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- You take out an installment loan to purchase a sailplane costing $34,500. You make a down payment of $8,600 and finance the balance by making monthly payments of $1,196.72 for 24 months. Use the APR formula to find the APR. O 6.01% O 7.19% O 10.12% O 12.46%You want to buy a bus. Cost is $180,000 with 10% down and the rest in 7 equal annual payments which include interest at 6%. The payments begin in one year. How much are the payments? Amortize the loan. Record the Journal Enteries.Use technology to complete parts (a) through (c) below. ..... a. Find the monthly payment for a loan of $5000 with an APR of 12% and a loan term of 20 years. The monthly payment is $ (Round to the nearest cent as needed.)
- A design studio received a loan of $8,950 at 5.60% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? ← a acer SUBMIT QUESTION SAVE PROGRESS V SUBMIT ASSICConsider a loan of $7000 with an APR of 9% and a loan term of 10 years. Complete parts (a) through (c) below. a. Use technology to construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of $88.67, the loan balance reaches $0 after 120 months. (Do not round until the final answer. Then round to the nearest cent as needed.) Month Interest Principal Balance S7000.00 s6963.83 $52.50 s36.17 1 119 120A fully amortizing CAM loan is made for $132,000 at 6 percent interest for 20 years. Required: a. What will be the payments and balances for the first six months? b. What would payments be for a CPM loan? c. If both loans were repaid at the end of year 5, would the lender earn a higher rate of interest on either loan? Complete this question by entering your answers in the tabs below. Required A Required B Required C What will be the payments and balances for the first six months? (Round your intermediate calculations and final answers to the 2 decimal places.) Month 1 Month 2 Month 3 Total Payment End Balance
- A mortgage for a condominium had a principal balance of $44,100 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 4.92% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. Round up to the next whole number SUBMIT QUESTION SAVE PROGRESS SUBMIT ASSIGNM 12°C Partly sunny ENGCreate 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.McGee Leasing leased a car to a customer. McGee will receive $300 a month,at the end of each month, for 36 months. Use the PV function in Excel® to calculate the asnwers to the following questions1. What is the present value of the lease if the annual interest rate in the lease is 18%?2. What is the present value of the lease if the car can likely be sold for $6,000 at the end ofthree years?
- 1. You are purchasing a home for $150,000 at an 8% APR. Your loan period is 360 months. If your payment is $1,100.65, what is your loan balance after 10 years? $104,658 $131,586 $135,386 $121,543 2. You are purchasing a home for $150,000 at an 8% APR. Your loan period is 360 months. If your payment is $1,100.65, what will your equity be after 10 years? $18,414 $28,627 $14,538 $34,579A landscape architect accrued $7,876.36 in credit card debt. If the architect makes a monthly payment of $600 (and makes no additional charges on the account), how many months will it take to repay the debt If the annual Interest rate on the credit card is 18.8%? (Round your answer up to the nearest month.) monthsYou can earn $ 44 in interest on a $ 1 comma 000 deposit for eight months. If the EAR is the same regardless of the length of the investment, how much interest will you earn on a $ 1 comma 000 deposit for: a. 3 months. b. 1 year. c. 1.9 years. Question content area bottom Part 1 a. 3 -months. For a 3 -month, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent). Part 2 b. 1-year. For a 1-year, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent). Part 3 c. 1.9 -years. For a 1.9 -year, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent).
