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

A:

Q: A bank offers a CD that pays a simple interest rate of 8%. How much must you put in this CD now in…

A: The percentage is a ratio expressed as a fraction of 100. The percentage is denoted by the symbol %.…

Q: Mary wants to accumulate $42,000 in a fund with payments of $2,100 made at the end of every quarter.…

A: We know that the formula is A=P1+rnnt where A=total amount,P=initial principal amount,r=rate of…

Q: Find the lump sum deposited today that will yield the same total amount as payments of $6,000 at the…

A:

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…

Q: A company has borrowed $500,000. The loan is to be repaid in quarterly payments over 20 years.…

A:

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

A:

Q: Use a calculator to evaluate the present value of an annuity formula P = m   1 −   1 +  r n   −nt…

A: Given formula: P=m*1-1+rn-ntrn Given information: n=12 m=$1050 t=9 yr r=6%.

Q: Find the amount of simple interest on a loan of $2,500 at 4.22% interest for 13.75 months. (Round to…

A: Interest=$2500*12.75 months*4.44%

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: Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

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: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

A:

Q: What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the…

A:

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: Find the new balance, assuming that the bank charges 12% per month on the unpaid balance. Previous…

A: Given: Previous Balance=$300 Payment=$20 New Purchases=$80 Charge incurred by the bank on the unpaid…

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

A: Given,

Q: Month-end payments of $1,580 are made to settle a loan of $174,200 in 10 years. What is the…

A: Solution:- first calculate the total amount paid in 10 years