Blush Inc., sold a kitchen appliance that costs $1,000.00 with 5-year financing to a customer who made a down payment of $510.00. What should be the size of the loan payments at the end of every month if interest of 9.00% compounded monthly is charged?   You plan to save money for a down payment of $39,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 4.25% compounded monthly. How long will it take you to save the planned amount?

You take out a consumer loan at your credit union for new insulated windows for your house. The total installed cost is $8,250, of which you pay 20% down. The balance is to be paid in 71 equal monthly payments, with a finance charge equal to 7.5% simple interest on the outstanding balance. Find the approximate annual percentage rate (APR), to the nearest tenth of a percent.

Suppose you have graduated from college and want to purchase a house. Your take-home pay is $4560 per month and you wish to stay within the recommended guidelines for mortgage amounts by only spending 14 of your take-home pay on a house payment. You have $18,500 saved for a down payment. With your good credit and the down payment you can get an APR from your bank of 4.35%, compounded monthly.a. What is the total cost of a house you could afford with a 15-year mortgage?b. What is the most that you could afford with a traditional 30-year mortgage instead of a 15-year?

After starting your first full-time job out of college, you decide to buy a new car for $12,000. Using Excel, create a complete amortization table for this car-loan: You make 36 equal end- of-month payments. The discount rate is 7.25% compounded monthly. How much would you owe after the 15th payment is made? Use excel to solve

You are purchasing a new car for $27,600.  The dealership offers you three options: 0% financing: 0 down and 0% financing for 48 months. Rebate: 0 down.  If you choose the rebate, you will need to secure a loan for the balance at your local bank. Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months.   What is your monthly payment if you choose 0% financing for 48 months?  $                     .  Round to the nearest dollar.   The rebate offer is $4800, and you can obtain a car loan at your local bank for the balance at 5.16% compounded monthly for 48 months.  If you choose the rebate, what is your monthly payment?  $                     .  Round to the nearest dollar.   You want to make monthly payments of $403, but you don't want a car loan over your head for more than 48 months,  so you decide to go with the down payment option.  How much of a down payment do you need to make?  $                     .  Round to the nearest…

To purchase a used automobile, you borrow $10,000 from Loan Shark Enterprises. They tell you the interest rate is 1% per month for 35 months. They also charge you $200 for a credit investigation, so you leave with $9,800 in your pocket. The monthly payment they calculated for you is[$10,000 (0.1) (35) + $10,000]/35 = $385.71/month. If you agree to these terms and sign their contract, what is the actual APR (annual percentage rate) that you are paying?

You want to by a boat and can afford payments of $350 per month for six years. The monthly interest rate is 0.5%. (a) What is the maximum you can spend on the boat if there is no down payment? (b) What is the maximum you can spend on the boat if you make a down payment of $6000 at the time of purchase? 4.  A company needs to buy a building in 4 years, and must fund the down payment from its profits. The purchase will cost $280,000, of which the company can finance (borrow from the bank) $200,000 at 7%. If the company must make the purchase in 4 years and can receive 7% APR on its savings compounded annually, how much must the company save each year to have the required down payment in 4 years?

You decide to buy a $ 1,500 piece of furniture at a local furniture store. The furniture store asks you for a 20% down payment and formulates a 12-month plan to pay the rest at a 25% annual rate.The size of the monthly payments is $ 175. į What will be the effective annual interest that the furniture store is charging you?

You work for a furniture store. You normally sell a living room set for OMR 4,000 and finance the full purchase price for 24 monthly payments at 24% APR compounded monthly. You are planning to run a zero-interest financing sale during which you will finance the set over 24 months at 0% interest. How much do you need to charge for the bedroom set during the sale in order to earn your usual combined return on the sale and the financing?

You are purchasing a new car for $27,600.  The dealership offers you three options: 0% financing: 0 down and 0% financing for 48 months. Rebate: 0 down.  If you choose the rebate, you will need to secure a loan for the balance at your local bank. Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months. The rebate offer is $1900, and you can obtain a car loan at your local bank for the balance at 2.03% compounded monthly for 48 months.  If you choose the rebate, what is your monthly payment?  $  _______ .  Round to the nearest dollar.