, 9%, 6) = 1.6771 . (F/A, 9%, 6) = 7.5233 5 6 Cash flow (for the installments only) $20,000 $20,000 $10,000 $20,000 $20,000 $X Draw a chash flow diagram and find the size of the last payment (X) to pay off the loan. You may need the following to solve the problem: . (F/P, 9%, 3) = 1.295QUESTION 8 A bank charges an interest rate of interest is 6% compounded annually. A customer takes a loan of $159,348.29, which is to be paid back by annual payments of S18,000 at the end of each year for 13 years. What is the outstanding balance of the loan after the 2nd year? O a. $141,963.74 Ob. $20,224.80 OC S37,080.00 d. $123,348 29 3.833,001.07