Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set costing $79,500. Her loan requires a 22.5% down payment and equal payments of $2,577 for 40 months. What is the amount of the finance charge on this loan? a. $38,180.64 b. $40,295.27 c .$41,467.50 d. $42,950.00
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- 1) Ms. Smith borrowed P125,000 at 11% stated rate of interest and was to pay back the loan in 24 monthly payments. What is her effective rate of interest? A. 10.56% C. 21.12%B. 18.96% D. 22.00% 2) Kenneth's Arrows and Bows borrow P10,000 for one year at 12% interest. What is the effective rate of interest if the loan is discounted?A. < 12.5% C. > 13.5% but < 14.5%B. > 12.5% but < 13.5% D. > 14.5% 3) Koopman's Chickens, Inc. plans to borrow P300,000 from its bank for one year. The rate of interest is 10%, but a compensating balance of 15% is required. What is the effective rate of interest?A. < 11.4% C. > 11.6 % but < 11.8 %B. > 11.4% but < 11.6% D. > 11.8 %Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set costing $75,500. Her loan requires a 22.5% down payment and equal payments of $2,567 for 40 months. What is the amount of the finance charge on this loan? $40,880.64$42,995.27 $44,167.50$45,650.00Carissa wishes to borrow $280,000. Lender A qualifies her for a rate of 4.59% over a 30-year term, and Lender B will give her 3.2% for a 20-year loan. Excluding taxes, insurance and all other charges, find the 3. amount of the loan payment for each. Round your answer to the nearest whole dollar.
- Boyd purchases a snow blower costing $1,742 by taking out a 12.5% add-on installment loan. The loan requires a 35% down payment and equal monthly payments for 2 years. How much is the finance charge on this loan? O $217.75 O $283.08 O $435.50 O $609.70Ms. Madison has an existing loan with payments of $782.34. The interest rate on the loan is 10.5% and the remaining loan term is 10 years. The current balance of the loan is $57,978.99. The home is now worth $120,000 and Ms. Madison would like to borrow an additional $30,000 through a wraparound loan which would increase the debt to 87,978.99. Terms of the wraparound loan are 12.25% interest with monthly payments for 10 years. What is the incremental cost of borrowing the extra $30,000 through a wraparound loan? 13.41% 11.38% 12.96% 15.47%Mrs Shiirley Abundo borrowed 20, 000.00 at 7.5% compounded quarterly at a certain cooperative. How much interest will be charge if she applies for a 2- year loan? What is the future value? a. 20,445.56 c. 39, 554.34 b. 28, 998.96 d. 30, 336. 24 What is the compound interest? a. 8,998.96 c. 5,996.56 b. 7,998.46 d. 4,338.55
- Jill Walsh purchases a bedroom set for a cash price of $3,920. The down payment is $392, and the monthly installment payment is $176 for 24 months. Find the amount financed the finance charge The deferred payment price. What will be the APR for this auto loan?Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial payment of $3,000. What is the final amount due on the loan? (Round to the nearest cent.) $14,820.83 $15,273.69 $15,355.56 $15,545.41 Submit AnswerNoor is buying a home with a $200,000 mortgage using a 5.5 percent, 30-year loan. How much of the first month's payment will go toward the principal if the payment per $1000 on this loan is $5.6779? O a. $917 O b. $219 O c. $0 O d. $538
- Yagoda borrows $2,150.00 which she will repay with level weekly payments over 10 years. The interest rate is i(12) = 8.750%. What is the outstanding balance on the loan just after 453 payments? a. $349.45. O b. $373.01. O c. $392.64. O d. $325.89. O e. $298.40.53. Ms. Ling purchases an automobile using a loan. The amount borrowed is €44,000 and the terms of the loan call for the loan to be repaid over seven years using equal monthly payments with an annual nominal interest rate of 12% and monthly compounding. The monthly payment is closest to: A. €776.72. B. €803.43. C. €923.13Alexei finances her purchase of a $900 television. Her one-year loan has a fixed annual interest rate of 2.5%. Which equation correctly calculates Alexei's monthly payment? 12.0.025 М — -12-1 900 1-(1+ ) 0.025 900-0.025 M -12.1 12 12 1- (1+ 0.025 900.0.025 M = -12-1 0.025 12 1-(1+ 12 12.0.025 M -12.1 900 1- 12 1+ 0.025
