A $3,000 demand loan was advanced on September 30. Fixed monthly payments of $1000 were required on the first day of each month beginning November 1. What was the balance of the loan on December 1, before the monthly payment? Assume that the interest rate remained at 6.75% for the life of the loan.

Q: A $8,200 loan, taken now, with a simple interest rate of 5% per year, will require a total payment…

A: Explanation is given below..

Q: The maturity value of a 3-month loan of $4000 is $4085. What is the simple interest rate?

A: We find the simple interest rate when maturity value of a 3-month loan of $4000 is $4085.

Q: What is the purchase price of a 33-week T-bill with a maturity value of $1072 that earns an annual…

A: Given that  Maturity value is 1072 Interest rate is 8.5% To find the purchase price

Q: What is the maturity value on a 7-year loan for $6,742 if the annual simple interest rate is 3.4%?…

A: Consider the given information. Here, PV=$6,742, n = 7 and r = 3.4%=0.034.

Q: Find the payments necessary to amortize each loan. $2500, 16% compounded quarterly, 6 quarterly…

A: Given, r=16% =0.16 P=$2500 n=6 A=Pr1+rn1+rn-1

Q: The total amount paid on a 5 year loan was $16,000. If the interest rate was 7% and compounded…

A:

Q: If Pat pays $15,334.65 for a $25,000 face-value, zero-coupon bond that matures in 8 years, what is…

A: Given-              F.V=$15,334.65              P.V=$25,000               n      = 1 year Where-…

Q: A bond has a $11,000 face value, an 8-year maturity, and a 2.75% coupon. Find the total of the…

A:

Q: Laurie Carron borrowed $16,000 at 14% ordinary interest for 88 days. On day 30 of the loan, she made…

A: Given that, the loan amount is $16,000, rate of ordinary interest is 14%, duration of the loan is 88…

Q: If a business borrows $12,700 and repays $22,225 in 5 years,what is the simple interest rate?

A: Simple interest formula for an amount of P for an interest rate r% of t years is given by the…

Q: Find the payments necessary to amortize each loan. $41,000, 12% compounded semiannually, 10…

A:

Q: Find the refund fraction on a 48​-month loan with interest of ​$2,803 if the loan is paid in full…

A: Refund fraction is the percentage of refund you will get when you complete the loan before the…

Q: Find the amount of simple Interest on a loan of $4,500 at 9% Interest for 15 years. O $427.50 O…

A: Profit and loss

Q: What Is the monthly payment for a $14,000 loan for 6 years with an annual interest rate of 3.8%?

A:

Q: A loan of 26,100 is to be repaid with monthly payments for 20 years at 12% interest compounded…

A:

Q: Calculate the simple interest due on a 45-day loan of P1,600 if the interest rate is 9%

A: Concept: Here we shall use the formula for simple interest: SI=P×r×t100 Here P is the principal, r…

Q: the monthly payments necessary on a 5 year loan of $40,000 at 4.75%

A:

Q: Find the present value of an ordinary annuity with regular quarterly payments worth P1,000 at a 3%…

A:

Q: What amount should be paid on the maturity date to settle a one-hundred-twenty day loan dated March…

A: Given :-  If the present value is P 15,600 at 13 27% simple interest. To Determine : - An amount…

Q: Find the payments necessary to amortize each loan. $90,000, 8% compounded annually, 12 annual…

A: Consider the given: Find payments,R:Present value of an annuity:The present value P of an annuity of…

Q: Consider the 20-year fixed rate home loan of $185,500 with an interest rate of 6.75% what is the…

A: given, home loan=$185500 r= 6.75% = 0.0675 t=20 years frequency is monthly m= P(r/n) / 1-(1+r/n)-nt

Q: If their maturity values were the same, how many months was Joanna's loan for? Round your answer to…

A: From the given, it is observed that the Fred had borrowed an amount of $5,540 for 20 months at the…

Q: If $7,000 is borrowed and repaid with four quarterly payments of $600 during the first year and four…

A: Concept: A branch of mathematics which deals with symbols and the rules for manipulating those…

Q: hat is the

A: The present value of the loan is given by the formula: Present value=Cash flow×1-1+r-nr Where r is…

Q: What is the monthly payment on a 30 year, $627,000 mortgage, with an interest rate of 4%, compounded…

A:

Q: What is the monthly payment on a 25 year loan of $67,800 if the annual interest rate is 5%?

