Use the add-on method of calculating interest to find the total interest and the monthly payment of a $750 loan for 20 months at 9.7%.
The total interest is $:
Use the add-on method of calculating interest to find the total interest and the monthly payment...
Value Simple interest monthly payment Add-on interest monthly payment $4,950.00 Choose the answer that best evaluates $6,600.00 statement: $5,500.00 ns over add-or InputOutzone Inc. always prefers simpl loan, its monthly payment is lower. $6,050.00 Value Simple interest monthly payment Add-on interest monthly payment $59,950.00 Choose the answer that best evaluates tatement: $44,962.50 s over add- InputOutzone Inc. always prefers simpl loan, its monthly payment is lower. $49,958.33 $54,954.16 The comnany should only ar Forect Inans Chez Quis Inc. needs to...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
Exercise 8: Calculating and comparing add-on and simple interest loans chis Jonkins is borrowing $10,000 for five years at 7 percent. Payments are made on a monthly basis, which are determined using the add-on method, a b c how much total interest will chris pay on the loan if it is held for the full five- year term? What are chris monthly payments? how much higher are the month payments under the add-on method than under the simple interest method?
Find the total monthly payment, including taxes and insurance. Mortgage $89,050 Interest Rate 6.5% Term of Loan 25 years Annual Taxes $936 Annual Insurance 5380 The total monthly payment is $ (Round to the nearest cent as needed.)
Find the total monthly payment, including taxes and insurance. Mortgage $69.000 Interest Rate 5% Term of Loan 25 years Annual Taxes $545 Annual Insurance $239 The total monthly payment is $ (Round to the nearest cent as needed.)
You take out a loan in the amount of $36,639. Determine the monthly payment, total payment, and amount of interest for each of the following. 2% interest for 36 months. 3% interest for 48 months. 4% interest for 60 months. 5% interest for 72 months.
Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Ciculator answers might be slightly different. (Round your answers to the Time Annual Annual Amount Rate (Years) Taxes Insurance $80,000 64 25 $1000 3420 STEP 1: Find the monthly taxes and insurance taxes insurance STEP 21 Use the table to find the monthly payment. STEP 31 Add the monthly payment, taxes, and insurance
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...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find thea) Monthly payment,b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years andd) The principal and interest paid over the first 5 years.