🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
HomeClass Notes1,200,000US530,000

SMG FE 101 Lecture 5: Loans

153 views3 pages
sapphirecrow395
7 Nov 2018
School
Boston University
Department
Finance
Course
SMG FE 101
Professor
Cornelia Newell

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Mini practice exam #4 - loans: you have decided to buy a tesla that costs ,000. You have ,000 in your checking account to use for a down payment and plan to borrow the rest. The loan is for 60 months and the interest rate is 2. 9% apr. How much is your monthly payment: you are taking out a 72 month auto loan. The interest rate is 6. 0% apr and the loan is for. ,000: how much interest and principal will you pay the first month of the loan, how much interest and principal will you pay during the first year, you have a car loan with a 4. 3% apr. Originally it was a ,000 loan with 5 years of monthly payments. You are taking out a ,000 loan to buy a racing single. Mini practice exams fe101: a group of concerned students has raised money to help victims of hurricane matthew in.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

SMG FE 101 Lecture 7: FE101 Notes Chapters 5-7
cyanelephant667
SMG FE 101 Lecture Notes - Lecture 5: Initial Public Offering, Investment Banking, United States Treasury Security
emeraldgoose991
SMG FE 101 Chapter Notes - Chapter 6: United States Treasury Security, Yield Curve, Interest Rate Risk
emeraldgoose991

Related Questions

You take a five-year $35,000 mortgage to buy a car. The mortgage requires monthly payments made at the end of each month. The monthly interest rate is 1.5%.
• Calculate the monthly payment on the mortgage.
• How much do you pay in interest and how much do you pay in principal in the first month?
• Calculate the loan balance after the first year.

. How much do you pay in interest and how much do you pay in principal in the 13th month?

• How much do you pay in interest and how much do you pay in principal in the last month?

Answers are 324 and 690. Not sure how to arrive at answers.

C. You borrow $50,000 5 year loan to make renovations to a house. The interest rate on this loan is 8% per year. The loan calls for equal monthly payments.

What is the monthly payment on this loan?

When you make the third payment, how much of the payment is interest?

How much is principal?

You take out a 20-year $300,000 mortgage loan with an APR of 12% and monthly payments. In 10 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? (Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places.) Principal balance on the loan $