A house costs $142,000, It is to be paid off in exactly ten years, with monthly payments of $1,779.64. What is the APR of this loan? A. 6.75% O B. 8.75% C. 7.75% O D. 9.75%

Q: A house costs $141,000. It is to be paid off in exactly ten​ years, with monthly payments of…

A: An amount of annual percentage which is charged from borrowers of the loan and paid to the…

Q: You borrow $5,000 at 10% per year and will pay off the loan in 3 equal annual payments starting 1…

A: Principal = 5000 r = 10% period = 3 years after 1 year of taking loan payments = 2010.57 This annual…

Q: An apartment unit in a rural area that sells for P1,800,000 can be purchased under terms requiring…

A: Price of  apartment (PV) = P1,800,000 Number of monthly payments (n) = 200 Interest rate = 12%…

Q: heds R Us sells $900 sheds on a monthly payment plan over 4 years. a. If the interest rate is 2% per…

A: Given information: Present Value : $900 Time period : 4 years The monthly payment can be computed in…

Q: A $16000 loan is to repaid by monthly payments of $340, the first payment is due in one year's time.…

A: Repayment of loan is made in fixed instalments for during the loan period which include part of…

Q: A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as…

A: Calculate effective annual rate = (1+nominal rate/no. of compounding)^ no. of compounding -1…

Q: A house and lot costing ₱2 million was bought at a down payment of ₱500,000 and ₱1 million after one…

A: Compounding Interest refers to the calculation of interest on the principal amount plus the…

Q: A house costs $144,000. It is to be paid off in exactly ten years, with monthly payments of…

A: The Annual Percentage Rate(APR) of the loan can be calculated using the RATE function in Excel.

Q: What is the principal remaining after 20 monthly payments have been made on a $20,000 five-year…

A: A loan amortization table is a schedule of payment of loan which includes the bifurcation of…

Q: A house is being purchased for $138,000.00. The 30-year mortgage has a 10% down payment, an interest…

A: The cost of financing the house will include the total cost of interest for the period of loan is…

Q: Cody Company wants to purchase an asset that costs $150,000. The full amount needed to finance the…

A: a. given, principal = $150,000 rate = 12% n = 6 calculate annual payment: annual loan payment =…

Q: The truck that we will use in our business costs $100,000. 10% of this cost will be paid as a down…

A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

Q: A loan of £4,000 is to be repaid over 5 years by a level annuity payable monthly in arrears. The…

A: Calculation of monthly payment: Periodic payment = [P x R x (1+R)^N]/[(1+R)^N-1]Where,P= Loan…

Q: A borrower had a loan of $30,000.00 at 6% compounded annually, with 6 annual payments. Suppose the…

A: Given, Loan amount = $30,000 Rate of Interest = 6% Tenure = 6 years

Q: A house costs $142,000. It is to be paid off in exactly ten years, with monthly payments of…

A: Annual Percentage Rate(APR) is nothing but the rate of interest charged to borrower and it will be…

Q: A 200,000 dollar loan is taken out. Interest is 6 percent nominal, converted monthly. The loan is to…

A: we will only answer the first three subparts . For the remaining subparts, please resubmit the…

Q: You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent.…

A: To calculate the monthly payment amount we will use the below mention formula   Monthly payment =…

Q: A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of…

A: Down payment = 18% Mortgage payment = 100% - 18% = 82% Mortgage amount (M) = 82% of P 10,000,000 = P…

Q: Ten annual payments at an interest rate of 7% are made to repay a loan of $9000. Build the table…

A: Yearly Payments implies, regarding any Material Contract, the aggregate sum of the installments…

Q: you are taking a $100,000 mortgage loan for your business to be repaid over 5 years in equal…

A: Mortgage loan is the loan which is given by keeping something as collateral. This loan is for…

Q: Suppose you obtain a 20-year mortgage loan of $194,000 at an annual interest rate of 8.2%. The…

A: Periodic Payments (PMT) refers to the amount need to de deposits regularly ( Yearly, Quarterly,…

Q: Excellent bank has offered you, a GHC 60,000 35year loan to purchase equipment in your Factory. The…

A: Interest is an amount which is charged on deposited or borrowed amount on loan period. It is a cost…

Q: Suppose you obtain a 20-year mortgage loan of $191,000 at an annual interest rate of 8.1%. The…

A: Here, Mortgage Amount is $191,000 Annual Interest Rate is 8.1% Mortgage Period is 20 years Annual…

Q: A loan of $20,000 is paid off with installments of $1400 made at the end of each six months. The…

A: Given Information : Loan amount = $20,000 Semi - annual Payment  =$1,400 Interest rate = 7%

Q: A house costs $147,000. It is to be paid off in exactly ten​ years, with monthly payments of…

A: Given information: Cost of house is $147,000 Monthly payment is $1,783.52 Number of years is 10

Q: A $67,000 loan is taken out on a boat with the terms 9% APR for 36 months. How much are the monthly…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 7.9%. The…

A: To calculate monthly payment on mortgage, present value of annuity concept is used. The mortgage…

Q: A car is purchased for $6,738.81 with $2,000 down and a loan to be repaid at $100 a month for 4…

A: The balloon payment is the payment of the leftover principal amount.

Q: A new furniture set costs $ 2700. If you make a down payment of $ 300 and finance the rest at a rate…

A: The amount of repayment is the number of installments multiply by the installment amount. and the…

Q: Suppose you are thinking of availing a loan of P100,000 at Pag-ibig Funds for house repairs after…

A: A loan refers to the borrowed amount taken by a person from the lender in case of a shortfall of…

Q: Excellent bank has offered you, a GHC 60,000 35year loan to purchase an equipment in your Factory.…

A: GHC=60000 After 35 year the loan amount will be =$134,964.00 Effective Annual Interest Rate-…

Q: $ 500 is paid every month for 20 years as a mortgage amount for a cottage. Initially, a downpayment…

A: Here, Monthly Payment is $500 Time Period is 20 years Down Payment is $5,000 Interest Rate is 6%…

Q: Engr. Odon is paying a loan five thousand pesos 10% quarterly for 3 years. It the payment is to…

A: The question is based on the concept of present value and future value calculation.

Q: You have taken out a 60-month, $26,000 car loan with an APR of 6%, compounded monthly. The monthly…

A: Loan Amortization Schedule gives the information of your loan and how you'll repay it. The payment…

Q: An installment contract for the purchase of a car requires payments of $346.89 at the end of each…

A: Present Value:  The present value is the value of cash flow stream or the fixed lump sum amount at…

Q: If a loan of L is repaid in one lump sum at the end of 20 years, the amount of interest paid is 5000…

A: Here we can use the concept of time value of money to find the solution. As per the concept of time…

Q: Consider a loan of 800,000 which is to be amortized by 60 monthly payments. The interest rate is 12%…

A: Solution:- When an amount is borrowed, it can either be repaid as lump sum payment or in…

Q: A house costs $148,000. It is to be paid off in exactly ten years, with monthly payments of…

A: Following details are given in the question: Cost of House (Present Value) = $148000 Monthly payment…

Q: You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to…

A: This question is related to borrowing and strokes given to us are of financial calculator. We need…

Q: purchase a home for $280,000. She will use a down payment of 18% and finance the remaining portion…

A: Monthly payment of loan carry the interest payment and payment for principal payment and the…

Q: Suppose you obtain a 20-year mortgage loan of $193,000 at an annual interest rate of 8.4%. The…

A: Given Information in the question:- PV (present value) = $193,000 Rate = 8.4% Time (N) = 20 year…

Q: loan of £4,000 is to be repaid over 5 years by a level annuity payable monthly in arrears. The…

A: Given information : Loan amount 4000 Time period (years)  5 Interest rate 1% Note : I will…

Q: A new furniture set costs $ 2100. If you make a down payment of $ 700 and finance the rest at a rate…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: A loan is to be repaid by $1500 in one year and $2250 in four years. The borrower has asked to repay…

A: Outstanding loan amount is $1500 (due in 1 year) and $2250 (due in 4 years). Present value and…

Q: Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 6 percent…

A: The amortization schedule can be prepared as follows: