A loan is offered with monthly payments and a 14.25 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) EFFECTIVE ANNUAL RATE?
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Q5
A loan is offered with monthly payments and a 14.25 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
EFFECTIVE ANNUAL RATE?
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- A loan is offered with monthly payments and a 9.75 percent APR. What's the loan's effective annual rate (EAR) ? Note: Do not round intermediate calculations and round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34).Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below. Purchase Price Down Payment Add-On Interest Rate Number of Payments $4280 $350 2.8% 12 The APR for the loan amount is?Please calculate: What is the PER, APR and the EAR for a $15,000, 9 month (short term), where the stated rate is 6% 1.Use the simple interest calculation PER APR EAR 2. Use the discount interek loan method PER APR EAR
- Find apr of the loan given the amount of the loan, number and type of payments and the add on interest rate. Loan amount $6000, 3 yearly payments ;rate 8% the annual percentage rate is?a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments If you borrow $9,500 at $760 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) Effective rate elp Save & Exit % 4 SubmiAssuming that the interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments 166.10? What is the APR on this loan?
- www Will You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, th bank also charges you a loan initiation fee of $25, which is taken out of the initial proceeds of the loan. What is the effective annuall interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 19.98 % < PrevK Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below. Purchase Price Add-On Interest Rate $4350 3.7% Down Payment $380 Number of Payments 12 *** The APR for the loan amount is%. (Type an integer or decimal rounded to the nearest hundredth as needed.)If you borrow $4,600 at $850 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) X Answer is complete but not entirely correct. a. b. Annual payment Semiannual payments C. Quarterly payments d. Monthly payments Effective Rate of Interest 18.48 % 19.33 X % 19.80 X % 20.13 X %
- If you borrow $9000 at an annual percentage rate (APR) of r (as a decimal) from a bank, and if you wish to pay off the loan in 3 years, then your monthly payment M (in dollars) can be calculated using: M = 9000 (er/12-1) / 1 - e-3r 1) Describe what M (0.035) would represent in terms of the loan, APR, and time. 2) If you are only able to afford a max monthly payment of $300, describe how you could use the above formula to figure out what the highest interest rate the bank could offer you and you would still be able to afford the monthly payments. In addition, determine the maximum interest rate that you could afford.Find the APR of the loan given the amount of the loan the number and type of payments, and the add on interest rate. Loan amount, $12,000; three yearly payments; rate = 8%You apply for a loan of $79,000 with the following terms: a seven-year loan with semi-annual payments of $7,700 (at the end of period payments). Based on this information, what is the APR of the loan Bank Y offers you? 8.74% 8.42% 8.57% 9.02% 8.89%