A loan of $36,999.85 is to be repaid by payments at the end of each quarter for eight years. Each payment is 5% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in the twentieth payment. (Round your answers to the nearest cent.) balance after 20th payment amount of interest in 20th payment amount of principal in 20th payment

Q: A cash loan is to be repaid by paying $13,500 at the beginning of every month for 3 years. If…

A: Here, Monthly payment = $13,500 Number of years = 3 years Interest rate = 12% Payment at the…

Q: A debt of ​$19,000 is being repaid by 15 equal semiannual​ payments, with the first payment to be…

A: Loan = P = ​$19,000 15 equal semiannual​ payments Interest = r = 5​% compounded semiannually…

Q: A loan of $14,800 is to be amortized with quarterly payments over 7 years. If the interest on the…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: Determine the principal remaining after 36 monthly payments have been made for a 5-year loan of…

A: Loan (L) = P 40000 n = 5 years = 60 months Interest rate = 8% quarterly compounded Let r = Monthly…

Q: Sixty monthly deposits are made into an account paying 6% nominal interest compounded monthly. If…

A: FV of annuity = P * [(1+r)^n-1] / r Where, P = amount of each deposit r = rate of interest per…

Q: A $10,000 loan is scheduled to be repaid in equal monthly installments at the end of each month for…

A: Principal Amount = $10,000 Interest Amount = $2,600 Time Period = 36 months

Q: A loan is repayable by a decreasing annuity payable annually in arrears for 20 years. The repayment…

A: First Year Payment = $6,000 Decrease in payment = $200 each year Effective Interest Rate = 9% per…

Q: A loan is amortized over five years with monthly payments at a nominal interest rate of 12%…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: You borrowed $25,000 from a bank at an interest rate of 12%, compoundedmonthly. This loan will be…

A: Single payment of the loan amount after certain payments of installment is the present worth of the…

Q: A debt of $15,000 with interest at 12% compounded monthly is repaid over 10 years by equal payments…

A: a. Calculate the size of periodic payment as follows: Payment=Loan…

Q: A loan company advertises that $100 borrowed for one year may be repaid by 12 monthly installments…

A: Effective annual interest is the amount which is expressed in terms of percentage paid annually to…

Q: A equal principal payment loan of $3000 is amortized by means of 12 quarterly payments, beggining…

A: Loan Amount = $3,000Total Number of Payments = 12Loan Principal Payment = $3,000 ÷ 12 = $250Interest…

Q: A sum of $80,000 is to be repaid over a 10-year period through equal installments made at the end of…

A: Interest, in finance and economics, is payment from a borrower or deposit-taking financial…

Q: A payment of $4,500 was made into an account at the end of every 3 months for 12 years. a. If the…

A: a) P = 4,500 + 4,500 = 9,000 r= 6% t= 5 n= 12 Future value = P1+rnnt= 9,0001+0.061260=…

Q: What payment is required at the end of each quarter for five years to repay a loan of $5600 at 6%…

A: In order to find the payment one can use excel and in excel PMT function is to be applied.

Q: A loan is repaid by making payments of $2000 at the end of every six months for 12 years. If…

A: Semiannual payment (c) = $2000 Semiannual period (n) = 24 (i.e. 12 years * 2) Nominal interest rate…

Q: A loan is being repaid with 20 payments of 1500 at the end of each year. Interest is calculated at…

A: In the question above. With prospective method we will discount all the outstanding payments due on…

Q: Prepare an amortization schedule for a three-year loan of $108,000. The interest rate is 9 percent…

A: In this we have to present value FACTOR and find annual equal payment.

