ZuoTi.Pro
Question

Andres Michael bought a new boat. He took out a loan for $23,880 at 4.25% interest...

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?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Amount of loan = $23.880 Interest rate = 4.25%* 1/12 = 0.354166667% Per month Term = 2 Years * 12 = 24 Months Payments made =

0 0
Add a comment
Know the answer?
Add Answer to:
Andres Michael bought a new boat. He took out a loan for $23,880 at 4.25% interest...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Andres Michael bought a new boat. He took out a loan for $24,240 at 2.5% interest for 4 years. He...

    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 $23,680 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.)

  • Cody just bought a new mini van for his business. The price of the vehicle was...

    Cody just bought a new mini van for his business. The price of the vehicle was $38,000. Cody made a $4,000 down payment and took out a loan for the rest ($34,000). The car dealership made the loan at 5% interest compounded monthly for six years. He is to pay back the principal and interest in equal monthly installments beginning one month from now. Determine Cody's monthly car payment.

  • 1.Shen took out a loan for 292 days and was charged simple interest at an annual...

    1.Shen took out a loan for 292 days and was charged simple interest at an annual rate of 2.5%. The total interest he paid on the loan was $146. How much money did Shen borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. 2. To purchase $12,600 worth of lab equipment for her business, Isabel made a down payment of $1900 and took out a business loan for the rest. After 2...

  • 3. Your dad bought a house for you 10 years ago. He took out a $200,000...

    3. Your dad bought a house for you 10 years ago. He took out a $200,000 mortgage then. The mortgage has a 15year term with monthly payments and has an APR of 8.00%. He paid monthly mortgage for 10 years or 120 months. On October1, 2018, you became the owner of the house and started to be responsible for the rest of the mortgage payments. (Hint: If you continue with the mortgage, you will pay the monthly payment for another...

  • You took out a loan to buy a new car. The monthly interest rate on the...

    You took out a loan to buy a new car. The monthly interest rate on the loan is 0.5%. You have to pay $240 every month for 60 months. 1. What is the present value of the cash flows if it's an annuity due? 2. What is the future value of the cash flows if it's an annuity due?

  • Omar just took out a loan from the bank for 142,894 dollars. He plans to repay...

    Omar just took out a loan from the bank for 142,894 dollars. He plans to repay this loan by making a special payment to the bank of 26,888 dollars in 3 months and by also making equal, regular monthly payments of X. If the interest rate on the loan is 0.8 percent per month, he makes his first regular monthly payment later today, and he makes his last regular monthly payment made in 7 months from today, then what is...

  • If Regi took out $25129 student loan at a 8% APR., how much interest will he...

    If Regi took out $25129 student loan at a 8% APR., how much interest will he be charged after a year? Answer: Check

  • Suppose a person takes out a loan for a boat for $405,000. The terms of the...

    Suppose a person takes out a loan for a boat for $405,000. The terms of the loan state it must be paid back in 360 months with a interest rate of 3% compounded monthly. What is the value of the monthly payment, assuming payment is due at the beginning of the month?

  • aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is...

    aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is 3%, and you must amortize the loan over 10 years with equal end-of-year payments. A. Calculate the mortgage payment using the Excel function Rate Nper PV FV Payment B. Set up an amortization schedule that shows the annual payments and the amount of each payment that repays the principal and the amount that constitutes interest expense to the borrower and interest income to the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT