Assuming that interest is the only finance charge, how much interest would be paid on a $5,000

Question:

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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Financial Planning

ISBN: 978-1111971632

13th edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

See More Books

Question Posted: Feb 13, 2015 09:32 AM

See More Questions

How much interest would be paid on a five-year adjustable mortgage that is interest only. The principal amount is 300,000. The teaser rate is 1.5 percent. The index for the rate adjustments are as...
How much energy would be released if Earth were annihilated by collision with ananti-Earth? Particle Charge Whimsy Seriousness Cuteness 1 -2 3 2 -3 -1 --1 1. -4 -2 -1 6. 0. 6. -4 9-
How much heat would be lost from a horizontal platinum wire, 1.0 mm in diameter and 12 cm long, submerged in water at atmospheric pressure if the surface temperature of the wire is 110oC?
What is the leading cause of death among people with HIV / AIDS in Africa?
Two flows are mixed to form a single flow. Flow at state 1 is 1.5 kg/s water at 400 kPa, 200oC and flow at state 2 is 500 kPa, 100oC. Which mass flow rate at state 2 will produce an exit T3 = 150oC...
Nowjuice, Inc., produces Shakewell fruit juice. A planner has developed an aggregate forecast for demand (in cases) for the next six months. Develop an aggregate plan using each of the following...
Explain the term private placement. What are its advantages and disadvantages within the financial markets?
Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Cadence Retailers in 2011: Nov. 20...
1.XYZ Corp. just paid an annual dividend of $3 per share on its common stock. This dividend is expected to grow at a 10 percent annual rate for two years, after which it is expected to grow at a 6...
Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex-wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16...
Because of a job change, Charles Wallace has just relocated to the southeastern United States. He sold his furniture before he moved, so hes now shopping for new furnishings. At a local furniture...
1. How much would Anita (a) Receive in initial loan proceeds (b) Be required to repay at maturity under the North Carolina State Bank loan? 2. Compute (a) The finance charges (b) The APR on the loan...
What has been the trend in noninterest income in recent years? Explain.
X and Y decide to incorporate a Singapore company to acquire a prime piece of real estate to build a block of flats consisting of 20 separate housing units. Both X and Y are directors and...
Calculate percent of total revenue. Please show excel calculations. Common Size Statements of Cash Flow 12 Months Ended Consolidated Statements of Cash Flows Dec. 31, 2018 % of Total Revenue Dec. 31,...
Jen tells her professor Dan that if he performs his torts rap in class a second time that she would give him a perfect rating at the end of the final exam. Dan then puts on a show complete with...
Draw a plot of InK on y axis and 1/T on x axis. 1. What is the slope from the graph In(k) on vertical axis vs 1/Temperature on horizontal axis
The regulation of reproduction has been a a controversial topic for many years following the 1973 decision in Roe v Wade. The recent decision in Dobbs vs Jackson Women's Health Organization by the...
Campbell Soup Company incurs the following costs: a. Purchase of tomatoes by a canning plant for Campbells tomato soup products b. Materials purchased for redesigning Pepperidge Farm biscuit...
Use this circle graph to answer following Exercises. 1. What fraction of areas maintained by the National Park Service are designated as National Recreation Areas? 2. What fraction of areas...
When the equilibrium real GDP is below potential GDP, how does the unemployment rate comparewith the natural rate? What is the result of this state of affairs that restores the long-run equilibrium?
How do an open-end and a closed-end mutual fund differ?
Tricontinental's bond had a liquidity risk of 1 percent, a maturity risk of 2 percent, a pure rate of return of 1.5 percent, and an inflation premium of 4.0 percent. If the expected bond yield was 17...
Multicolor Corp. had an annual coupon of $60.00, a face value of $1,000, and a market value of $840. Calculate the coupon yield and the current yield?
Annuity Payments Go to www.fcfcorp.com/onlinecalc.htm. Use the calculator to solve this problem. If you have $1,500,000 when you retire and want to withdraw an equal amount for the next 30 years, how...
Calculating Future Values Go to www.dinkytown.net and follow the Savings Calculator link. If you currently have $10,000 and invest this money at 9 percent, how much will you have in 30 years? Assume...
In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income are gains from stock they held for three...

Assuming that interest is the only finance charge, how much interest would be paid on a $5,000

Question:

Step by Step Answer:

Using the financial calculato...View the full answer

Personal Financial Planning

Students also viewed these Corporate Finance questions