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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Using the simple interest method, find the monthly payments on a $2,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 7%. You can use financial calculator, Excel. Round the answer to the nearest cent. Round the answer to the nearest cent. $ per month How much interest will be paid during the first year of this loan? Round your intermediate computations and final answers to the nearest cent. $Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,500 installment loan if the funds are borrowed for 18 months at an annual interest rate of 11%. Use financial calculator to answer the question. Round the answer to the nearest cent.$ per month
- Find the finance charges on an 8.4 percent, 18-month, $1,000, single-payment loan when interest is computed using the simple interest method. Round your answer to the nearest cent. Using the simple interest method, find the monthly payments on a $4,500 installment loan if the funds are borrowed for 24 months at an annual interest rate of 6%. You can use financial calculator, Excel, or Exhibit 7.6). Round the answer to the nearest cent. Round the answer to the nearest cent. $ per month How much interest will be paid during the first year of this loan? (Use a monthly payment analysis similar to the one in Exhibit 7.7.) Round your intermediate computations and final answers to the nearest cent.Find the monthly payment for the loan. (Round your answer to the nearest cent.) $200 loan for 12 months at 14%Use the Loan Payoff Table to determine both the finance charge and the payment required to amortize a loan of $4100 at an annual interest rate of 11% with a term of 36 monthly payments. What is the amount of each payment? What is the finance charge?
- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $985 per month, and the total finance charge is $9,360. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $) Round to the nearest centFind the monthly payment needed to amortize a typical $180,000 mortgage loan amortized over 30 years at an annual interest rate of 3.5% compounded monthly. (Round your answers to the nearest cent.)$ Find the total interest paid on the loan.Watch the video and then solve the problem given below. Click here to watch the video. You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly payments of $1242.35 for 15 years. Complete the first two months of the amortization table. (Simplify your answers. Round to the nearest cent as needed.) Payment number Interest payment Principal payment Balance of loan 1
- PLEASE DO THE FOLLOWING ON AN EXCEL SPREADSHEET: Consider a loan of $1,000,000 with the nominal annual interest rate of 10% compounded annually that must be paid off in 15 years. The loan fees include 2.0 points plus originating fee of $1,000. Calculate the loan monthly installments and APR of the loan.You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? 3. Prepare a monthly payment schedule for each loan above using Excel, and submit it.Create an amortization table for a $60,000 loan. We will assume payments are made monthly over 6 years at an interest rate of 4%. a.) First use a formula cell in your spreadsheet to calculate the monthly payment amount. b.) Create an amortization table for the 72 months. Your columns of your amortization table should include payment number, payment amount, interest paid each month, principle paid that month, amount paid on principal total, and the amount of principal remaining.