Jens just took out a loan from the bank for 59,516 dollars. He plans to repay this loan by making a special payment to the bank of 5,460 dollars in 3 years and by also making equal, regular annual payments of X for 7 years. If the interest rate on the loan is 11.84 percent per year and he makes his first regular annual payment in 1 year, then what is X, Jens’s regular annual payment?
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Jens just took out a loan from the bank for 59,516 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...
answer those 4 please Fatima just borrowed 83,364 dollars. She plans to repay this loan by making a special payment of 29,387 dollars in 7 years and by making regular annual payments of 13,147 dollars per year until the loan is paid off. If the interest rate on the loan is 17.93 percent per year and she makes her first regular annual payment of 13,147 dollars immediately, then how many regular annual payments of 13,147 dollars must Fatima make? Round...
Quantum Pizza took out a loan from the bank today for 22,700 dollars. The loan requires Quantum Pizza to make a special payment of 13,800 dollars to the bank in 5 years and also make regular, fixed payments of X to the bank each year forever. The interest rate on the loan is 4.3 percent per year and the first regular, fixed annual payment of X will be made to the bank in 1 year. What is X, the amount...
Quantum Pizza took out a loan from the bank today for 21,000 dollars. The loan requires Quantum Pizza to make a special payment of 13,700 dollars to the bank in 5 years and also make regular, fixed payments of X to the bank each year forever. The interest rate on the loan is 7.86 percent per year and the first regular, fixed annual payment of X will be made to the bank in 1 year. What is X, the amount...
Celeste just borrowed 36,800 dollars. She plans to repay this loan by making equal quarterly payments of 2,894.03 dollars for 14 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
Celeste just borrowed 39,000 dollars. She plans to repay this loan by making equal quarterly payments of 2,546.48 dollars for 17 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098. Please show your work
a student takes an education loan from a bank. He expects to borrow $40,000 a year for the next 4 years (the first amount is drawn immediately, on 2/28/2010). The annual interest rate being charged is 8%; for the first several years, the interest is not paid, but it is added to the loan at the end of each year. He is required to repay the loan in equal annual payments starting 7 years from the date of the loan...
Dominic borrows 7200 dollars today, and agrees to repay the loan by making annual interest payments to the lender, and by also accumulating a sinking fund with increasing annual deposits to repay the principal. The interest rate on the loan is 8.8 percent, and the interest paid on the sinking fund is 6.7 percent, both effective. If the loan is to be settled 15 years from now, and the sinking fund deposits increase by 7 dollars per year, what is...
George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with a 7.20% interest rate compounded monthly. At the end of the second year, George plans on making a $3,167.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments. How many months remain on the loan after the extra payment is made? (Do not round)
Mr. G obtains a $70,000 loan today. He will repay the bank with equal payments to be made at the end of each 6-month period, or twice each year, for 6 years. If the interest rate the bank charges is an 8% annual percentage rate, what amount of money will each payment be? (Note that payments and compounding occur semi-annually, not annually, in this example.) Hint: use the Basic Time Value of Money table attached to this quiz or a...