Cray Computing needs a 8-month loan for $300,000. Its bank quotes a simple interest rate of 12% on the loan. What is the annual percentage rate (APR)? What is the period rate if there is a compensating balance requirement of 40% of the loan amount?
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Cray Computing needs a 8-month loan for $300,000. Its bank quotes a simple interest rate of 12% on the loan.
What is the annual percentage rate (APR)?
What is the period rate if there is a compensating balance requirement of 40% of the loan amount?
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- Calculating interest and APR of installment loan. 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?Cray Computing needs a 6-month loan for $300,000. Its bank quotes a simple interest rate of 11% on the loan. a.) What is the annual percentage rate (APR) if there is a compensating balance requirement of 30% of the loan amount? b.) What is the effective annual rate (EAR) if there is a compensating balance requirement of 30% of the loan amount?Cray Computing needs a 5-month loan for $300,000. Its bank quotes a simple interest rate of 15% on the loan. What is the effective annual rate (EAR)? What is the period rate if there is a compensating balance requirement of 20% of the loan amount
- Cray Computing needs a 5-month loan for $300,000. Its bank quotes a simple interest rate of 15% on the loan. What is the annual percentage rate (APR)?Cray Computing needs a 5-month loan for $300,000. Its bank quotes a simple interest rate of 15% on the loan. What is the effective annual rate (EAR)?A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 14 days using ordinary simple interest.Treating the fee as interest paid, what is the equivalent annual interest rate?
- To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are you paying? What is the stated or quoted rate? What is the annual percentage rate? What is the effective annual rate? What rate is bank likely to use to state its rate?A loan of $15,000 requires monthly payments of $477 over a 36-month period of time. These payments include both principal and interest. Solve, (a) What is the nominal interest rate (APR) for this loan? (b) What is the effective interest rate per year? (c) Determine the amount of unpaid loan principal after 20 months.For a short-term cash requirement of 85,000 TL, a 12-month maturity loan with equal installments will be withdrawn from the bank. If the monthly interest rate is 1.75, prepare the loan payment table (loan amortization table) by finding the monthly payment amount.
- XYZ Company needs to borrow $200,000 from its bank. The bank has offered the company a 12-month installment loan (monthly payments) with 9% add-on interest. What is the nominal effective rate of this loan? (Use 4 decimal places in computation).Hagar Company's bank requires a compensating balance of 10% on a $100,000 loan. If the stated interest on the loan is 7%, what is the effective cost of the loan?A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is $1.00 per day per $100 borrowed until the loan is repaid. What is the APR for a $300 payday loan that is repaid in five days?
