Required information The Premier Car Title Loan Company makes emergency loans of up to $500 for one month for a fee of 2% of the loan amount. If a person borrows $500, what is the nominal interest rate per year? The nominal interest rate per year is %
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- You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1.75 6 $30,000A local lending institution advertises the "51-50 Club". A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money.Compute the nominal interest rate for this loan. What is the effective interest rate?As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Interest Financed Rate $220,000 7.50% Term of Loan (years) 25 $ Monthly PI Annual Property Tax $6,543 Annual Insurance $2,126 $ Monthly PITI
- You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?How can we calculate the effective interest rate, altering the period value?altering the period value?7. Sharon borrowed P3400 from a bank which charged the rate of 8% from February 16, 2004 to April 18, 2005. Calculate the amount and interest she paid?
- GIVE TWO EXAMPLES ON DEFERRED ANNUITYCollege Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. (Compounding Period: Week) a) Find the interest rate per week. b) What is the nominal interest rate per year? c) What is the effective interest rate per year?Mr. Mallari borrowed P200, 000. The terms of the loan are 10% interest for 10 years with uniform payments. He just made his third annual payment. How much principal does he still owe?
- It refers to annuity that doesn’t start until some time in the future. a Late Annuity b Regular Annuity c Deferred Annuity d Gradient AnnuityWhat is the U.S 6 month interest rate?Kathy buys a tv set fir 12,500 cash after 60 days. Kathy wishes to pay immediately and the seller needs to compute the cash price on the assumption that money is worth 8% simple interest. What is the cash price today?