Find the monthly payment for the loan. Finance $500,000 for an apartment complex with a 12.3% 10-year loan. Please round the answer to the nearest cent.

Q: You want to buy a boat, and a local bank will lend you $25,000. The loan will be fully amortized…

A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

Q: You receive a 10-year subsidized student loan of $22,000 at an annual interest rate of 4.3%. What…

A: Using excel PMT function to calculate monthly payment.

Q: For the car loan described, give the following information. A car dealer will sell you the $30,950…

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

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $859,000…

A: The monthly payment can be calculated with the help of present value of annuity formula

Q: you want to buy a car for $8300 with $360 monthly payments for 4 years, what is the annual interest…

A: Interest rate is the rate which the customer would have to pay on the periodic payment of the…

Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

A: Loan amount =26100 Financial charges =9360 Monthly payment =985 Total =36 months  Monthly financial…

Q: Assuming that the dealership offers you 5-year loan at 4.7% compounded monthly, what payments would…

A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…

Q: A woman wants to borrow $10,742 in order to buy a car. She wants to repay the loan by monthly…

A: Formula EMI = PV/[1-(1+R)-N]/R Where EMI - Equal monthly instalment  PV - Loan amount i.e. $10,742 R…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $852,000…

A: Given Information Mortgage Amount =$852,000 Interest rate =3.3% Time Period of Loan = 20 years

Q: How much the monthly payment on a $114,000 home be if you get 4.1% interest over a 15 year loan with…

A: Here, Loan Amount is $114,000 Interest Rate is 4.1% Time Period of Loan is 15 years Compounding…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $856,000…

A: The monthly payment on the loan can be calculated with the help of present value of annuity function

Q: Consider a 30-year fixed-rate home loan of $410,500 with an interest rate of 3.125%. What is the…

A: The monthly payment can be calculated with the help of present value of annuity function

Q: Find the monthly payment for the loan. (round your answer to the nearest cent)  Finance $852,000…

A:

Q: You receive a 10-year subsidized student loan of $29,000 at an annual interest rate of 4.8%. What…

A: Loan payments are given by, L = E(1-(1+r)^-n)/r Where, E = payment = ?? r = interest rate = 4.8%/12…

Q: there is a house on sale for $800,000. You believe you can finance the home for $500,000 for 20…

A: Loan amount (PV) = $ 500,000 Period = 20 Years Number of monthly payments (n) = 20*12 = 240 Annual…

Q: When you purchase your car, you take out a five-year annual-payment loan with an interest rate of…

A: Here we will first have to determine the amount of loan taken. We are provided with annual payments,…

Q: You want to borrow $73,000 from your local bank to buy a new sailboat. You can afford to make…

A: Given information: Present value is $73,000 Monthly payment of $1,450 Number of periods is 60

Q: You are ready to buy a house. Total price is $160,105. For the remaining part, you plan to borrow…

A:

Q: How much the monthly payment on a $135k home be if you get 3.6% interest over a 15 year loan with a…

A: Given information: Amount of loan : $135,000 Interest rate : 3.6% Time period : 15 years Balloon…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $261,000…

A: In the given question we required to compute the monthly payment for the loan. Given, The interest…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $516,000 home…

A: Loan = Cost of house - Down payment Loan = $516,000 - ($516,000*20%) Loan = $516,000 - $103,200 Loan…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $858,000…

A: In this we have to calculate present value FACTOR of monthly annuity and from that we will get…

Q: there is a house on sale for $800,000. You believe you can finance the home for $500,000 for 20…

A: In this we have to calculate present value FACTOR monthly and calculate the monthly payment.

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $858,000…

A: Monthly payment for the loan financed is calculated by the present value of annuity formula. Monthly…

Q: A local finance company will loan $15,000 to a homeowner. It is to be repaid in 36 monthly payments…

A: Loan Amount (Present Value) = 15,000 Future Value = 0 (Loan repaid in monthly installments with no…

Q: You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over…

A: Loan is one of the alternative of financing. An individual or organization who is taking the loan…

Q: If you lend $3000 to a friend for 15 months at 10% annual simple interest, find the future value of…

A: Future Value of Loan = Amount of Loan + interest on Loan

Q: You want to borrow $94,000 from your local bank to buy a new sailboat. You can afford to make…

A: Loan is an agreement between lender and borrower where lender provide funds to borrower which repaid…

Q: You buy items costing $800 and finance the cost with a fixed loan installment for 18 months at 5%…

A: As we are told that interest rate charged on the loan is simple and not compounding, moreover we are…

Q: You can afford to pay $15,000 at the end of each of the next 30 years to repay a home loan. If the…

A: Present value of annuity is the current worth of future annual cash flows over a period of time at a…

Q: If you lend $3200 to a friend for 15 months at 10% annual simple interest, find the future value of…

A: Calculate the future value as follows: Future value = Amount + Interest Future value = Amount +…

Q: You are buying vehicle for $20,000 and are paying $2,000 as a down payment. You have negotiated a…

A: Annuity means finite no. of payments which are same in size and made in equal intervals. This…

Q: You receive a 10-year subsidized student loan of $18,000 at an annual interest rate of 5%. What are…

A: Given: Loan = $18,000 Interest rate = 5% Years = 10

Q: You are going to buy new machinery worth$36,200. The dealer computes your monthly paymentto be…

A: The effective annual rate of interest is the actual or the real rate of interest paid or received…

Q: You receive a 10-year subsidized student loan of $19,000 at an annual interest rate of 6.8%. What…

A: Using excel PMT function to calculate the monthly payment

Q: Assume that you are going to buy a new car worth $28,000. You will be able to make a down payment of…

A: Annual rate of return for dealer is the nominal annual interest rate that is charged by the dealer…

Q: If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…

Q: Find the total monthly payment for a $280,000 mortgage loan at 3.5% for 20'years. The assessed value…

A: Here, Mortgage Amount is $280,000 Interest Rate is 3.5% Time Period of Loan is 20 years Assessed…

Q: You buy a new truck for your trailer that costs $55,000. What are your monthly payments for a 5 year…

A: Equated monthly installments are equal installments that involve both principal and interest…

Q: For the car loan described, give the following information. A car dealer will sell you the $30,350…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: You want to buy a car, and a local bank will lend you$40,000. The loan will be fully amortized over…

A: The real interest that an investor earns on the investment and a borrower pays on loan after…

Q: How much is your monthly payment? use monthly compunding formula

A: Answer:

Q: if your bank approves a $300,000 mortagage for your new home, at an annual percentage rate of 4.5 %…

A: Loan amount = $ 300,000 APR = 4.5% Monthly interest rate = 4.5%/12 = 0.375% Monthly payment = $ 1800

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $506,000 home…

A: The monthly payment of the loan can be calculated with the help of present value of annuity

Q: You need a home loan of $65,000 after your down payment. How much will your monthly house payment be…

A: FORMULA Monthly payment = LV/[1-(1+R)-N]/R Where LV - Loan amount i.e. $65000 R - Monthly interest…

Q: purchase a home for $280,000. She will use a down payment of 18% and finance the remaining portion…

A: Monthly payment of loan carry the interest payment and payment for principal payment and the…

Q: what will be your monthly​ payment?

A: Sum of money borrowed if not paid immediately, then over a period of time as per agreement is…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $858,000…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

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.