Homework Answers
Add Answer to:
5 MARKS Donna's monthly payments of $753.10 will pay off her car loan in 5 years....
• 1) A new car is purchased and a $20,000 loan is taken. The loan is...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
5. A college student borrows $1500 during her senior year. The loan is to be paid pack in equal monthly payments startin...
5. A college student borrows $1500 during her senior year. The loan is to be paid pack in equal monthly payments starting three years after the loan is established (interest accumulates during the grace period). The APR is 2.8% compounded monthly. How much should she expect to pay per month if she only wants to have to make payments for 2 years? 6. Mary has a credit card balance of $4,300 at an APR of 12% compounded monthly. Mary has...
Some years ago, Penny purchased the car of her dreams for $25,000 by paying 20% down...
Some years ago, Penny purchased the car of her dreams for $25,000 by paying 20% down at purchase time and taking a $20,000, 5 years, 6% per year, compounded monthly loan with 60 monthly payments of $3866.66 each. She is examining her loan situation and would like to have some specific information. Help her obtain the following: (a) Verification of the current monthly payment amount. (b) Total amount she will pay over 5 years. (c) Total interest she will pay...
A car loan is taken for $13,000 to be paid back in 5 years, with monthly payments of $495. What nominal annual interest...
A car loan is taken for $13,000 to be paid back in 5 years, with monthly payments of $495. What nominal annual interest rate is being charged in this loan? 1) 27.42% 2) 42.26% 3) 39.00% 4) 2.29%
Amoritization (a) Calculate the monthly payment for a car loan of $23,600.00 at an annual interest rate of 7.75% to be paid off in 5 years. (b) Calculate the monthly payment for a mortgage of $273,486...
Amoritization (a) Calculate the monthly payment for a car loan of $23,600.00 at an annual interest rate of 7.75% to be paid off in 5 years. (b) Calculate the monthly payment for a mortgage of $273,486.00 at an annual interest rate of 3.49% to be paid off in 15 years. (c) Calculate the monthly payment for a personal loan of $39,232.00 at an annual interest rate of 12.99% to be paid off in 3 years
13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly...
13-19 odd please
13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
Derek borrows $35,692.00 to buy a car. He will make monthly payments for 6 years. The...
Derek borrows $35,692.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.45%. After a 13.00 months Derek decides to pay off his car loan. How much must he give the bank?
Derek borrows $32,107.00 to buy a car. He will make monthly payments for 6 years. The...
Derek borrows $32,107.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 6.26%. After a 13.00 months Derek decides to pay off his car loan. How much must he give the bank?
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nom...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded annually (Round to two decimal places as needed.)
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interes...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
13-19 odd please
13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded annually (Round to two decimal places as needed.)
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
Most questions answered within 3 hours.
-
Following maintenance and calibration, an extrusion machine
produces aluminum tubing with a mean outside diameter of...
asked 3 minutes ago -
In ionic equations,should every polyatomic ions be considered as
such or can this be further broken...
asked 7 minutes ago -
A first-time investor has found the following percentages of
stocks that are available: 30% are low...
asked 20 minutes ago -
Clean Corporation manufactures liquid window cleaner. The
following information concerns its work in process:
•
Beginning...
asked 18 minutes ago -
The following data were obtained in order to determine the
density of a cylindrical metal bar....
asked 21 minutes ago -
1. When ONE molecule of glucose is totally oxidized to
CO2 and H2O, how many net...
asked 24 minutes ago -
The probability that person A will pass Finite Mathematics is 7
8 and the probability that...
asked 39 minutes ago -
A mortgage of $200,000 is amortized over 25 years using level
payments at the end of...
asked 48 minutes ago -
Physics: Need help with inclined planes.
- Say an object is moving down an inclined plane...
asked 45 minutes ago -
Describe the process of nitrogen excretion in the body. List 4
steps and explain each step
asked 1 hour ago -
Determine the inductance of a solenoid with 670 turns in a
length of 29 cm ....
asked 1 hour ago -
Summarize the ways through which sales and operations
planning can be integrated. Then, extend your findings...
asked 1 hour ago