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Anny takes out a loan of $1,400, at 8% interest, for 42 months. Use the formula
to find the maturity value (in $)
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- Calculating single-payment loan amount due at maturity. Stanley Price plans to borrow 8,000 for five years. The loan will be repaid with a single payment after five years, and the interest on the loan will be computed using the simple interest method at an annual rate of 6 percent. How much will Stanley have to pay in five years? How much will he have to pay at maturity if hes required to make annual interest payments at the end of each year?SportZ has negotiated a loan of $25 000 with interest at 7.6% per annum, to be paid as month-end payments of $2200.00 over the next year. Construct a loan amortization schedule to answer the following questions. i. How much interest is paid over the first two months? ii. How much of the principal is paid by the end of the first two months? iti. How much interest is paid over the term of the loan? iv. What is the amount of the final payment?]For a repayment schedule that starts at end of year (EOY) four at $Z and proceeds for years 4through 10 at $2Z, 3Z,………..…….., what is the value of Z if the principal of this loan is $10,000and the interest rate is 7% per year?
- 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.bank is offering aloan of $25,000 with a nominal interest rate of 18% compoundedmonthly, payable in 60 months. (Hint: The loan origination fee of2% will be taken out from the loan amount.) a) What is the monthly payment? b) If a loan origination fee of 2% is charged at the time of theloan, what is the What is the monthly payment?Alan borrows $100,000 at nominal interest rate 9% per annum which matures in 5years. Repayments are made monthly such that each monthly payment in the last 2years is twice that in the first 3 years.a) Calculate the monthly payments for this loan.b) Construct the amortization table for this loan which includes the following columnsInstallment, Interest payment, Principal payment, Outstanding balance.c) After 3 years, the market nominal interest rate falls to 6% per annum. Alan wantsto terminate the loan. The bank charges the termination fee which is 40% of thedifference in total remaining interest payment. Calculate the amount Alan needsto pay the bank (including outstanding balance and termination fee).d) Alan borrows the amount in part c) at 6% per annum. If he keeps to the currentmonthly payment, how long will he pay off everything ?e) What is Alan’s monthly payment if he decides to keep to his schedule of payingoff the debt in the next 2 years ?f) Suppose Alan follows the payment…
- A loan of 200000€ will be repaid with %12 nominal interest. convertible over 3 months. the debt is planmed to be repaid in 72 months, with payments at the end each month. find the monthly payment amountYou have taken out a home loan of $400,000 at an interest rate of 3.6% per annum compounded monthly. Under your loan agreement you will repay the loan in 240 level payments made at the end of each month and starting at the end of the first month. (a) How much is each payment? Give your answer rounded to the nearest cent. (b) Determine the principal repayment on the payments at the end of each of the first and second months. Give your answers rounded to the nearest cent.Find the length of the loan in months, if $500 is borrowed with an annual simple interest rate of 3% and with $517.5 repaid at the end of the loan.
- Find the maturity value on a loan of $2,500 at 11.5% interest, for 84 months. Use the formula MV = P + I.Suppose you secure a loan in the amount of $5,000 for the contract period of 24 months. If the lender charge interest at an annual rate of 12% compounded monthly, find the amount of monthly repayment based on conventional method.Schlitz Inc. has obtained a 90-day bank loan of $10,000 with an annual interest rate of 15%, payable at maturity. Assume a 365-day year. a. How much dollar interest will the firm pay on the 90-day loan? : b. Find the 90-day interest rate on the loan