Homework Answers
| Finance Charge | $ 1,932.90 |
Working:
| Loan Amount | $ 5,100.00 | |
| Down payment (5100*15.5%) | $ 790.50 | |
| Installment payment (130.05 *48) | $ 6,242.40 | |
| Total Payment | $ 7,032.90 | |
| Finance Charge | $ 1,932.90 |
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Check My Work (3 remaining) Amishi wishes to take out an installment loan to finance the...
Check My Work remaining You purchase a computer system costing 51.950 by taking out an 11%...
Check My Work remaining You purchase a computer system costing 51.950 by taking out an 11% add on interest installment loan. The loan requires a 15 down payment and equal monthly payments for 5 years. How muchare your monthly payments?
need help Suppose you take out a 60-month installment loan to finance one year of tuition...
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
Time to repay installment loan Personal Finance Problem - Mia Salto wishes to determine how long...
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Landon Wallin is an auto mechanic who wishes to start his own business. He will need...
Landon Wallin is an auto mechanic who wishes to start his own business. He will need $3800 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%. a) Determine Landon's finance charge. b) Determine Landon's monthly payment.
Calculate the amount financed, the finance charge, and the total deferred payment price for the following...
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Purchase (Cash) Down Payment Monthly Payment Number of Payments Finance Deferred Payment Price Finance Charge 53.100 154 $258.00
Question Help The unpaid balance of an installment loan is equal to the present value of...
Question Help The unpaid balance of an installment loan is equal to the present value of the remaining payments. The unpaid balance, P, is given by the formula below where PMT is the regular payment amount is the annual interest rate, n is the number of payments per year, and is the number of years remaining in the loan. Complete partsa and b. below PPMT Multiply both sides of the loan payment formula by b. The price of a car...
Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a...
Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $171.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.
American School Business Math Exam 2 Business Math Exam 2 Student Number Student Name table on...
American School Business Math Exam 2
Business Math Exam 2 Student Number Student Name table on page A13 n the textbo etfer to the Monthly Payment on an Installment Loan of sio0 table on page A13 in the textbook. 16. Antoni Gaudi monthly payments, what $2.650. The store financing requires a l5% down payment and 42 monthly payments. What is the finance chargse? purchased a bedroom set with an installment loan that has an APR of 12%. 17. Louise Bourgeois...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest...
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...
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual...
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual interest rate. After making 41 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance Calculate Sarah's monthly payment and the amount needed to pay off her loan Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is Enter your...
Check My Work remaining You purchase a computer system costing 51.950 by taking out an 11% add on interest installment loan. The loan requires a 15 down payment and equal monthly payments for 5 years. How muchare your monthly payments?
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Purchase (Cash) Down Payment Monthly Payment Number of Payments Finance Deferred Payment Price Finance Charge 53.100 154 $258.00
Question Help The unpaid balance of an installment loan is equal to the present value of the remaining payments. The unpaid balance, P, is given by the formula below where PMT is the regular payment amount is the annual interest rate, n is the number of payments per year, and is the number of years remaining in the loan. Complete partsa and b. below PPMT Multiply both sides of the loan payment formula by b. The price of a car...
American School Business Math Exam 2
Business Math Exam 2 Student Number Student Name table on page A13 n the textbo etfer to the Monthly Payment on an Installment Loan of sio0 table on page A13 in the textbook. 16. Antoni Gaudi monthly payments, what $2.650. The store financing requires a l5% down payment and 42 monthly payments. What is the finance chargse? purchased a bedroom set with an installment loan that has an APR of 12%. 17. Louise Bourgeois...
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...
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual interest rate. After making 41 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance Calculate Sarah's monthly payment and the amount needed to pay off her loan Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is Enter your...
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