Miguel purchased a hot tub costing $5,070 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 $1/1.// each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent. % Need Help? Read It Watch It Master It
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- Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $57,000 loan at 8% for 36 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly paymentAlexa takes out a loan of 94,000 at an annual effective discount rate of 6%. The loan is to be repaid with annual payments of 10,000. The first payment is due 4 years after the loan is taken out. Calculate the amount of the drop payment. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answwer.For TVM calculator: Write each known variable’s value as it appears in the calculator and use a question mark for the missing variable. Then, in the space provided write the missing variable’s value, as it appears in the calculator. Finally, write your final answer in context, with units, as a complete sentence. Patricia deposits $1,000 into an account that earns 4.9% compounded monthly and plans to make monthly payments of $170 into the account. How long must she invest until she has $35,000? N=? I= 4.9 PV=1,000 PMT=170 FV= 35,000 P/Y=12 C/Y=12 Missing Variable Value __________________ Context Sentence:
- How much would you need to deposit in an account each month in order to have $20,000 in the account in 9 years? Assume the account earns 6% interest. Submit Question .com/course/showcalendar.php?cid=179278 Q SearchTo purchase an iMac Pro which is listed $6,299.00 online, Lisa is now depositing $300 to her saving account every 6 months after she has saved $5500. If the interest rate is 6% p.a. compounded semi-monthly, how soon can she purchase the iMac Pro? Step 1. Fill in blanks – the values: mpmt = __________ , j = __________, mi = __________, i = __________ PMT = __________, PV = __________, FV = __________ Step 2. Formula and Calculation:For TVM calculator: Write each known variable’s value as it appears in the calculator and use a question mark for the missing variable. Then, in the space provided write the missing variable’s value, as it appears in the calculator. Finally, write your final answer in context, with units, as a complete sentence. Herman is looking to invest $5,000 in an account that earns 3.7% annual interest compounded semi-annually. If Herman plans to regularly deposit semi-annual payments of $1,575 into the account, how much is the account worth after 30 years? N=60 I= 3.7 PV=5000 PMT= 1575 FV= ? P/Y=2 C/Y=2 Missing Variable Value __________________ Context Sentence:
- ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=U&launchuri=https%253A%252F%4 Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $62,000 loan at 6% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) X Answer is complete but not entirely correct. Monthly payment %24 912.77 X aceYou have $3,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? $ MyOpenMath Question Help: Video Submit Question each month Search hpSuppose you open a credit card account and charge $150 to the account on the first of each month to pay for your cable and Internet subscription. You plan to pay just the minimum payment each month for the first 6 months (until your summer job starts). The APR is 18.99% and the minimum payment is 6.5% of the balance. Use Excel to fill in the values in the table below and answer the questions that follow. Month — 23 5 6 1 4 7 Starting Balance $0 New Purchases $150 $150 $150 $150 $150 $150 XXX Balance + Purchases $150 XXX Finance New Charge Balance XXX Express your answers rounded to the nearest cent. (a) What is the starting balance at the beginning of the 7th month? $ (b) What is the starting balance at the beginning of the 4th month? $ (c) Your total finance charge is what percent of your total payments? XXX Minimum Payment XXX
- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master ItTroy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $56,000 loan at 7.5% for 48 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. What is the monthly payment. Table 14.2 states at 7.5% interest for 48 months it is 24.18You have decided to open a savings account and put $5000 in your local bank. If you had an interest rate of 2.8% APR, compounded monthly, how many months would it take you to earn at least $800 in interest? You may use a spreadsheet. __________years