Right Bank offers EAR loans of 9.38% and requires a monthly payment on all loans. What is
Question:
Right Bank offers EAR loans of 9.38% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for
(a) a loan of $200,000 for six years,
(b) a loan of $450,000 for twelve years, or
(c) a loan of $1,250,000 for thirty years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (18 reviews)
The APR 1 00938 112 1 12 90 a For 200000 over six years Mode PY 12 CY 12 Input 72 90 200...View the full answer
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Finance questions
-
What is the APR and r EAR on the nonfree credit associated with credit terms of (a) 2/15, net 45 (b) 3/5 net 45?
-
What possible treatment of choice could be used in dealing with Schistosoma japonicum and Fasciola hepatica infestation? And what is the effect of these treatments on these parasitic nematodes?
-
A 5% loan note was issued on 1 April 20X0 at its face value of $20 million. Direct costs of the issue were $500,000. The loan note will be redeemed on 31 March 20X3 at a substantial premium. The...
-
Sugar (C12H22O11) is a molecular compound that stays together inwater, while NaCl and MgSO4?7H2O are ionic compounds that dissociate into cations andanions as illustrated in the NaCl example below:...
-
Identify stable and unstable equilibria on the following graphs of updating functions. 10 r 6 0 0 24 6 810 Initial value
-
0.5-lbm of a saturated vapor is converted to a saturated liquid by being cooled in a weighted piston- cylinder device maintained at 50 psia. During the phase conversion, the system volume decreases...
-
Calculate the torque required to drive the pump shown in Fig. P5.87 at \(30 \mathrm{~Hz}\) and to deliver \(20{ }^{\circ} \mathrm{C}\) water at \(3.0 \mathrm{~m}^{3} / \mathrm{min}\). Figure P5.87...
-
On April 8, Darling Company Purchase 65,000 units of raw materials at $7 per unit. On April 20, raw materials were requisitioned for production as follows: 26,000 units for Job 50 at $6 per unit and...
-
1. for (int i = 4; i < 6; i ++) { for (int j = 6; j < 11; j++) { if (j >= c) { break; } System.out.print(" " + i + j + " "); } } If we know that the output is " 46 47 48 56 57 58", what is the value...
-
Record the following into the general journal of Raymonds Auto Shop. 201X Jan. 1 Raymond Tucci invested $100,000 cash in the auto shop. 5 Paid $12,000 for auto equipment. 8 Bought from Leominster Co....
-
Left Bank has a standing rate of 8% (APR) for all bank loans, and requires monthly payments. What is a monthly payment if a loan is for (a) $100,000 for five years, (b) $250,000 for ten years, or (c)...
-
Up-Front Bank is now offering a two-year discount loan for 10%. Working backwards, what are the available funds at the start of the loan and the implied balance at the end of the first year if the...
-
A 2.0-cm-thick brass plate (k T = 105 W/km) is sealed face-toface to a glass sheet (k T = 0.80 W/km), and both have the same area. The exposed face of the brass plate is at 80 C, while the exposed...
-
Is it true that a one-dimensional sufficient statistic must be minimal? Either or construct a counter example. prove it
-
What is the self-employment tax rate for earnings above $160,200?
-
3. The following schematic implements some logic function. The inverters at the input have a size of "a-1" D Out1 D Out2 CL1 CL2 (a) If Cu is 25Cmin, and C is 50Cmin where Camin is the gate...
-
What's FIT of 4 employees that have a total gross earnings of $76486.12 , State income tax of $3747.82 and a contribution of 401(k) of $1529.72. Using the wage bracket method 2021.
-
6. Suppose that we want to find the number of occurrences of a key k in a given array A[1,...,n]. (Do not assume that elements of A are distinct.) (a) Describe the problem formally, i.e., in the...
-
Suppose a new Russian government makes threatening moves against Western Europe. How is this threat likely to affect the dollar's value? Why?
-
Write the statement to store the contents of the txtAge control in an Integer variable named intAge.
-
Define the following terms: asset retirement obligations common unit of measure based on energy
-
What is the difference between a GDR and a GRS?
-
Has cross-listing been beneficial for most listed companies? If yes, why doesnt every company cross-list?
-
What is a joint venture?
-
You are planning to retire in 30 years. You want to be able to spend $40,000 per year in retirement, adjusted for inflation (so you will spend the equivalent in each year of $40,000 in today's...
-
From a lawsuit, you have been awarded a 31-payment, constant growth annuity. The first payment is at Year O and is equal to $380, and each subsequent payment will be paid in 16 month intervals, with...
-
You will receive 13 payments of $535, where the first payment will be received today (Month 0) and all other payments will be received in 10-month intervals (Months 10, 20, 30 ... 120). Assume that...
Study smarter with the SolutionInn App