Q: An amount of 100,000 was borrowed and was to be repaid in 10 instalments at the end of every quarter…

A: Here, Borrowed amount (PV) is 100,000 No. of Quarterly Payment (n) is 10 Uniform Gradient Amount (G)…

Q: A loan of $16,000 with interest at 10% compounded semi-annually is repaid in 9 years by equal…

A: A loan is a financial arrangement between two parties in which one party borrows funds at a…

Q: For the following loan, make a table showing the amount of each monthly payment that goes toward…

A: The value of new principal considers both the interest amount and the principal amount repaid and…

Q: Calculate the effective annual rate on each of the following loans: 1. $5,000 loan for 2 years,…

A: Effective interest rate refers to the real return that an individual or company earns on a saving…

Q: How much interest is payable each year on a loan of $4,000 if the interest rate is 10% (simple…

A: Following is the answer to the given questions

Q: Suppose you deposit $4,000 at the end of each quarter for five years at an interest rate of 8%…

A: Given: The deposited amount is $4,000 for five years The interest rate is 8% Deposited quarterly…

Q: The company sells products to a customer for $60,000 and will receive $15,000 at the end of the…

A: Time value of money is the concept that states that the value of money have more worth than the same…

Q: A loan of $6,000 is repaid by payments of $544 at the end of every three months. Interest is 7%…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: A loan, amortized over 7 years, is repaid by making payments of $1,600 at the end of every month. If…

A: Present value is the current value of the amount of money or cash flows that are expected in the…

Q: A financial institution offers a nominal interest rate of 12% while compounding its accounts…

A: Using excel NPER function

Q: The following information is given for a 60-month loan from a bank: Debt repayments are made at the…

A: Given information: Term of loan : 60 months First installment : 300 TL Interest rate : 12.682503%…

Q: An amount of $14,000 is borrowed from the bank at an annual interest rate of 11%. a. Calculate the…

A: Here, Borrowed Amount is $14,000 Interest Rate is 11% Time Period is 4 years

Q: A total of $50,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring…

A: monthly payment formula: monthly payment=p×rm1-1+rm-m×n where, r=rate p=principal m=frequency of…

Q: A loan of $10,000 is repaid by 20 level installments at the end of every 6 months. The nominal rate…

A: Loan refers to the amount borrowed which creates liability for fund receiver and level installments…

Q: De Lima Enterprise plans to borrow 1,000,000 for eight years at 9% with a bank term loan.The bank…

A: Here in this case , to calculate the annual installment we have to use the following formula…

Q: LOA Bank Limited quotes a 9 percent interest rate on loans for 1 year. You are seeking a loan of…

A: Given data: loan amount = $50,000 Repayment amount = $54,500  Number of payments =12 monthly payment…

Q: Sixty monthly deposits are made into an account paying 8% nominal interest compounded monthly. If…

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

Q: Sixty monthly deposits are made into an account paying 6% nominal interest compounded monthly. What…

A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the…

Q: You borrowed $25,000 from a bank at an interest rate of 12%, compoundedmonthly. This loan will be…

A: Loan amortization is a type of loan where the borrower is required to pay periodical or scheduled…

Q: A loan of $27900 is repaid by payments of $675 at the end of every quarter. Interest is 4%…

A: Given: Particulars Amount Loan(PV) $27,900 Payment(PMT) $675 Quarters 4 Interest rate 4%

Q: Olfert Inc. is repaying a loan of $52500.00 by making payments of $4700.00 at the end of every six…

A: Interest is the amount charged or received on amount invested or borrowed in the particular period.…

Q: A six-month loan of 20,000 at a nominal rate of 12% convertible monthly will be repaid with six…

A: Loan monthly payments are given by, Loan amount = PV of all payments  PV = C/(1+r)n Where, C =…

Q: A debt of $5600 is repaid in equal monthly instalments over three years. Interest is 7.3% compounded…

A: Installment is the amount of equal periodic payments a borrower has to make to its lender in order…

Q: A loan of $92,800.00 is repaid by equal payments made at the end of every three months for 3 years.…

A: Installment is the amount paid to the loan giver in order to repay the loan in a set period of time.…

Q: A $17,000 loan is to be amortized for 10 years with quarterly payments of $568.26. If the interest…

A: Loan amount = $ 17000 Period = 10 Years Number of quarterly payments = 10*4 = 40 Quarterly payment…

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: Prepare an amortization schedule for a three-year loan of $57,000. The interest rate is 8 percent…

A: Amortization Schedule: It is a schedule showing the loan payments, principal amount, and interest on…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.