Mark A 10,000 loan is being repaid over 5 years with monthly end-of-the-month installments at a...
Mark A 10,000 loan is being repaid over 5 years with monthly end-of-the-month installments at a 15% annual effective rate of interest. Find the amount of principal repaid in the 20th payment.
A.131
B.145
C.175
D.191
E.211
Homework Answers
Converting effective rate to nominal:-
=NOMINAL(15%,12)
=14.06%
the amount of principal repaid in the 20th payment is calculated using the PPMT function:
=PPMT(rate,per,nper,pv,fv,0)
=PPMT(14.06%/12,20,5*12,10000,,0)
=145
Add Answer to:
Mark A 10,000 loan is being repaid over 5 years with monthly
end-of-the-month installments at a...
A loan is to be repaid in level installments payable at the end of each year...
A loan is to be repaid in level installments payable at the end of each year for 7 years. The effective annual interest rate on loan is 4 %. After the 4^th payment the principal remaining is $ 5000. Find the amount of the loan.
The Purchase of a car requires a $25,000 loan to be repaid in monthly installments for...
The Purchase of a car requires a $25,000 loan to be repaid in monthly installments for four years at 12% interest compounded monthly and the general inflation is 6% compounded monthly. a) Find the actual & constant dollar value of the 20th payment. b) The total loan payback amount in constant & actual dollars.
Problem 3. A loan of $10,000 is being repaid with payments of $1,000 at the end...
Problem 3. A loan of $10,000 is being repaid with payments of $1,000 at the end of each year for 20 years. If each payment is immediately reinvested at 5% effective, find the effective annual rate of interest earned by the lender over the 20-year period.
The purchase of a car requires a $25,000 loan to be repaid in monthly installments for...
The purchase of a car requires a $25,000 loan to be repaid in monthly installments for four years at 12% interest compounded monthly. If the general inflation rate is 6% compounded monthly, find the actual- and constant-dollar value of the 20th payment. show all steps please
11.9 The purchase of a car requires a $25,000 loan to be repaid in monthly installments...
11.9 The purchase of a car requires a $25,000 loan to be repaid in monthly installments for four years at 9% interest compounded monthly. If the general inflation rate is 4% compounded monthly, find the actual-and constant-dollar value of the 20th payment.
A loan of $ 8500 is to be repaid in 25 equal monthly installments with the...
A loan of $ 8500 is to be repaid in 25 equal monthly installments with the first one paid seven months after the loan is made. The nominal annual interest rate is 8 % compounded bimonthly. Determine the amount of the monthly payment.
Consdera $35.000 loan to be repaid in equal installments at the end of each of the...
Consdera $35.000 loan to be repaid in equal installments at the end of each of the next years. The rest is a Set up an amortization schedule for the loan. Do not round intermediate calculations, Round your answers to the nearest cent. If netry is required, enter Repayment Interest Regayment of Principal Balance Total . How large must each annual payment be if the loan is for $70,0007 Assume that the interest rate remains round intermediate calculations. Round your answer...
Question 1: a) A loan is to be repaid by a student The student has debts...
Question 1: a) A loan is to be repaid by a student The student has debts of $10,000 to be paid at the end of the first year, $5,000 to be paid in 18 months and $3,000 to be paid in the 24th month The student would prefer to pay the debts as follows. $1,000 now, followed by payments at the end of the 6th, 20th and 30th month. The payment at the end of the 6th month is half...
An individual approaches the Loan Shark Agency for $1,000 to be repaid in 24 monthly installments....
An individual approaches the Loan Shark Agency for $1,000 to be repaid in 24 monthly installments. The agency advertises an interest rate of 1.5% per month. They proceed to calculate his monthly payment in the following manner. Amount requested: $1000 Credit investigation: $25 Credit risk insurance: $5 Total : $1,030 a) What is the nominal interest rate? b) What is the effective interest rate?
A homebuyer borrows 400,000 to be repaid over a 20 year period with level monthly payments...
A homebuyer borrows 400,000 to be repaid over a 20 year period with level monthly payments beginning one month after the loan is made. The interest rate on the loan is a nominal annual rate of 12% convertible monthly. Find: a. the monthly payment b. the total principal paid on the loan over 20 years c. the total interest paid on the loan over 20 years d. the loan balance after 15 years e. the total principal paid on the...
A loan is to be repaid in level installments payable at the end of each year for 7 years. The effective annual interest rate on loan is 4 %. After the 4^th payment the principal remaining is $ 5000. Find the amount of the loan.
Problem 3. A loan of $10,000 is being repaid with payments of $1,000 at the end of each year for 20 years. If each payment is immediately reinvested at 5% effective, find the effective annual rate of interest earned by the lender over the 20-year period.
11.9 The purchase of a car requires a $25,000 loan to be repaid in monthly installments for four years at 9% interest compounded monthly. If the general inflation rate is 4% compounded monthly, find the actual-and constant-dollar value of the 20th payment.
Consdera $35.000 loan to be repaid in equal installments at the end of each of the next years. The rest is a Set up an amortization schedule for the loan. Do not round intermediate calculations, Round your answers to the nearest cent. If netry is required, enter Repayment Interest Regayment of Principal Balance Total . How large must each annual payment be if the loan is for $70,0007 Assume that the interest rate remains round intermediate calculations. Round your answer...
Question 1: a) A loan is to be repaid by a student The student has debts of $10,000 to be paid at the end of the first year, $5,000 to be paid in 18 months and $3,000 to be paid in the 24th month The student would prefer to pay the debts as follows. $1,000 now, followed by payments at the end of the 6th, 20th and 30th month. The payment at the end of the 6th month is half...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago