Chrome Co. borrows $1,665,000 at an interest rate of 7.32% APR monthly with equal monthly payments of $15,265 and a 4 year stop. What is the loan balance at the end of month 36?

Q: An automobile loan of $15,000 at 12% APR compounded monthly for 36 months requires equal monthly…

A: Repayment of loan is made in installments of fixed amount which include interest as well as portion…

Q: Lenagar Lumber Inc. is making monthly payments of $572.39 and paying nominal 9% interest on a…

A: A loan amortization table is a schedule of loan payments with bifurcation of interest paid in…

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: Determine the principal remaining after 38 monthly payments have been made for a 5-year loan of…

A: The monthly payments of the loan carry the payment of principal and payment of interest on loan and…

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: WSS Plumbing wishes to pay off a debt of P310,000 in 3 years. What regular payment would they need…

A: Debt amount (PV) = P310,000 Period = 3 years Number of quarterly payments (n) = 3*4 = 12 Interest…

Q: A payday loan company charges a $95 fee for a $350 payday loan that will be repaid in 11 days.…

A: A payday loan is a short-term unsecured loan, often characterized by high-interest rates. The term…

Q: XYZ Company has taken out a 5-years instalment loan of AED 100,000 at a nominal interest equal rate…

A: Given:   Loan amount in AED 100,000 Nominal interest rate 12% Loan tenure in years 5 Payment…

Q: BALR Corp.borrows $600,000 to be paid off in three years. The loan payments are semiannual with the…

A: Loan payments are semiannual. Thus, the semiannual interest rate should be considered i.e. 6%/2=3%.…

Q: On March 1, Minnerly Motors obtains a business loan from a local bank. Theloan is a $25,000…

A: The formula to compute interest charge as follows:

Q: A loan of $20,483 was repaid at the end of 11 months. What size repayment check (principal and…

A: AMOUNT OF LOAN COST CAN BE CALCULATED USING THE FOLLOWING FORMULA: A=P1+rt WHERE, A = amount of loan…

Q: ABC Factory borrows Php 700,000 at 6% interest compounded every 4 months for 36 months. How much…

A: Borrowed amount (P) = Php 700,000 Annual interest rate = 6% Interest rate per 4 months (r) = 6%*4/12…

Q: A company borrowed P45,200 from a savings and loan association that charges 14% converted quarterly.…

A: Let us make an amortization table to solve the question. Please note the formula used to calculate…

Q: Pendragon Inc. has an operating loan with a balance of $52,000 on September 1 with interest set at…

A: The answer is stated below:

Q: MMS Corp borrows $1,650,000 today for a new building. The loan is an equal principal payment loan…

A: Calculation of Interest Payment due in Month 16:The interest payment due in month 16 is…

Q: If you borrow $5000 that you agree to repay in 8 equal quarterly payments at 2.8% interest per…

A: given, Principal = $5000 r=2.8% per quarter number of quarter = 8

Q: A 44 month loan has monthly payments of $412. If the interest rate is 8.1%, compounded monthly, find…

A:

Q: A company has assumed a debt of $45,000,000 to be paid in quarterly installments (at the end of each…

A: "Hii there, Thanks for posting the question. But as per  Q&A guidelines, we must answer the…

Q: A payday loan company charges a $85 fee for a $500 payday loan that will be repaid in 14 days.…

A: Payday loan is a type of short term borrowing. This loan is based on the income of the borrower and…

Q: Aragon credit Union offers to lend Cassidy $35,000 to buy a car; the loan calls for payments of…

A: A concept that implies the future worth of the money is lower than its current value due to several…

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

A: To Find: Additional Interest paid

Q: Onse took a loan of P2,000 that is repaid by a payment of P2,500 made 24 months later. Find the…

A: Loan amount is P2,000 Amount repaid is P2,500

Q: Steelgrave Financing offers payday loans. The firm charges a $10 interest fee for a one-week period…

A: nominal interest rate formula: nominal interest rate=finance chargefinanced amount×52number of weeks…

Q: A loan of $401,000 at 5.02% compounded quarterly was to be settled with month-end payments of…

A: Future worth is computed by multiplying the existing value with a given interest rate.

Q: Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month You start…

A: By using credit cards, people usually spend more money and people who actually pay their credit…

Q: You’re prepared to make monthly payments of $265, beginning at the end of this month, into an…

A: Monthly payment (P) = $ 265 Future value (FV) = $ 68000 Annual interest rate  =9% Monthly interest…

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: Assume you have a balance of $1200 on a credit card with an APR of 24%, or 2% per month. You start…

A:

Q: Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 20.0% but…

A: Working note:

Q: Travis International has a debt payment of $2.36 million that it must make 4 years from today. The…

A: The PMT function or concept can be used to determine the periodic payments required to accumulate a…

Q: what percentage of the outstanding principal does the company pay in interest each​ month?

A: The correct answer is E) 0.66%

Q: You're prepared to make monthly payments of $260, beginning at the end of this month, into an…

A: The number of payments made can be calculated with the help of NPER function of Excel

Q: MMS Corp borrows $1,650,000 today for a new building. The loan is an equal principal payment loan…

A: Calculation of Current Portion of Debt in Month 16:The current portion of month debt 16 is…

Q: A payday loan company charges $95 fee for a $350 payday loan that will be repaid in 13 days.…

A: Given, Payday loan company charges fee = $95 Payday loan amount = $350 Duration = 13 days

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

A: Annual effective rate is the effective rate of interest at which cash flows are converted into an…

Q: A total of $66,000 is borrowed and repaid with 48 monthly payments, with the first payment occurring…

A:

Q: Cameron's student loan of $28,000 at 3.72% compounded quarterly was amortized over 5 years with…

A: We can find the remaining balance on a loan either by creating an amortization table or using a…

Q: loan of $245,000 is to be repaid in equal quarterly payments over a perioa of 6years. the interest…

A: In this we need to calculate the quarterly payment and than get the required amount.

Q: Merchandise is received for $25,000 now and $50,000 in 6 months. If $10,000 is paid within a month,…

A: Solution:- Balance due in three months means the value outstanding at third period.

Q: Money borrowed today is to be paid in 9 equal payments at the beginning of each quarter. If the…

A: Compound Interest: Compound interest is calculated using the principal of a loan or deposit–as well…

Q: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual…

A: Formula: Interest amount = Accounts payable amount x Interest rate x Time period

Q: Chrome Co. borrows $1,665,000 at an interest rate of 7.32% APR monthly with equal monthly payments…

A: PV of loan = $ 1,665,000; Annuity payment, A = 15,265;Period = 1 monthinterest rate per period, r =…

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

A: Interest rate that is charged on the loan is the rate of return that is expected by the Bank.…

Q: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual…

A: Short-term notes payable is a current liability of the business as the repayment is to be made in…

Q: Onse took a loan of P2,000 that is repaid by a payment of P3,500 made 24 months later. Find the…

A: Present Value refers to the discounted value of a single cash flow or multiple cash flows today…

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.