6 month loan with 6% interest rate. Amount of loan is $4800. What is interest on one month?
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6 month loan with 6% interest rate. Amount of loan is $4800. What is interest on one month?
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?
- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is $1.00 per day per $100 borrowed until the loan is repaid. What is the APR for a $300 payday loan that is repaid in five days?
- What is the monthly interest expense for the following open-end credit loan? Loan balance of $80,000, annual percentage rate (APR) is 8%, and there are 30 days in the month. $800 $500 $600 $700FIND THE SIMPLE INTEREST ON A 30,000 LOAN AT 17% INTEREST FOR FOUR MONTHS.Loans An interest-free loan of $15,000 requiresmonthly payments of 8% of the unpaid balance.What is the unpaid balance aftera. 1 year?b. 2 years?
- FIND THE SIMPLE INTEREST ON A 50,000 LOAN AT 14 1/2% FOR 7 MONTHS.A payday loan is made for six weeks, where the amount of the interest owed per $100 borrowed is $20. If you borrow $500 for six weeks how much do you owe at the end of six weeks and what is the APR for this transaction?A loan of $15,000 requires monthly payments of $477 over a 36-month period of time. These payments include both principal and interest. Solve, (a) What is the nominal interest rate (APR) for this loan? (b) What is the effective interest rate per year? (c) Determine the amount of unpaid loan principal after 20 months.