Wyatt purchased a living room set for $4,109 with an 18-month deferred payment plan. The interest...
Wyatt purchased a living room set for $4,109 with an 18-month deferred payment plan. The interest rate on the plan was 27.41%. The living room set must be paid off within three years after the deferment period. What is the total cost of the living room set if she made no payments during the deferment period and made only minimum payments after the deferment period?
Homework Answers
Add Answer to:
Wyatt purchased a living room set for $4,109 with an 18-month
deferred payment plan. The interest...
Problem 37: Simon recently received a credit card with an 18% nominal interest rate. With the...
Problem 37: Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Amazon Kindle for $350. The minimum payment on the card is only $10 per month a. If Simon makes minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? b. If Simon makes monthly payment of $30, how many months will it be before he pays off the debt? e...
Simon recently received a credit card with an 18% nominal interest rate. With the card, he...
Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $384.43. The minimum payment on the card is only $20 per month. a. 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 whole number. month(s) b. If Simon makes monthly payments of...
A savings plan is set up so that $100 is placed into an account on the...
A savings plan is set up so that $100 is placed into an account on the 1st and 15th of each month. The first payment was made on January 1, 2010 and this continued until December 1, 2013. Then no money was deposited for the rest of December 2013 until March 1, 2014 when the $100 payments were continued until the last payment was made on February 1, 2017. Interest is 2.5% effective annual interest. a. Draw a careful number...
A product has a cash value of $ 585,000 and can be purchased financed with the following plan: initial fee of 30% of the...
A product has a cash value of $ 585,000 and can be purchased financed with the following plan: initial fee of 30% of the price of the cash price and the rest to 18 equal monthly installments; The first installment must be paid within eight months and one last payment for $ 80,000 three months after the last monthly installment. If the interest rate is 31% per annum, month due during the first seven months and 9% quarterly thereafter, find...
Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 fo...
Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $373.15. The minimum payment on the card is only $10 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 whole number. ______ month(s) If Simon makes monthly payments of $35,...
NP 631500,00 10 year simple interest 0.1275 requires payment at least 75000.00 per year for over...
NP 631500,00 10 year simple interest 0.1275 requires payment at least 75000.00 per year for over 12 months You are free to make any payments at any time. however any payments received will be applied first to interest accrued and only when interest is paid off to the principal Regardless of payments, the entire loan must be paid off with all accrued interest by june 1, 2029. You make first payment march 1 2020, 75000. No further payments are made...
Suppose that you plan to borrow $20,000 student loans to attend UM-Dearborn. You are considering borrowing...
Suppose that you plan to borrow $20,000 student loans to attend UM-Dearborn. You are considering borrowing the loan from SallieMae. SallieMae offers two options for the repayment of your loan. One is the deferred repayment option and the other is interest repayment option. The APR for the deferred repayment option is 6.75% and the APR for the interest repayment option is 5.75%. You plan to finish your undergraduate study in UM-Dearborn within five years. The two repayment options are described...
Jessica purchased a home on January 1, 2018 for $680,000 by making a down payment of...
Jessica purchased a home on January 1, 2018 for $680,000 by making a down payment of $270,000 and financing the remaining $410,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018 and 2019, Jessica made interest-only payments on this loan of $24,600 (each year). On July 1, 2018, when her home was worth $680,000 Jessica borrowed an additional $170,000 secured by the home at an interest rate of 8 percent. During 2018, she made interest-only payments...
Suppose that under the Plan of Repayment one should pay off the debt in a number...
Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month instaliments principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $15.000 on the purchase of a new automobile, and the annual interest rate is 6% (0.5% per month) a. Monthly payments over a 48-month loan period will be how much? b. How much interest and principal wil...
(6) Christine Sohn bought a BMW when she came to LA as a purchased by taking a loan that was to be paid off in 20 e...
(6) Christine Sohn bought a BMW when she came to LA as a purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12 % per year with quarterly compounding. After four years, at the time that Christine made her 16th payment, she got married and sold the BMW to her friend Jane Jane made arrangements with Christine's bank to refinance the loan and to pay Christine's...
Problem 37: Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Amazon Kindle for $350. The minimum payment on the card is only $10 per month a. If Simon makes minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? b. If Simon makes monthly payment of $30, how many months will it be before he pays off the debt? e...
Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $384.43. The minimum payment on the card is only $20 per month. a. 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 whole number. month(s) b. If Simon makes monthly payments of...
NP 631500,00 10 year simple interest 0.1275 requires payment at least 75000.00 per year for over 12 months You are free to make any payments at any time. however any payments received will be applied first to interest accrued and only when interest is paid off to the principal Regardless of payments, the entire loan must be paid off with all accrued interest by june 1, 2029. You make first payment march 1 2020, 75000. No further payments are made...
Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month instaliments principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $15.000 on the purchase of a new automobile, and the annual interest rate is 6% (0.5% per month) a. Monthly payments over a 48-month loan period will be how much? b. How much interest and principal wil...
(6) Christine Sohn bought a BMW when she came to LA as a purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12 % per year with quarterly compounding. After four years, at the time that Christine made her 16th payment, she got married and sold the BMW to her friend Jane Jane made arrangements with Christine's bank to refinance the loan and to pay Christine's...
Most questions answered within 3 hours.
-
George Kyparisis makes bowling balls in his Miami plant. With
recent increases in his costs, he...
asked 5 minutes ago -
1. Often in management, we discuss evaluation and control as
if they are one process. What...
asked 8 minutes ago -
In a concentric cylinder cell with the internal cylinder being
the cathode, the outer being the...
asked 16 minutes ago -
Acids and bases ! I don’t get any of it can someone please help . I...
asked 22 minutes ago -
Na2SO4+(NH4)2CO3=Na2CO3+(NH4)2SO4
Balanced equation:
Ionic equation:
Net ionic equation:
asked 26 minutes ago -
A kitten decides to ride on a skateboard. Unfortunately, she
ends up flying off a cliff....
asked 31 minutes ago -
36.-Assume a 32 bit memory space with 16[KB] pages/frames and a
two-level page table. Answer the...
asked 38 minutes ago -
The decomposition of a generic diatomic element in its standard
state is represented by the equation...
asked 35 minutes ago -
The paper can be scaled. For example, 4 blocks can represent 1 N
of force. I...
asked 36 minutes ago -
An electric ceiling fan is rotating about a fixed axis with an
initial angular velocity magnitude...
asked 3 hours ago -
Consider a reversible adiabatic process. Where, p1=10x10^5 PA
and T-289K. It is a closed system in...
asked 4 hours ago -
which are core assumptions of the simple linear regression model or
arise from core assumptions? a-error(epsilon)...
asked 4 hours ago