Using an online loan calculator, find the total cost of repaying a $75,000 mortgage loan with a 4.5% fixed annual interest rate compounded monthly and a 30-year loan term. (1 point)
Using an online loan calculator, the total cost of repaying a $75,000 mortgage loan with a 4.5% fixed annual interest rate compounded monthly and a 30-year loan term is $136,805.03.
Consider the two payment plans as shown here for an $18,000 auto loan Plan 1: Monthly payment of $306.91 over a period of 5 years, which corresponds to a compound interest rate of 0.9% compounded monthly Plan 2: Monthly payment of $229.02 over a period of 5 yearswhich corresponds to a compound interest rate of 1.9% compounded monthly Determine which plan has a lower cost of creditFind the lower credit cost point) Plan 1 has a lower cost of credit, which is $1,534,55 Plan 2 has a lower cost of credit , which is $823.08 Plan 2 has a lower cost of credit, which is $414,60 Plan 1 has a lower cost of credit, which is $414.60
The correct answer is:
Plan 2 has a lower cost of credit, which is $823.08.
Using an online loan calculator, determine the difference in the total cost of repaying a $2,500 easy access loan between the two payment options shown here . Option 1: Repay the loan in 6 months with a 9% APR. Option 2: Repay the loan in 9 months with a 12% APR (1 point) $ 135,82 $66.03 $ 60.63 $126.66
Using an online loan calculator, the difference in the total cost of repaying a $2,500 easy access loan between the two payment options is $60.63.
Using an online loan calculator, calculate the fixed monthly payment and the total cost of repaying a $25,000 student loan with a 5.6% fixed annual interest rate compounded monthly and a 7-year loan term. (1 point ) The monthly payment is $360.44, and the total cost of repaying the loan is \$5,276.87 The monthly payment is $360.44, and the total cost of repaying the loan is \$30.276.87 The monthly payment is $303.56, and the total cost of repaying the loan is \$25.499.03 The monthly payment is $298.21, and the total cost of repaying the loan is \$25.049.62
Using an online loan calculator, the fixed monthly payment for repaying a $25,000 student loan with a 5.6% fixed annual interest rate compounded monthly and a 7-year loan term is $360.44. The total cost of repaying the loan is $30,276.87.
