Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,500 installment loan if the funds are borrowed for 18 months at an annual interest rate of 11%. Use financial calculator to answer the question. Round the answer to the nearest cent. $ per month

Q: What is the APR on this loan?

A: Interest is the cost of borrowing a loan. It is the excess amount over the principal borrowing.…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: Borrowed amount = $200,000 Rate =3% paid quarterly So, quarterly rate =0.03/4 = 0.25% Time =9 years…

Q: Find the monthily payment needed to amortize a typical $90,000 mortgage loan amortized over 30 years…

A: A mortgage loan is an amount of money borrowed. The same is repaid with equal periodic instalments…

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: Prepare the amortization schedule for a fifteen-year loan of $100,000. The APR is 3% and the loan…

A: Before preparation of first, we have to find the monthly installment and the monthly installment is:…

Q: Calculate the monthly payment by using the loan amortization table: (Round your answer to the…

A: loan amount= $26000 time= 36 months or 3 years Rate=11%   If you borrow $26000 at 11% for 3 years,…

Q: What is the monthly interest expense for the following open-end credit loan? Loan balance of…

A: The open ended credit loan you have to pay interest on balance amount used and calculation are done…

Q: Find the monthly payment needed to amortize a typical $85,000 mortgage loan amortized over 30 years…

A: Excel Spreadsheet:

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A: Amortization means the process of paying the debt. In this method, the amount of principal is the…

Q: What is the APR on this loan

A: Interest is the cost of borrowing a loan. It is the excess amount over the principal borrowing.…

Q: Complete the first three lines of an amortization schedule for the following loan: You borrow $…

A: Given:

Q: Consider a home mortgage of $150,000 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

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

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

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: A recent graduate's student loans total $17,000. If these loans are at 4.2%, compounded quarterly,…

A: using financial calculator, N = 8*4 =32 I/Y = 4.2%/4 = 1.05% PV = -17,000

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 student has a total of $3,000.00 in student loans that will be paid with a 48-month installment…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

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: Assume you graduate from college with $35,000 in student loans. If your interest rate is fixed at…

A: Monthly payment = PV/(1-(1+i)-n)/i Where PV - Loan amount i.e. $35,000 i - Interest rate i.e.…

Q: Find the monthly payment needed to amortize a typical $105,000 mortgage loan amortized over 30 years…

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

A: Amortization table is one in which the break-up of each payment towards the loan is done into…

Q: Find the annual simple interest rate of a loan, where $900 is borrowed and where $1008 is repaid at…

A: Simple interest is the type of interest that is calculated on the original amount of the loan and…

Q: "If you borrow $9,725 and are required to repay the loan in five equal annual installments of…

A: Using financial calculator

Q: Find the annual simple interest rate of a loan, where $800 is borrowed and where $904 is repaid at…

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Q: Amount Rate Time ​$63,000 12​% 3 years table of monthly payments on a​ $1,000…

A: Loan amount (PV) = $ 63000 Annual interest rate  = 12% Monthly interest rate (R) = 12%/12 = 1%…

Q: Determine the interest rate you will pay if you are approved for a loan of $112,000 with annual…

A: Interest Rate: It helps in the computation of the present value or future value of…

Q: If you take out an $7,900 car loan that calls for 60 monthly payments starting after 1 month at an…

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: An individual makes rental payments of $1,200 per month and wants to know the present value of their…

A: Present value is the value which is defined the value today for periodic deposits or the future…

Q: Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at…

A: Amortised Schedule is the table showing the loan repayment schedule which contains the Installment…

Q: Complete the first three lines of an amortization schedule for the following loan: You borrow $…

A: The amortization table denotes complete periodic payments of loans by showing the amount of…

Q: You take out a $7,000 car loan that calls for 60 monthly payments starting after 1 month at an APR…

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Q: Solve the problem. If​ necessary, use the accompanying table of monthly payments. Round your answer…

A: Mortgage Amount (PV) = $105,250Interest rate (rate) = 10%Term of Mortgage = 25 yearsNumber of…

Q: Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9…

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Q: Find the monthly payment needed to amortize a typical$210,000 mortage loan amortized over 30 years…

A: Excel Spreadsheet: Excel Workings:

Q: Prepare the amortization schedule for a 30 year loan of $100,000. Interest rate is 3% compounded…

A: The amortization schedule can be prepared in excel for total 360 monthly payments. As it is not…

Q: For a short-term cash requirement of 85,000 TL, a 12-month maturity loan with equal installments…

A: The amortization schedule helps the lender to keep a track of the loan payments that will be…

Q: Find the finance charges on an 8.4 percent, 18-month, $1,000, single-payment loan when interest is…

A: The charge paid to an investor or a fund provider for borrowing money is known as a finance charge…

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A: Loan Amount = 85,000 Monthly Interest Rate = 1.75% Time Period = 12 months Monthly Payment = [Loan…

Q: If you borrow $9,983 and are required to pay back the loan in five equal annual installments of…

A: Loan is an agreement between lender and borrower where lender provide funds to borrower for definite…

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

A: Given question: Amount of loan : $400,000 Rate of interest : 3.6% per annum  Number of payments :…

Q: Complete the following from the first three lines of an amortization schedule for the following…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years…

A: Loan amount (PV) = $115,000 Period = 30 Years Number of payments (n) = 30*12 = 360 Interest = 5.7%…

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.