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- The following payment plans are offered on the purchase of an appliance.
- P375
- 8 monthly payments of P55.
- P100 cash down and 6 monthly payments of P50.
Which payment plan would you choose if interest is 24% annually, compounded monthly, if you are the purchaser? Assume ordinary
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- Hi please answer 2b. You decide to take advantage of the store’s payment plan. The payment plan’s terms are as follows: 18 equal monthly payments, 6% interest, compounded monthly. a) What is the total cost that you will end up paying for the Chromebook? b) What will your monthly payment be?Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase Add-on Monthly Payment Down Amount Number of Finance (Cash) Price Payment Financed Interest Payments Charge $50,100 25% $ 37,575 13.2% 60 $ 24799.5 $ 1040An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay?
- Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase(Cash)Price DownPayment AmountFinanced Add-onInterest Number ofPayments FinanceCharge MonthlyPayment $2,000 15% $ 1700 12 1 2 % 30 $ _____ $ ____Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase Add-on Number of Finance Monthly Payment Down Amount (Cash) Price Payment Financed Interest Payments Charge 14-% $2,000 15% 2$ 1,700 30 $ 616.20 $ 77.21Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to th Monthly Payment Purchase (Cash) Price $711 Down Payment Need Help? 10% Read It Amount Financed $ 639 90 Add-on Interest 7% Number of Payments 12 S Finance Charge Enter a number.
- Use PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase (Cash) Price Monthly Payment Down Amount Add-on Number of Finance Payment Financed Interest Payments Charge $50,900 $ | $ 25% 11.6% 60Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase Add-on Finance Monthly Payment Down Amount Number of (Cash) Payment Financed Interest Payments Charge Price 14-% $2,000 15% $ 30 $ $ 2
- Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase Monthly Payment Down Amount Add-on Number of Finance (Cash) Price Payment Financed Interest Payments Charge 14 % $ 616.30 $2,000 15% $ 1,700 30 2$ 77.21 2P. Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual -nt interest rate of 12%. You decide to pay off the balance over three years If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? ked Scol a. The monthly payments are approximately S (Do not tound until the final answer Then round to the nearest dollar as needed) suon estionA store offers two payment plans. Under the installment plan, you pay 25% down and 25% of the purchase price in each of the next 3 years. If you pay the entire bill immediately, you can get a discount of 11% on the purchase price. Assume the product sells for $100. a-1. Calculate the present value of the payments if you can borrow or lend funds at an interest rate of 6 percent. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a-2 Which is a better deal? b-1. Calculate the present value if the payments on the 4-year installment plan do not start for a full year. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b-2. Which is a better deal? a-1. PV of installment plan a-2. Which is a better deal? b-1. PV of installment plan b-2. Which is a better deal?