What is the Net Loan Amount (after any fees) of a 15-year $790,000 FRM loan with 8 points of origination fees and a contract interest rate of 4.42% that fully amortizes if the loan is prepaid after 4 years? Please round your answer to the nearest cent (ie, two digits right of the decimal) What is the outstanding mortgage balance (OMB) if the loan is prepaid after 5 years? What is the

What is the Net Loan Amount (after any fees) of a 15-year $790,000 FRM loan with 8 points of origination fees and a contract interest rate of 4.42% that fully amortizes if the loan is prepaid after 4 years? Please round your answer to the nearest cent (ie, two digits right of the decimal) What is the outstanding mortgage balance (OMB) if the loan is prepaid after 5 years? What is the

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

See similar textbooks

Similar questions

What is the simple interest rate on a loan of 2,000.00 that was paid 2,600.00 after 2 years and 6 months from the date of loan? (rate must be in %)
Given the following loan information: Annual loan payment = $47,100 Number of remaining periods = 6 Interest rate = 12% What is the book value of the loan?
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%
The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. P = $4600.00, A = $4795.50, t = 6 months % (Round to the nearest tenth of a percent as needed.)
A fully amortizing CAM loan is made for $132,000 at 6 percent interest for 20 years. Required: a. What will be the payments and balances for the first six months? b. What would payments be for a CPM loan? c. If both loans were repaid at the end of year 5, would the lender earn a higher rate of interest on either loan? Complete this question by entering your answers in the tabs below. Required A Required B Required C What will be the payments and balances for the first six months? (Round your intermediate calculations and final answers to the 2 decimal places.) Month 1 Month 2 Month 3 Total Payment End Balance
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%
What is the effective interest rate (APY) for a loan of $8,500 at 12% APR compounded monthly? use the formula method.
What is the internal rate of return on a $3,000 loan to be repaid as $3,500 twoyears from now?
The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. P = $2300, A = $2722, t = 6 months.
You apply for a loan of $151,000 with the following terms: A 7-year loan with semi-annual payments of $14,800 (paid at the end of each period). Based on this information, what is the APR of this loan? (Note: All answers are rounded to two decimals) 4.53% 4.82% 8.42% 9.06% 8.78%
Assuming 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?
You have taken out a $7,500,000 loan with a 4% interest rate, 30 year amortization and ten year term. What is the loan balance after the final loan payment? a. $0 b. $7,390,303 c. Cannot determine with information provided d. $5,908,797