Mostafa took a loan of $10,000 of value. He must return this loan within a 3...
Mostafa took a loan of $10,000 of value. He must return this loan within a 3 months period from now. With a simple monthly interest rate of 2%, the total amount that Mostafa would have paid by the end of the three-months period is nearest to
|
$10,615 |
||
|
$10,550 |
||
|
$10,595 |
||
|
$10,650 |
Homework Answers
Loan amount = 10000. Time = 3 months. Rate = 2% per month
Amount to be paid = P(1 + r)^n
= 10000 x (1 + 2%)^3
= 10612
Hence the amount is nearest to 10615
Add Answer to:
Mostafa took a loan of $10,000 of value. He must return this
loan within a 3...
Omar just took out a loan from the bank for 142,894 dollars. He plans to repay...
Omar just took out a loan from the bank for 142,894 dollars. He plans to repay this loan by making a special payment to the bank of 26,888 dollars in 3 months and by also making equal, regular monthly payments of X. If the interest rate on the loan is 0.8 percent per month, he makes his first regular monthly payment later today, and he makes his last regular monthly payment made in 7 months from today, then what is...
1.Shen took out a loan for 292 days and was charged simple interest at an annual...
1.Shen took out a loan for 292 days and was charged simple interest at an annual rate of 2.5%. The total interest he paid on the loan was $146. How much money did Shen borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. 2. To purchase $12,600 worth of lab equipment for her business, Isabel made a down payment of $1900 and took out a business loan for the rest. After 2...
Problem 3 A) Pierluigi is trying to get a loan for $10,000 to start a business...
Problem 3 A) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) i) A $10,000 loan that needs to be paid back after 5 years with a 5% nominal annual interest rate, compounded monthly interest ) A $10,000 loan that needs to be paid back after 6 years, the first 2 years there is no and after the annual effective interest rate...
Problem 3 B) Pierluigi is trying to get a loan for $10,000 to start a business...
Problem 3 B) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) DA $10,000 loan that needs to be paid back in 6 years with a 6 % nominal annual interest rate, compounded monthly i) A $10,000 loan that needs to be paid back in 7 years, which accrues no interest during the first 2 years but has a 10% effective interest...
please show your calculations Question 2: What would be the effective rate on a personal loan...
please show your calculations
Question 2: What would be the effective rate on a personal loan in the amount of $20,000 with an annual rate of 6%? Assume it is a discounted loan and the borrower will repay the loan with one payment at the end of 12 months. Question 3: Calculate how much interest you would pay during the first 12 months if you were to borrow $10,000 at 6% to paid off in 5 years via monthly installments....
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 ye
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 years. In terms of months, this is equivalent to 30 years multiplied by 12 months. We put our primary basis of payments in terms of months, which is why we need to convert everything...
13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly...
13-19 odd please
13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
ou want to buy a car, and a local bank will lend you $10,000. The loan...
ou want to buy a car, and a local bank will lend you $10,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 15%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %
Ivan took out a loan for $2500 and was charged simple interest at an annual rate of 9.3%...
Ivan took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% The total interest he paid on the loan was $186. How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations.
please provide formulas with answer The simple interest on a 45-day loan of $5,200 is...
please provide formulas with answer The simple interest on a 45-day loan of $5,200 is $55.25. What is the simple interest APR? You borrowed $10,000 from your bank at 5.6% simple interest APR. You took out the loan on March 1 and plan on repaying it on August 1. What is the interest and maturity value of the loan? Franz is planning to borrow $182,000 from Columbia River Bank to build a road into his property. The road building...
Problem 3 A) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) i) A $10,000 loan that needs to be paid back after 5 years with a 5% nominal annual interest rate, compounded monthly interest ) A $10,000 loan that needs to be paid back after 6 years, the first 2 years there is no and after the annual effective interest rate...
Problem 3 B) Pierluigi is trying to get a loan for $10,000 to start a business as a financial advisor and is trying to decide between several options. (15 points) DA $10,000 loan that needs to be paid back in 6 years with a 6 % nominal annual interest rate, compounded monthly i) A $10,000 loan that needs to be paid back in 7 years, which accrues no interest during the first 2 years but has a 10% effective interest...
please show your calculations
Question 2: What would be the effective rate on a personal loan in the amount of $20,000 with an annual rate of 6%? Assume it is a discounted loan and the borrower will repay the loan with one payment at the end of 12 months. Question 3: Calculate how much interest you would pay during the first 12 months if you were to borrow $10,000 at 6% to paid off in 5 years via monthly installments....
13-19 odd please
13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
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