You plan to borrow $40,100 at a 6.9% 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. $2,446.20 O b. $2,479.22 O c. $2,766.90 O d. $6,936.17 O e. $7,414.76
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- You plan to borrow $46,400 at a 7.6% 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. $3,526.40 b. $8,790.61 c. $8,169.71 d. $3,126.32 e. $3,173.51You plan to borrow $43,100 at an 8.0% 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? a. $3,110.63 b. $3,061.57 c. $7,665.11 d. $8,278.32 e. $3,448.00You 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. $3,150.44
- You plan to borrow $32,200 at an 8.2% 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? Oa. $5,755.17 Ob. $2,346.29 $2,384.99 Od. $2,640.40 O$6,227.10Suppose that you borrow$ 12000 at interest rate of 5% per year. If you must be repaid the loan in equal end of year payments over the next 4 years, how much must you repay at the end of each year? O a. $3672 Ob. $3384 Oc. $2672 O d. $2384You plan to borrow $49,400 at a 7.3% 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?
- 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%You plan to borrow $47,000 at a 7.5% annual 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 4?You are to repay a loan of $3600.00 with 17 quarterly repayments of $240.00, with the first repayment being one quarter after you took out the loan. Interest is charged at j4 = 7.8390% p.a. One quarter after the last payment of $240.00 you make a partial payment to finish paying off the loan. The size of the partial payment is: Question 1 options: 1) $158.38 2) $220.29 3) $224.61 4) $224.47
- Your bank offers to lend you $120, 000 at an 8.25% annual interest rate to start your new business. The terms require you to amortize the loan with 10 equal end-of-year payments. How much interest would you be paying in Year 2? a. $5,904.06. b. $8,487.08 0 c. $6,642.06• d. $7,011.07. e. $9224.68You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has agreed to lend you the money at the annual rate of 6.32% a Caluate the montly repayment on this loan b Compute the interest payment for the first month of the loan based on the answer in a.You to plan to borrow at 35000 at a 7.5 annual interest rate. The terms require you to authorize the loan with 7 equal end of year payments. How much interest would you be paying in year 2?