Homework Answers
Total Payment made = 12(6)(234.67)
Total Payment made = $16,896.24
So,
Option E is correct.
Add Answer to:
E. $856.30 4. George finds out that the monthly payment he must pay each month for...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help pay for college,...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help pay for college, Salma borrowed money from her credit union. She took out a personal, amortized loan for $58,000, at an interest rate of 5.95%, with monthly payments for a term of 20 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Salma's monthly payment. X...
Fritz's monthly payment is $ Fritz Benjamin buys a car costing $22300. He agrees to make...
Fritz's monthly payment is $ Fritz Benjamin buys a car costing $22300. He agrees to make payments at the end of each monthly period for 8 years. He pays 10.8% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay (Round to the nearest cent.)
- - O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help open...
- - O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help open up a restaurant, Mal borrowed money from a bank. She took out a personal, amortized loan for $43,500, at an interest rate of 6.85%, with monthly payments for a term of 7 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Mai's monthly...
Hak Young is daunted by that monthly payment amount and is trying to..
Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went his bank and found out he could get a personal loan that he could then use to pay off his credit card. The personal loan has an interest rate of 10.75% compounded monthly. Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere.... Ashley borrowed money from an...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere.... Ashley borrowed money from an online lending company to invest in antiques. She took out a personal, amortized loan for $24,500, at an interest rate of 7.2%, with monthly payments for a term of 1 year. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Ashley's monthly payment. X...
A. What would be your monthly mortgage payment if you pay for a $250,000
4. A. What would be your monthly mortgage payment if you pay for a $250,000 home by making a 20% down payment and then take out a 3.74% thirty year fixed rate mortgage loan where interest is compounded monthly to cover the remaining balance. All work must be shown justifying the following answers. Mortgage payment = B. How much total interest would you have to pay over the entire life of the loan. Total interest paid = C. Suppose you inherit some money and...
To help open up a wine bar, Jose borrowed money from an online lending company. He...
To help open up a wine bar, Jose borrowed money from an online lending company. He took out a personal, amortized loan for $49,500, at an interest rate of 6.15%, with monthly payments for a term of 8 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Jose's monthly payment. x 6 ? $ (b) If Jose pays the...
Question Help (a) Fritz's monthly payment is $| (Round to the nearest cent as needed.) Fritz...
Question Help (a) Fritz's monthly payment is $| (Round to the nearest cent as needed.) Fritz Benjamin buys a car costing $6100. He agrees to make payments at the end of each monthly period for 7 years. He pays 4.8% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest Fritz will pay. ? Enter your answer in the answer box and then click Check Answer Check Answer Clear All
4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments...
4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments over the next 5 years. What is your monthly payment? 3 5. You borrowed $12,000.00, which is to be re-paid in equal quarterly payments of $1,084.00 over the next 3 years. a) Determine the interest rate per interest period based on quarterly compounding. 3 b) What are the nominal and effective interest rates?
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal....
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal. pays interest, and You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a percentage of the payment pays interest, and a percentage repays the principal. The add-on method is a widely used technique for computing interest on installment loans. With the add-on method, interest is calculated by applying...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help pay for college, Salma borrowed money from her credit union. She took out a personal, amortized loan for $58,000, at an interest rate of 5.95%, with monthly payments for a term of 20 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Salma's monthly payment. X...
Fritz's monthly payment is $ Fritz Benjamin buys a car costing $22300. He agrees to make payments at the end of each monthly period for 8 years. He pays 10.8% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay (Round to the nearest cent.)
- - O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere... To help open up a restaurant, Mal borrowed money from a bank. She took out a personal, amortized loan for $43,500, at an interest rate of 6.85%, with monthly payments for a term of 7 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Mai's monthly...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere.... Ashley borrowed money from an online lending company to invest in antiques. She took out a personal, amortized loan for $24,500, at an interest rate of 7.2%, with monthly payments for a term of 1 year. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Ashley's monthly payment. X...
To help open up a wine bar, Jose borrowed money from an online lending company. He took out a personal, amortized loan for $49,500, at an interest rate of 6.15%, with monthly payments for a term of 8 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Jose's monthly payment. x 6 ? $ (b) If Jose pays the...
Question Help (a) Fritz's monthly payment is $| (Round to the nearest cent as needed.) Fritz Benjamin buys a car costing $6100. He agrees to make payments at the end of each monthly period for 7 years. He pays 4.8% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest Fritz will pay. ? Enter your answer in the answer box and then click Check Answer Check Answer Clear All
4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments over the next 5 years. What is your monthly payment? 3 5. You borrowed $12,000.00, which is to be re-paid in equal quarterly payments of $1,084.00 over the next 3 years. a) Determine the interest rate per interest period based on quarterly compounding. 3 b) What are the nominal and effective interest rates?
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal. pays interest, and You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a percentage of the payment pays interest, and a percentage repays the principal. The add-on method is a widely used technique for computing interest on installment loans. With the add-on method, interest is calculated by applying...
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