After making twentieth payment of $582.17 on your car loan, you wanted to find out how much is left of your original 5 years loan at 4.8% compounded monthly of $31,000.00. What is the amount of the remaining balance of your car loan? The remaining balance of yo
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- After making the twenty-sixth payment on your car loan, you wanted to find out how much is left of your original 5 years loan at 7.1% compounded monthly of $27,000.00. What is the amount of the remaining balance of your car loan? The remaining balance of your car loan would be $. (Round to 2 decimal places.)After making the twenty-sixth payment on your car loan, you wanted to find out how much is left of your original 6 years loan at 6.7% compounded monthly of $26,000.00. What is the amount of the remaining balance of your car loan? The remaining balance of your car loan would beafter making payments of $917.10 for 6 years on your 30-year loan at 8.3%, you decide to sell your home. what is the loan payoff?
- After making the thirtieth payment of $582.48 on your car loan, you wanted to find out how much is left of your original 5 years loan at 7.6% compounded monthly of $29,000.00. What is the amount of the remaining balance of your car loan?The remaining balance of your car loan would be $. (Round to 2 decimal places.) The answer is not $17,474.40 or $24,881.07After making payments of $901.10 for 8 years on your 30 year loan at 8.3%, you decide to sell your home. What is the loan payoff?After making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)
- Suppose you purchase a car for a total price of $25,445, including taxes and license fee, and finance that amount for 4 years at an annual interest rate of 8%. Please provide step by step to find the monthly payment and what is the total amount of interest paid over the term of the loan? ThanksIn order to buy a car, you borrow $22,500 from a friend at 10%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments. d. Three and one-half years after borrowing the money, you decide to pay off the loan. You have not yet made the payment due at that time. What is the payoff amount for the loan?If you took a home mortgage loan of $150,000 for 30 years at 8.4%, compounded monthly your monthly payment would be $1142.76. Suppose after 2 years you had an additional $2000. Would you save more over the life of the loan by paying an extra $2000 with your 24th payment or by paying $1160 per month beginning with the 25th payment? To help you answer this question, complete the following, a) Find the unpaid balance after 24 payments (both including and not including the $2000 payment). b) Determine how long it takes to pay off the loan with the regular $1142.76 payments and the additional $2000 payment. Then find the total interest paid. c) Determine how long it takes to pay off the loan without the additional $2000 payment but with monthly payments of $1160 from the 25th payment. Then find the total interest paid. d) Which payment method costs less?
- If you take out an $8,000 car loan that calls for 7 annual payments of $2,400 each. What is the interest rate?You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%. a) When you first get the loan, how much is your payment? $ 390.24 Correct b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $ c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $You have decided to buy a car that costs $25,800. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.01 percent compounded monthly for 6 years with the first monthly payment due today. What is the amount of your loan payment?