A car valued at $12,300 can be purchased for 5% down and monthly payments of $250 for four-and-a-half years. What is the nominal rate of interest compounded annually? The nominal rate of interest is % compounded annually. (Round to two decimal places as needed.)
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- If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?If you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % %You have taken a loan of $92,000.00 for 35 years at a 4.9% annual interest rate, with interest compounded quarterly. Fill in the amortization table below to show how the payments will be applied to interest and principal: (Round all answers to 2 decimal places. Please note the order of the headings in the table - make sure you put the answers in the appropriate columns as layed out below.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ LA tA +A LA $ Balance $92,000.00 tA LA
- A car valued at $21,500 can be purchased for 12% down and monthly payments of $450 for four years. What is the nominal rate of interest compounded annually? The nominal rate of interest is % compounded annually. (Round to two decimal places as needed.)If you borrow $5,300 at $900 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) Effective rate a. Annual payment % b. Semiannual payments % c. Quarterly payments % d. Monthly payments %If you borrow $7,300 at $800 interest for one year, what is your effective interest rate for the following payment plans? Note: Input your answers as a percent rounded to 2 decimal places. a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % % %
- You just obtained a loan of $15,000 with monthly payments for four years at 5.04 percent interest, compounded monthly. What is the amount of each payment? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)If you borrow $5,300 at $400 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective rate % op % %Find the monthly payment for the loan indicated. (Round your final answer to two decimal places.) Amount of loan = $10,500 at an annual interest rate of 5.7% for 6 years.
- You just obtained a loan of $18,805 with monthly payments for four years at 8.18 percent interest, compounded monthly. What is the amount of each payment? Instruction: Enter your response rounded to two decimal places.You are going to borrow $30,000 to purchase a car. You agree to repay the loan in 36 monthly payments of $996.43 each. What is the nominal interest rate (APR) of this loan if interest is being compounded monthly? Express your answer as a percentage rounded to the nearest one- hundredth decimal place (for example, enter 15.47 for an answer of 15.4695236%).A demand loan for $7745.46 with interest at 7.4% compounded quarterly is repaid after 6 years, 2 months. What is the amount of interest paid? The amount of interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)