Calculate the payment required in 30 months for the rescheduled option to settle the loan if money earns 3.55% compounded semi-annually during the above periods.
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- Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?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.
- Payments of $1,800 in 1 year and another $2,700 in 6 years to settle a loan are to be rescheduled with a payment of $1,000 in 18 months and the balance in 36 months. Calculate the payment required in 36 months for the rescheduled option to settle the loan if money earns 3.85% compounded semi-annually during the above periods. Round to the nearest centPayments of $1,600 in 1 year and another $2,300 in 4 years to settle a loan are to be rescheduled with a payment of $950 in 14 months and the balance in 28 months. Calculate the payment required in 28 months for the rescheduled option to settle the loan if money earns 7.2% compounded monthly during the above periods.Payments of $1,400 in 1 year and another $2,800 in 4 years to settle a loan are to be rescheduled with a payment of $1,000 in 17 months and the balance in 34 months. Calculate the payment required in 34 months for the rescheduled option to settle the loan if money earns 5.3% compounded monthly during the above periods. Please provide detailed solution.
- A 5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest rate of 1.2% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67). A sala set costs P6,800 cash. A buyer pays P2,500 down-payment and the balance will be paid by equal monthly installment payments for 8 months with interest rate of 6% compounded monthly. Find: a. the monthly payments: b. construct an amortization scheduleA payment of $2,450 is due in 2 years and $3,300 is due in 4 years. These two original payments are to be rescheduled with a payment of $2,050 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 5.75% compounded semi-annually. $0.00 Round to the nearest cent
- A N$1000 loan is repaid by annual payments of N$150, plus a smaller final payment. The first payment is made one year after the time of the loan and construct an amortization schedule and determine the size of the last payment interest rate=10% per annum time=3 yearsPrepare an amortization schedule for a five-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Principal Payment Ending Balance Total Beginning Balance Interest Year Payment Payment 1 3. 4 How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Total interest paid < Prev 10 of 10 Next