Calculate the monthly payment on a home loan of R1 million, duration of 25 years, and interest rate 7% p.a. Payments are made at the end of the month.

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: What is the monthly payment on a loan of $5,000 at APR = 6% for 3 years

A: Monthly payment can be calculated by loan amount divided by present value factor of an ordinary…

Q: A loan of $381,000 at 2.72% compounded quarterly was to be settled with month-end payments of…

A: Total amount, A = P(1+(R/100*4))4*3.629

Q: $20.000 loan is being repaid by installments of $400 at the end of each month for as long as…

A: Amortization table is prepared for 36 months utilizing excel sheet as follows:

Q: Consider a loan of $7000 with an APR of 9% and a loan term of 10 years. Construct a table showing…

A: To open the "PMT function" window - MS-Excel --> Formulas --> Financials --> PMT. To open…

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: What is the monthly payment on a loan of $5,000 at APR = 8% for one year.

A: Loan amount (LV) = $5000 Interest rate = 8% Monthly interest rate (i) = 8%/12 = 0.666666666666667%…

Q: due at the end of 2 years and 9 mon 26. Find the semi-annual payment at the end of every six months,…

A: An annuity is a payment plan where future periodic payments are made in exchange for a lump sum…

Q: A P15,000 loan at 6% compounded semi- annually is to be amortized in 6 months. Find the monthly…

A: monthly rate = (1 + 6%/12)1/6  -1 = 0.49386% N = 6 FV = 0 PV = 15,000 use PMT function in Excel…

Q: A P150,000 loan is to be paid as follows: P 10,000/month _______ 1st to 10th month Final payment…

A: Loan = 150,00 Time Period = 12 months Interest Rate = 12%/12 = 1% per month Payment from 1st to 10th…

Q: You take one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be…

A: Loan amount (L) = $1000 r = 1%  n = 12

Q: Consider a student loan of $17,500 at a fixed APR of 12% for 25 years. a. Calculate the monthly…

A: Given: Loan Amount = $17500 APR = 12% Number of years = 25

Q: A $26,000 loan is repaid with quarterly payments of $900 at 3.20% compounded semi-annually. How many…

A: Loan amount (PV) = $ 26,000 Quarterly payment (P) = $ 900 Interest rate = 3.20% Effective annual…

Q: A loan of 7 quarterly payments of Php.8,300 is to be made, to pay for a loan at 10% compounded…

A: Interest rate                = 10% per annum Interest rate                = 2.5% per quarter…

Q: The monthly payment is $430.33. What is the total interest paid on a loan of $5,000 at APR = 6% for…

A: Monthly payment = $430.33 Number of monthly payments = 12 Loan amount = $5000 Interest rate = 6%

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: Find the annual simple interest rate of a loan, where $300 is borrowed and where $315 is repaid at…

A: Simple interest is an amount of interest that is paid on the principal portion of a loan or deposit.

Q: What is the monthly payment on a loan of $5,000 at APR = 6% for 4 years.

A: Loan amount (LV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Period = 4…

Q: A loan of $28,100 at 4.28% compounded semi-annually is to be repaid with payments at the end of…

A: Present value of annuity Annuity is a series of equal periodic payment at equal interval over a…

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 loan of $15,000 requires monthly payments of $477 over a 36-month period of time. These payments…

A: APR is the annual percentage rate. It is the interest rate charged from the borrower of the loan and…

Q: Find the exact interest on a loan of 4000 at 8% annually for 50 days

A: Simple interest is defined as the interest computed on the principal amount of the loan or the…

Q: What is the monthly payment on a loan of $5,000 at APR = 10% for one year.

A: Loan amount = $5000 Interest rate = 10% Monthly interest rate  = 10%/12 = 0.833333333333333% Number…

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: An annui by with a cash vaDue of LA $ 9, 9oo pays $ 31o at the begining ef every Compounded monthiy…

A: Present value of annuity (PV) = $ 9900 Monthly payment (P) = $ 310 Interest rate = 5% Monthly…

Q: Loans An interest-free loan of $15,000 requiresmonthly payments of 8% of the unpaid balance.What is…

A: Introduction Unpaid Balance:  This Balance refers to the balance which stands due on that particular…

Q: 160000 TL loan is being repaid by installments of 2250 TL at the end of each month for as long as…

A: Loan financing refers to the arrangement of a loan repayment system. It involves the repayment of a…

Q: A client is given a loan of principal amount of R50,000 which accrues interest of 10% per annum,…

A: A loan is a financial arrangement in which the borrower get a lump sum amount and paid it in future…

Q: ate of 12% per year.

A: Simple interest  (SI) is the cost of borrowing. It is the interest only on the principal amount as a…

Q: You have taken out a home loan of $400,000 at an interest rate of 3.6% per annum compounded monthly.…

A: A loan is a debt amount borrowed by one person from another person. A loan payable in equivalent…

Q: Consider a student loan of $18,000 with an APR of 6.2% for 7 Years with monthly compounding and…

A: Monthly effective interest rate = APR/12 = 0.062/12 = 0.005167 Total Term of Loan = 7*12 = 84 months…

Q: A $25,000 loan has a yearly 3.2% interest applied to it monthly. The loan is being paid off with…

A: Monthly payment refers to the periodic payment extended by the borrower against loan repayment. The…

Q: 20000 TL loan is being repaid by installments of 100 TL at the end of each month for as long as…

A: given information total loan = 2000 pmt = 100 interest = 12%

Q: Calculate the daily and annual rate on interest charged on a payday loan of $400 if the interest c…

A: Payday loans are small period loans on which interest is charged as lump sump amount on the original…

Q: A $24,100 loan is to be settled by making payments of $6,980 at the end of every 3 months. The…

A:

Q: What is the monthly payment on a loan of $5,000 at APR = 6% for one year.

A: Loan amount (PV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Number of…

Q: For an auto loan of $25,600 @ 3.5 APR due in five (5) years, a) what is the total interest paid, and…

A: Loan = 25,600 APR = 3.5% N = 60 months (5 years) Interest Rate = APR/12 = 3.5%/12 per month

Q: Camalete the table by solving the amortization of the loan for six months onty. IL A loan of P20,000…

A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…

Q: How much must be deposited at the beginning of each month in an account that pays 6% compounded…

A: Monthly rate = 6%/12 = 0.5% Number of periods = 7*12 = 84 Future value required is $31,000 Find…

Q: A person borrows $15,000 at an interest rate of 6%, compounded monthly, to be paid with payments of…

A: A concept through which it is studied that the current worth of money is higher than its future…

Q: Monthly payments of P800 each are used to settle a loan for 8 months at 8% compounded monthly, Find…

A: Monthly payment (M) = P 800 Number of payments (n) = 8  r = 8% per annum = 0.667% per month

Q: Catherine obtained a loan of $40,000 at 4.5% compounded monthly. How long (rounded up to the next…

A: Solution:- When a loan is taken, the borrower is given the option whether to repay it in…

Q: A loan of P3,000 is repaid by a payment of P3,500 made 24 months later. What is the annual…

A: Loans payment carry the payment of principal amount and also payment of principal amount also.

Q: What is the monthly payment on a loan of $5,000 at APR = 6% for 5 years.

A: Loan amount (PV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Period = 5…

Q: 20.000 TL loan is being repaid by installments of 400 TL at the end of each month for as long as…

A: Computation: Year 1:

Q: Calculate and print out the balance due, principal payment, and interest payment for each period of…

A: Installment is the amount of periodic payments a borrower has to pay to its lender in por5der to…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.