Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance withmonthly payments of $239.38 for 36 months.(a) What is the finance charge (in $) on the loan?$(b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to twodecimal places.)%

Finance charges are the interest paid on the loan and these are additional payments over the loan as…

Answered: Meghan Pease purchased a small sailboat…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Lucy took out a $24,000 loan for 1 month and was charged simple interest. The total interest she paid on the loan was $118. C As a percentage, what was the annual interest rate of Lucy's loan? Do not round any intermediate computations. If necessary, refer to the C list of financial formulas. % X S
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed the balance with monthly payments of $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect. (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) 9.68 Incorrect: Your answer is incorrect. %
1. Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed the balance with monthly payments of $238.38 for 36 months. A). What is the finance charge (in $) on the loan? B).Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.)
Wilfredo bought a new boat for $18,300. He paid $1,000 for the down payment and financed the rest for 4-years at an annual interest rate of 10%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. LOADING... Click the icon to view a table of monthly payments on a $1,000 loan. Question content area bottom Part 1 The monthly payments for this loan are $enter your response here. (Round to the nearest cent as needed.) Part 2 The total interest he paid on this loan is $enter your response here. (Round to the nearest cent as needed.)
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 Answer
Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last month's balance was $1,350, she made a payment of $375, she bought hiking boots for $120, and she returned a jacket for $140. Assume an annual interest rate of 21%.
On September 12, Jody Jansen went to Sunshine Bank to borrow $2,400 at 8% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. X Answer is complete but not entirely correct. $ 72.06 X Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Answer is complete but not entirely correct. Maturity value $ 2,472.06 X Return to question
1. Chelsie borrowed 10,000 from a financial institution at an interest rate of 1% monthly. The monthly payment she pays is 554.15. Find the number of periods required to repay the loan? 2. Mary Rose borrowed money from a bank amounted 12,000 with an interest rate of 11.5%, the monthly installments are 313.07. how long will it take to repay the loan? 3. ABC company has borrowed money from a financial institution that will be paid for about 2 years with monthly installments of 6,000. How much is the principal loan?
Keiko obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 9.65%. Her loan is for $16,500 for 76 days. Assume each day is of a year. Answer each part below. 365 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 76 days. (b) Assuming Keiko doesn't make any payments, find the amount owed after 76 days.
Charmaine obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 9.65%. Her loan is for $17,100 for 76 days. Assume each day is of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 76 days. (b) 1 365 s Assuming Charmaine doesn't make any payments, find the amount owed after 76 days. $ 3
Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10. Marcia hoped to repay the loan by February Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? show complete and clear solution
Dave borrowed $440 and paid $44 in interest when he repaid the principal after one year. The lender also charged him a $4 service fee on a discount basis. What was the effective cost of his loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Effective cost

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