compute the periodic rate and intrest in the first period for a $2,600 loan with 8.5% APR for the following periods.  a. Monthly b. Daily (use a non leap year) c. quarterly (4 times a year) d. biweekly (every 2 weeks)

Q: Find the effective interest rate for a $1,500 loan for four years compounded semiannually at an…

A: Calculation of Effective Interest Rate:The effective interest rate is 8.16%.Excel Spreadsheet:

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: Find the refund fraction on a 30-month loan with interest of $2,802 if the loan is paid in full with…

A: Refund fraction is the amount of interest refund a lender makes to the borrower because of early…

Q: Compute the periodic rate and interest in the first period for a ​$2300   loan with 6.5​% APR for…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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: A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued…

A:

Q: A loan is released today to be paid in 6 equal payments at the end of 6 quarters. If the interest is…

A: The loan is the amount that a borrower receives from the lender and pays it back in future along…

Q: A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued…

A: Formula: A = P x (1 + r)n A = ending balanceP = starting balancer = interest raten = the number of…

Q: Juan borrowed 3,841 at 1.32% per month payable in 24 equal end-of-the-month payments. What is the…

A: Solution:- Effective interest rate means the net interest rate for the year after the effect of all…

Q: If a loan is made at 9.24% compounded quarterly, what loan today could be paid off by making 45…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: ordan received a loan of $1,300 at 4.50% compounded quarterly. She had to make payments at the end…

A: Given: r=4.50% yearly =4.50/(4×100) quarterly =0.01125R (Quarterly payment)=?n=1 years =4…

Q: Piotr takes out a loan for $3,159.00. The term of the loan is 10 yea is 7.775% compounded bi-weekly.…

A: Loan are to be paid by the installments which include interest and principal payments.

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

A: Loan amount = $5000 Interest rate = 10% Period = 1 year

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: If a $27,000 loan is repaid by end of month payments of $640 and interest is at 9% compounded…

A: Loan amount = $ 27000 Monthly payment = $ 640 Interest rate = 9% Monthly interest rate = 9%/12 =…

Q: Kiara obtained a loan of $22,500 at 6% compounded quarterly. How long (rounded up to the next…

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

Q: What is the total interest paid on a loan of $5,000 at APR = 8% for one year.

A: Loan amount (LV) = $5000 Interest rate (r) = 8% Period (n) = 1 Year

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: a. A Visa credit card issued through Frost Bank carries an interest rate of 1% per month on the…

A: Effective Annual Rate is a modified rate of return where it considers the compounding effect.…

Q: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

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

A: Calculation of Loan Balance in Month 36:The loan balance in month 36 is $1,460,033.76.Excel…

Q: Find the interest refund on a 35​-month loan with interest of ​$2,834 if the loan is paid in full…

A: Data given: Total months =35 Remaining months = 13 Interest =$2834 Find=Interest refund=?

Q: Compute the periodic rate and interest in the first period for a $2,000 loan with 6.5% APR for the…

A: Loan Amount = $2000 APR (Annual Percentage Rate) = 6.5%

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

A:

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: Money borrowed today is to be paid in 13 equal payments at the beginning of each quarter. If the…

A: in this we have to find out present value FACTOR and than find out present value.

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: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…

A: Given information : Range of short term loans = $250 to $2000 Cost of the loan = $1 per day per $100…

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

A: Loan amount = $5000 Interest rate = 6% Period = 1 Year

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: 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: 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: Find i (the rate per period) and n (the number of periods) for the following loan at the given…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

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

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

Q: Find the refund fraction on a 18-month loan with interest of $2,590 if the loan is paid in full with…

A: Refund Fraction = Sum of digits for Number of Remaining Payments / Sum of digits for Total Number of…

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: Month-end payments of $1,410 are made to settle a loan of $119,660 in 8 years. What is the effective…

A: Data given:  Loan amount =$ 119,660 Month end payment = $ 1410 n=8 years   Required: Effective…

Q: Mr. Bean wants to borrow $9,100 for three years. The interest rate is 7.1% compounded monthly. a.…

A: Installment loan is the debt which is discharged by making annuity payments consisting of two…

Q: Find the amount applied to principle for the third month of a 4-year loan of $19,000 which charges…

A: A principal payment is a payment made against the remaining balance of a loan.

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.