Question: Using different types of loans Question Johny needs a loan for his last year of school. The total loan amount will be $12,000. The current

Using different types of loans Question Johny needs a loan for

Using different types of loans Question Johny needs a loan for his last year of school. The total loan amount will be $12,000. The current interest rate is 4.5% on a 10 year loan or 5.5% on a 15 year loan. Loan A (10 years) results in monthly payments of $124.37. Loan B (15 years) results in monthly payments of $98.05. What would be his total payback amount for each loan? Provide your answer below: Loan A = $ Loan B = FEEDBACK MORE INSTRUCTION SUBMIT

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Figure 3.33 shows a manometer being used to indicate the difference in pressure between two points in a pipe. Calculate (p A - p B ). Oil (sg = 0.90) 3 ft 2'ft 6 ft Water

Using different types of loans Question Steven graduated from college with $22,500 in student loans and is looking to refinance. The current interest rate is 5% and he is debating between a 10 year...

Johny needs a loan for his last year of school. The total loan amount will be $12,000. The current interest rate is 4.5% on a 10 year loan or 5.5% on a 15 year loan. Loan A (10 years) results in...

QUESTION 28 Assume that interest rates on 20-year Treasury and corporate bonds with different ratings, all of which are noncallable, are as follows: T-bond = 7.72%; A = 9.64%; AAA = 8.72%; BBB =...

this looks like a lot but its for one hw project! Personal Budget Assignment Businesses use budgets to plan for the future. That's what you will be doing for this assignment. Rather than budgeting...

Which of the following statements would BEST characterize an individual who is culturally competent in working with others from different cultures? Select: 1 Culturally competent people pay more...

Please provide me answers to the questions on Final round based on the information on round 4 results. 1. Which of the following statements would BEST characterize an individual who is culturally...

1.Digby's balance sheet has $86,494,000 in equity. If next year, assets decrease by $4,000,000 and liabilities increase by $2,000,000, what will be Digby's book value? Select: 1 $32,712,000...

Look up a leading institution in business responsibility in your region. (e.g., CSR Europe or China CSR), and analyze how it interprets responsible business by applying the considerations discussed...

Analysts assessed the effects of bond ratings on bond yields. They reported a regression with r2 = 61.56%, which, they said, confirmed the economic intuition that predicted higher yields for bonds...

Edna has been sued by a claimant for bodily injury and has submitted the claim to her insurer. The insurer, after reviewing the details of the claim and the incident leading up to it , has concluded...

9. (15 points) A company is considering a new project that requires an investment of \$5 million. The project is expected to generate cash flows of $2 million in year 1,$3 million in year 2, and $4...

What magazine and ads did you choose to examine?

2. Have you developed your thesis statement as a proposition of fact, value, or policy?

4. Have you worked to ensure that your speechand your deliverywill help the audience to engage in central processing?