You borrow $280,000; the annual loan payments are $24,871.68 for 30 years. What interest rate are...
You borrow $280,000; the annual loan payments are $24,871.68 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.
Homework Answers
Let interest rate be x%
At this rate;present value of annual payments=280,000
280,000=24,871.68/1.0x+24,871.68/1.0x^2+................+24,871.68/1.0x^30
Hence x=interest rate=8%(Approx).
Add Answer to:
You borrow $280,000; the annual loan payments are $24,871.68 for
30 years. What interest rate are...
You borrow $285,000; the annual loan payments are $43,405.56 for 30 years. What interest rate are...
You borrow $285,000; the annual loan payments are $43,405.56 for 30 years. What interest rate are you being charged? Round your answer to two decimal places. Please show how to enter this in a finance calculator
You borrow $80,000; the annual loan payments are $7,106.19 for 30 years. What interest rate are...
You borrow $80,000; the annual loan payments are $7,106.19 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.
5.17 You borrow $245,000; the annual loan payments are $15,937.60 for 30 years. What interest rate...
5.17 You borrow $245,000; the annual loan payments are $15,937.60 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. %
You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30...
You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your monthly payment? Round your answer to 2 decimal places. 2. You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your Month 1 interest payment? Round your answer to...
a. If you borrow $2,900 and agree to repay the loan in six equal annual payments...
a. If you borrow $2,900 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. Amount of payment: b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)...
a. If you borrow $2,100 and agree to repay the loan in four equal annual payments...
a. If you borrow $2,100 and agree to repay the loan in four equal annual payments at an interest rate of 10%, what will your payment be? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Amount of payment $ b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)...
7. You want to buy a house and will need to borrow $280,000. The interest rate...
7. You want to buy a house and will need to borrow $280,000. The interest rate on your loan is 6.19 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments?
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of...
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of $175,000. What are the monthly mortgage payments? (Round your answer to 2 decimal places.) Payment A 30-year mortgage has an annual interest rate of 4.65 percent and a loan amount of $225,000. (Hint: Use the "IPMT" and "PPMT" functions in Excel.) What are the interest and principal for the 84th payment? (Round your answers to 2 decimal places.) Interest Principal A 20-year mortgage has...
To borrow $1,450, you are offered an add on interest loan at 8.5 percent with 12 monthly payments
To borrow $1,450, you are offered an add on interest loan at 8.5 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. (Do not round intermediate calculations and round your answer to 2 decimal places.)
You borrow a $ 332,969 add-on interest loan from the credit union and will repay in...
You borrow a $ 332,969 add-on interest loan from the credit union and will repay in equal installments over 14 years. The nominal rate of interest is 4.56 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments. Round your final answer to two decimal places.
You borrow $80,000; the annual loan payments are $7,106.19 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of $175,000. What are the monthly mortgage payments? (Round your answer to 2 decimal places.) Payment A 30-year mortgage has an annual interest rate of 4.65 percent and a loan amount of $225,000. (Hint: Use the "IPMT" and "PPMT" functions in Excel.) What are the interest and principal for the 84th payment? (Round your answers to 2 decimal places.) Interest Principal A 20-year mortgage has...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago