Cate bought a new car for $25,000. The bank granted her a loan with a simple interest rate of 7% over a 5-year period. How much will Cate pay in interest by the end of the loan? $3,500 $8,750 $7,142 $1,750
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Cate bought a new car for $25,000. The bank granted her a loan with a simple interest rate of 7% over a 5-year period. How much will Cate pay in interest by the end of the loan?
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- Joan Hart borrowed $9,800 to travel to France to see her son Dick. Joan’s loan was to be paid in 50 monthly installments of $250. At the end of 7 months, Joan’s daughter Abby convinced her that she should pay off the loan early. What are Joan’s rebate and payoff amount?Dan buys a property for $290,000. He is offered a 20-year loan by the bank, at an interest rate of 6% per year. What is the annual loan payment Dan must make? A. $35,396.93 B. $30,340.22 C. $25,283.52 D. $40,453.63Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?
- Dan buys a property for $280,000. He is offered a 25-year loan by the bank, at an interest rate of 8% per year. What is the annual loan payment Dan must make? OA. $36,722.08 OB. $31,476.07 OC. $26,230.06 O D. $41,968.1Emma plans to loan $1,000 to her friend, who will pay a simple interest rate of 5.8% every year for the loan. If no payments are made and no further borrowing occurs between them for 13 years, then how much money will Emma' s friend owe her? $1,061.36 $1,754.00 $2,081.20 $158.00 Now, assume that Emma's friend volunteers to pay compound interest instead of simple interest for her loan. If interest is accrued at 5.8% compounded annually, all other things being equal, how much money will Emma's friend owe her in 13 years? $2,081.20 $1,058.00 $120.71 $ 1,754.00 Emma has another investment option in the market that pays 5.8% nominal interest, but it's compounded quarterly. Keeping everything else constant, how much money will Emma have in 13 years if she invests $1,000 in this fund? $158.00 $129.72 $2,114.01 $1,059.27YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84% the balance after the 36 payment was $6566.01 and the balance after the 37th payment was $6194.50 what was YVette's monthly payment?
- Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61Liz buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan for the balance at 6. 25% for 5 years. Find her monthly payment and the total interest paid.Curtis buys a piece of commercial property for $230,000. He is offered a 20-year loan by the bank, at an interest rate of 9% per year. The loan requires annual payments to be made. What is the annual loan paymen Curtis must make assuming the first payment will be due one year from the date of purchase? O A. $40,313.10 O B. $30,234.83 O C. $35,273.97 O D. $25,195.69 O Time Remaining: 00:29:43 Next dtv 11 DD F11 F9 F10 F8 F7 F5 esc F4 F2 F3 F1 & @ 2# $ % 8 1 3. 4 { P < CO
- Cathy borrowed $24,000 to buy a new car and expects to pay $400 per month for the next 3 years to pay off the loan. What is the loan's annual rate of interest?Stella deposits $54,000 in a savings account at a bank that offers interest of 5.3% on such accounts. What is the value of the money in her savings account in five years’ time?Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.
