3. Hayden recently graduated from college and owes $24 000 on a student loan that she must begin to repay. Payments are to be made at the end of each month for the next five years. Interest is 8.5% per year, compounded monthly. Calculate the total amount needed to repay the loan. a. $24 512.40 b. $25 119.24 c. $29 544.00 d. $19 344.00

Q: Consider a student loan of $12,500 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: (a) Obtain the monthly payment as follows.

Q: Your company borrowed $180,000, agreeing to pay the balance in 18 equal monthly installments at 8%…

A: The formula to find is, Remaining balance =  (Original balance*(1+r)^n)-EMI*((((1+r)^n)-1)/r)

Q: You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)A. What is…

A: There are 52 weeks in an year. Annual percentage rate = 15%. Therefore, weekly interest rate =0.288…

Q: Find the value of the annuity at the end of the indicated number of years. Assume that the interest…

A: write the formula for the future value of the annuity. F=P1+iN-1i Here, i is the interest rate that…

Q: Find the payment made by the ordinary annuity with the given present value. $231,156; quarterly…

A:

Q: Find the interest rate for each deposit and compound amount. 6) $8000 accumulating to $12,384.48,…

A: Recall the following fact.

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A:

Q: Basim borrows OMR 3580 for 4 months at a simple interest rate of 6% per year.Determine proceeds. a.…

A: Consider the provided question, Basim borrows OMR 3580 for 4 months at a simple interest rate of 6%…

Q: What is the time period of a loan for $3,0000, at 10% ordinary Interest, if the amount of Interest…

A: Given information Principal amount P=$3,000 Rate of interest r=10% Amount of interest is I=$125.00…

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A:

Q: Calculate the annual payouts C to be given for 15 years with an interest rate of 6% on an annuity…

A:

Q: You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an…

A: To calculate the cash price of the RV, we need to determine the present value of the loan and add…

Q: Calculate the annual interest that you will receive on the described bond. A $2000 Treasury bond…

A:

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

Q: 2. You purchase a CD for $1000 on which you will earn 2.4% simple interest for each year of the…

A:

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…

Q: Shannon finances her new car with a $9,900 auto loan. The loan has a 5-year term at a fixed annual…

A:

Q: Jessica had a loan of $142,000 and made payments of $4,000 at the end of every month to settle it.…

A: In this question, we will use the compound interest formula.

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Let the annual rate of interest be r%. Then,      Interest = Prt/100     P : Principal amount    r :…

Q: Use a calculator to evaluate the present value of an annuity formula   for the values of the…

A: Answer:- Given, m = $ 50r = 5% = t = 9 yearn = 12Using formula, The present value of an annuity,

Q: Solve for Compound Interest and Amount.......6 month.....Principal $15,000........Rate…

A: The given principal amount at the rate  for months compounded semi-annually.The objective is to…

Q: Toby takes a one year loan from the bank for $50,000. The bank charges a nominal interest rate of…

A: Given,

Q: For the given corporate bond, whose annual simple interest rate is provided, find the semiannual…

A: Here we have to find semiannual interest rate and total interest rate over 30 years.