A: We have Principal loan amount, P = $67,800 Annual interest rate r = 5% = 0.05 Number of monthly…

Q: Find the monthly payment on a 30-year fixed mortgage loan of $108,525 if the interest rate is 6 3/4%

A: Formula used to calculate the monthly payment of mortgage loan is given below: M=PR1-1+R-N Where…

Q: A bond has a $11,000 face value, a 6-year maturity, and a 2.9% coupon. Find the total of the…

A: solutionGiven principle(p)=$11,000Rate=2.9%=0.029timet=6

Q: On April​ 3, the Mears Flag Company borrowed ​$18,000 to pay for​ start-up costs for its new…

A:

Q: A design studio received a loan of $8,500 at 4.80% compounded semi-annually to purchase a camera. If…

A: Given, a design studio received a loan of $8,500 at 4.80% compounded semi-annually to purchase a…

Q: Find the monthly payment (before the balloon payment) for a 25-year, interest-only balloon mortgage…

A: Given that:  P = amount of loan = $300,000  r = APR = 7% =0.07  n = length of the loan = 25 yr

Q: Suppose your bank has a minimum interest policy for single-payment loans of $60. Using ordinary…

A:

Q: Suppose you want to purchase a $160,00 house. If you put 20% down and finance the rest in a 20 year…

A: # Given: principal amount P=$16000 With 20% down payment  Interest rate r=0.04125 per year  With 20…

Q: As part of her retirement planning, Mrs. Barth purchases an annuity that pays  17.5% compounded…

A: The quarterly payment is R=$3500 Quarterly interest rate is i=0.1754=0.04375 Number of…

Q: Find the monthly payment for a loan of $350,000 for a term of 30 years at an interest rate of 5%

A: We have to find the monthly payment

Q: Adam leases a car with an upfront payment of $1,629 and monthly payments of $197. Assuming there are…

A:

Q: Find the present value of an ordinary annuity of $200 payments each made monthly over 5 years and…

A: Given, Principal = P = $ 200 Time period = n = 5 years = 5*12  months = 60 months Rate of interest =…

Q: Suppose you want to purchase a $ 165000 house. If you put 20% down and finance the rest in a 25 year…

A: # Given: principal amount p=$165000 20% down payment  25 year mortgage  interest rate r=5.5%  then…

Q: Find the payment necessary to amortize a 12% loan of $1700 compounded quarterly, with 8 quarterly…

A: Solution

Q: Find the payments necessary to amortize each loan. $6800, 12% compounded monthly, 24 monthly…

A: The formula for amortization payments is A= P i1-(1+i)-n. Here, P is a principal amount, i is a…

Q: What is the monthly payment on a 20 year, $577,000 mortgage, with an interest rate of 6%, compounded…

A:

Q: Find the present value of an ordinary annuity which has payments of $2100 per year for 18 years at…

A: PV=PMT1-1+rn-ntrn here we have PMT=2100 n=1 for annual payment r=8%=0.08 t=18 years

Q: Find the periodic payment of a loan with present value 164,000  and an annual interest rate 6.5  for…

A: Consider a loan taken for $164,000 at an annual interest rate of 6.5 for a term of 25 years. The…

Q: Suppose that a student borrows $5000 at the start of their senior year of college. With a nominal…

A: The quarterly interest payment is calculated by multiplying the amount borrowed by the quarterly…

Q: Xander takes out a loan on July 1 and the loan is for 120 days. The maturity date of the loan is…

A: We can make it easier for you.

Q: Consider a student loan at $12,500 at a fixed APR of 12% for 25 years the total payment over the…

A: Given information Loan=$12,500 Fixed APR r=12% ⇒r=12100=0.12 Time t=25 years First of all we will…

Q: What is the maturity value of a $12,000 loan for 18 months at 7.2% compunded quarterly? How much…

A:

Q: A bond has a $11,000 face value, a 9-year maturity, and a 3.05% coupon. Find the total of the…

A: Annual interest on bond is simple interest earned on face value of bond, calculated as follows:

Q: What is the present value of an annuity that consists of 25 annual payments of $1200 at an interest…

A:

Q: Calculate the simple interest due on a 52 day loan of $1500 if the interest is 9%

A: We can calculate the simple interest of the sum $1500 for 52 days in the following step

Q: Assumethemonthlypaymentofaloanamountof$400,000is$1450.Howlongwillittaketo retire the loan if the…

A: Given,  A=$ 400000  ,  P=$ 1450  , r=3%=.03  ,   n=12

Q: Determine the periodic payment for a loan of $200,000 borrowed at 3% for 15 years, with monthly…

A: Given:PV=loan payment=$200,000i=rate=3%=0.0312n=time=15 years=15×12=180

Q: As part of his retirement planning, Mr. White purchases an annuity that pays 8.5% compounded…

A:

Q: Complete the following amortization chart by using Table 15.1. (Round your answers to the nearest…

A: Given, Selling price of home = $183000 Down payment = $40000 Principal loan amount = 183000 - 40000…

Q: Use PMT = to determine the regular payment amount, rounded to the nt nearest dollar. In terms of…

A:

Q: () A loan of P50,000 is made for a period of 20 months, at a Simple interest rate of 20% ,what…

A: