Consider a student loan of $10,000 at a fixed APR of 6% for 4 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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- Calculating interest and APR of installment loan. Assuming that 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 of 166.10? What is the APR on this loan?Consider a student loan of $15,000 at a fixed APR of 9% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $141,126.2179. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan, % is paid toward the principal and % is paid toward interest. (Round to the nearest tenth as needed.)Consider a student loan of $25,000 at a fixed APR of 9% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
- ← Consider a student loan of $25,000 at a fixed APR of 9% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)For a student loan of $20,700 at 2.75% for 20 years, complete the following. (a) Calculate the monthly payment necessary to amortize the loan amount. (b) Find the amount of money saved over the lifetime of the loan if an additional $100 is added to the monthly payment. (a) The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.)Find the monthly payment and estimate the remaining balance. Assume interest is on the upaid balance. 3 year computer loan for $3285 at 6.6%, remaining balance after 2 years. The monthly payment is $ (Round to the nearest cent as needed.) The remaining balance is $ (Round to the nearest dollar as needed.)
- Consider a student loan of $17,500 at a fixed APR of 12% for 25 years. a. Calculate the monthly payment. b. Determine the total amount naid ouorFind the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. 4-year computer loan for $3106 at 5.7%; remaining balance after 2 years. The monthly payment is $. (Round to the nearest cent as needed.) The remaining balance is $. (Round to the nearest dollar as needed.)Find the monthly payment on the loan. Assume that the term of the loan is 10 years. $7,500 at 7.9% interest; student graduates 2 years and 8 months after loan is acquired; payments deferred for 6 months after graduation. The monthly payment on this loan is $ decimal places, if necessary. Round your answer to two
- The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23Suppose you have a student loan of $45,000 with an APR of 12% for 20 years. Complete parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)