Assume that interest is the only finance charge. Use financialcalculator to answer the questions. How much interest would be paidon a $5,000 installment loan to be repaid in 60 monthlyinstallments of $111.22? Round the answer to 4 decimal places. Whatis the APR on this loan? Round the answer to 2 decimal places.
Assume that interest is the only finance charge. Use financialcalculator to answer the questions. How much interest would be paidon a $5,000 installment loan to be repaid in 60 monthlyinstallments of $111.22? Round the answer to 4 decimal places. Whatis the APR on this loan? Round the answer to 2 decimal places.
Related questions
You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you a 6.6 percent APR loan for 48 months to buy the car.
| What will your monthly payments be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Monthly payment | $ |
| What is the effective annual rate on this loan? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Effective annual rate | % |
| Prepare an amortization schedule for a five-year loan of $61,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Year | Beginning Balance | Total Payment | Interest Payment | Principal Payment | Ending Balance |
| 1 | $ | $ | $ | $ | $ |
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 | |||||
| How much interest is paid in the third year? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Interest paid | $ |
| The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Total interest paid | $ |
