He took out a loan for $23,680 at 2.5% interest for 3 years. He made a $4,350 partial payment at 3 months and another partial payment of $2,590 at 6 months. How much is due at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.)
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Andres Michael bought a new boat. He took out a loan for $24,240 at 2.5% interest for 4 years. He made a $4,690 partial payment at 4 months and another partial payment of $3,440 at 8 months. How much is due at maturity? (Do not round intermediate calculations. Round your answers to the nearest cent.) Maturity value
Andres Michael bought a new boat. He took out a loan for $23,880 at 4.25% interest for 2 years. He made a $4,000 partial payment at 2 months and another partial payment of $3,000 at 8 months. How much is due at maturity?
you need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from today. He requires a 9% annual return. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. $ How much of your first payment will be applied to...
What is the present value of a security that will pay $44,000 in 20 years if securities of equal risk pay 12% annually? Do not round intermediate calculations. Round your answer to the nearest cent. $ -4561.34 2)You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from...
On April 5, 2017, Janeen Camoct took out an 11.25% loan for $35,000. The loan is due March 9, 2018. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2018? (Use Days in a year table.) (Do not round Intermediate calculations. Round your answer to the nearest cent.) Maturity value
What is the present value of a $500 perpetuity if the interest rate is 6%? If interest rates doubled to 12%, what would its present value be? Round your answers to the nearest cent. Present value at 6%: $ Present value at 12%: $ You borrow $85,000; the annual loan payments are $11,339.91 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. You have saved $5,000 for a down payment on...
Bob Jones bought a new log cabin for $82.000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Portion to Payment Number Balance of loan outstanding Interest Principal 1 2 3 s
Harold Hill borrowed $15,000 to pay for his child's education at Riverside Community College. Harold must repay the loan at the end of 9 months in one payment with 5 % interest. a. How much interest must Harold pay? (Do not round intermediate calculation. Round your answer to the nearest cent.) Interest b. What is the maturity value? (Do not round intermediate calculation. Round your answer to the nearest cent.) Maturity value
Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for 30 years at 6%. a. What is Jason’s monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $ b. What is the total interest cost of the loan? (Use the amortization worksheet on the financial calculator.)
1. Simon recently received a credit card with an 17% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $440. The minimum payment on the card is only $20 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. ____ month(s) If Simon makes monthly payments of $60,...