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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?a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments If you borrow $9,500 at $760 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 elp Save & Exit % 4 SubmiIf you borrow $4,600 at $850 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.) X Answer is complete but not entirely correct. a. b. Annual payment Semiannual payments C. Quarterly payments d. Monthly payments Effective Rate of Interest 18.48 % 19.33 X % 19.80 X % 20.13 X %
- Find apr of the loan given the amount of the loan, number and type of payments and the add on interest rate. Loan amount $6000, 3 yearly payments ;rate 8% the annual percentage rate is?Calculate the interest due for the monthly installment payment on a loan given the remaining principal and interest rate.Remaining principal = $22,021.59, interest rate = 13.3% Interest due = $ (Give your answer rounded to the nearest hundredth)Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Amount Financed Finance Charge Number of Monthly Payments $1700 $96 18 LOADING... Click the icon to view the annual percentage rate table. Question content area bottom Part 1 The annual percentage rate is enter your response here%.
- Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and precentage to one decimal) Amount Financed = 100,000 Number of Payments = 72 Monthly Payment = 2,025.50 SOLVING FOR THE FOLLOWING: Finance Charge = $_________ APR= ___________%Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,950 48 $551.47 $ $ %Complete the following table: Selling price $231,000, Down payment $46,200, Amount mortgage $184,800, Rate 7.00%, Years 15, Monthly payment $1,661.35. What is the interest and principal on first payment? What is the balance at end of month?
- Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,950 48 $523.47 $ $ %Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 yearsCalculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Amount Number of Monthly Financed Payments Payment $14,000 36 Need Help? Read It $503.00 $ Finance Charge Finance Charge per $100 APR %