Laura paid $1100 down on a $5400 purchase and agreed to pay the balance at a 7% add-on rate for 2 years. Find the APR for her loan.
Laura paid $1100 down on a $5400 purchase and agreed to pay the balance at a...
4. Laura paid $1100 down on a $5400 purchase and agreed to pay the balance at a 7% add-on rate for 2 years. Find the APR for her loan.
A bough $10,376 furniture. She paid $1500 down and pay the balance 5.1% add-on rate for 2 years. What is monthly payment and what is the total cost of the purchase, including finance charges.
On September 1, 2013, Susan Chao bought a motorcycle for $23,000. She paid $1,200 down and financed the balance with a five-year loan at an APR of 6.5 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 2 percent prepayment penalty based on the...
On September 1, 2013, Susan Chao bought a motorcycle for $36,000. She paid $1,000 down and financed the balance with a five-year loan at an APR of 7.8 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On September 1, 2013, Susan Chao bought a motorcycle for $36,000. She paid $1,000 down and financed the balance with a five-year loan at an APR of 7.8 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On September 1, 2013, Susan Chao bought a motorcycle for $24,000. She paid $1,100 down and financed the balance with a five-year loan at an APR of 6.6 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On September 1, 2013, Susan Chao bought a motorcycle for $22,000. She paid $1,000 down and financed the balance with a five-year loan at an APR of 6.4 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On december 31, Beth bought a yacht for $50,000 and paid $12,000 down. She agreed to pay the balance in 12 equal annual installments that include both the principal and 6% interest on the declining balance. How big will the annual payments be? A. On December 31, Beth bought a yacht for $50,000. She paid $12,000 down, how much does she need to borrow to purchase the yacht? $____ Round to nearest dollar
2. You purchase a home for $240,000, putting 10% down, and financing the rest with a fixed APR of 5.9% for 30 years. a) Find the amount that you finance. 12 pts) b) Calculate the monthly payment. [4 pts] c) What was the total amount that you paid to the bank for your loan? [2 pts) d) How much did you pay in interest over the term of the loan? [2 pts
Lupe made a down payment of $2500 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $200/month for 36 months. What was the cash price of the car? (Round your answer to the nearest cent.) $