Doris borrowed $5000 from a finance company at an interest of 8% quarterly. The loan is to be repaid in 3 equal payments, annually. What is the amount of the equal payment? Question 1 options: A) $1948.69 B) $1787.42 C) $1856.77 D) $1419.51 E) $1666.67
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Doris borrowed $5000 from a finance company at an interest of 8% quarterly. The loan is to be repaid in 3 equal payments, annually. What is the amount of the equal payment?
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit 2 withdrawals: 40,000 at the end of 4 years and 50,000 at the end of 10 years. Analyze the problem to determine the required deposit, stating the procedure to follow and the tables to use in developing the solution.You plan to borrow $33,600 at a 6.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? O a. $6,126.33 O b. $5,752.43 O c. $2,184.00 O d. $1,927.75 O e. $1,952.05
- Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home: $198,000 Down payment: $60,000 Principal (loan): 138,000 Rate of interest: 6.5% Years: 25 Payment per $1,000: ??? Monthly mortgage payment:???? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892 3.50818 3.000…Determine the proceeds If the interest in advance is to be deducted for a loan worth P 250 000 due after 2 years with a discount rate of 10 1/4%. A. P 196 750 B. P 198 750 C. P 200 750 Answer: Mrs. Garcia borrowed some money at the rate of 4% per annum for the first year, at the rate of 6% per annum for the next 2 years, and at the rate of 7.5% per annum for the period beyond 3 years. If he pays a total interest of P 15 750 at the end of 5 years, how much money did he borrow? A. P 50 706.45 B. P50 806.45 C. P50 906.45 Answer: How long will it take for P 75 000 to earn P 15 000 if the rate of interest is 6.5%? A. 3 years and 28 days B. 3 years, I month and 28 days C. 3 years and 25 days Answer:You plan to borrow $33,100 at a 7.0% annual interest rate. The terms require you to amortize the loan with 7 equal end-of- year payments. How much interest would you be paying in Year 2? O a. $2,077.39 b. $2,049.26 c. $6,141.81 d. $2,317.00 e. $5,740.01
- You plan to borrow $47.400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? a. $3,623.01 b. $2,992.92 c. $2,835.40 Od. $2,520.35 e. $3,150.44Find the monthly house payments necessary to amortize the following loan. What are the total payments and total amount of interest paid. 196,000 at 6.89% for 25 yearsThe following loan is a simple interest amortized loan with monthly payments. $155,000, 9- 9-%, 30 years 2 (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total.interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest | Enter a number.
- A home is purchased for $229,000 with an amortized loan over 30 years at an interest rate of 4.6%. The payments on the loan will be $1,173.96. Complete the first three lines for an amortized loan schedule. Payment # Payment Interest 1 2 Principal Paid Extra Payment Balance After PaymentYou plan to borrow $37,200 at a 7.2% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? O a. $2,678.40 O b. $2,370.79 O c. $2,404.40 O d. $6,950.78 Oe. $6,483.94Kingsley Toyota borrowed $175,000 from a local bank. The loan requires Kingsley to pay 15 equal annual installments beginning one year from today. Assume an interest rate of 7%. What is the amount of each annual installment payment? (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answers to nearest whole dollar amount.) Table or calculator function: Loan Amount: Loan Payment: n= F= PVA of $1 S 175,000 15 7% II
