You need to borrow $10,000 right now but can repay the loan in 6 months. Since you want to pay as little interest as possible, which type of loan should you take? (A or B) A. discounted loan at 9% per annum B. simple interest loan at 10% per annum
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You need to borrow $10,000 right now but can repay the loan in 6 months. Since you want to pay as little interest as possible, which type of loan should you take? (A or B)
A. discounted loan at 9% per annum
B. simple interest loan at 10% per annum
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- Suppose you take out a home mortgage for $160,000 at a monthly interest rate of 0.6%. If you make payments of $1200/month, after how many months will the loan balance be zero? Estimate the answer by graphing the sequence of loan balances and then obtain an exact answer. Graph the sequence of loan balances. Choose the correct graph below. O A. 160,000 its 125 months loan balance 150 Q Q The loan balance will be zero after 269 months. (Round up to the nearest month.) O B. loan balance 160,000 125 150 months Q O loan balance 160,000 260 290 months Q O D. 160,000 it loan balance 260 ¹290 months Ⓒ QWhat are the annual payments for a 4-year $4,000 loan if the interest rate is 9% per year? Make up a loan amortization schedule. do not use excelIf you borrow $1,000 at 8.5% simple interest and the loan requires a lump sum payment of $1,235.79, what is the term of the loan? (Round your answer to the nearest whole number.)t = ________ days
- Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% PA [¹-(1+] Use PMT= -nt7 to complete parts (a) through (c) below. a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.)An individual wishes to borrow $10,000 for a year and is offered the following alternatives: a. A 10 percent loan discounted in abvances b. An 11 percent straight loan (interest paid at maturity) Which loan is more expensive?You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what your payment will be when the loan comes due. The equation to calculate the finance charge is: FsFs = Amount of Loanx Interest Ratex Term of Loan where FsFs is the finance charge for the loan, and the term of the loan is in . You’re borrowing $10,000 for two years with a stated annual interest rate of 6%.
- Suppose that you decide to borrow $13,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% P. Use PMT = to complete parts (a) through (c) below. - nt 1- a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan A is $. (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan B is $. (Round to the nearest cent as needed.) MacBook AirSuppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.9% Installment Loan B: five-year loan at 4.8% P Use PMT = to complete parts (a) through (c) below. - nt 1- 1+ a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.)2. If a borrower tells you that he needs a loan for 6 years and 3 months and will pay you an annual rate of 5 1/2% for the loan, but will give you only $141.02 back at the end of the loan term , you should only loan him $100 today. What amount does the formula P = F/(See image) indicate that you need to place in a savings account today in order to have $150,000 by the time your daughter goes off to college in 18 years and 6 months if the account earns 3% annually?
- Say you need to take out a loan for $1,500. There are two options for repayment: Option A: short-term 6% interest loan with a term of 1 year. Option B: 1-year simple interest amortized loan at 6% interest, with monthly payments. What is the lump sum payment plan for option A? And what is the monthly payment for option B? What formulas did you use and why?In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $34,000 and the interest rate is 9.50%, the borrower “pays” 0.0950 × $34,000 = $3,230 immediately, thereby receiving net funds of $30,770 and repaying $34,000 in a year. A. What is the effective interest rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) B. What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 19.50%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)You want to buy a $190000 home. You plan to pay $19000 as a down payment, and take out a 15 year loan at 4.25% interest for the rest.a) What is the amount of the payment?$b) If the bank charges 2 points on the loan, what is the amount charged for points?$c) If the bank charges 2 points on the loan, what is the true interest rate?$ TVM SOLVER