A finance company paid a merchant $3,975 for a conditional sale contract after discounting it to yield 18% compounded monthly. If the contract is for 20 monthly payments of $256.96 following a payment-free period, what is the time interval between the date of sale and the first payment? (Round your answer to the nearest month.) _____ months

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $580 per month. You will charge .98 percent per month interest on the overdue balance. If the current balance is $14,800, how long will it take for the account to be paid off? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Number of months

An instalment contract for the purchase of a car requires payments of $280.49 at the end of each month for 3.75 years. Interest is 10% per annum compounded monthly. 1. The amount financed is: 2. The interest is:

A 18-year loan requires month - end payments of $627.33 including interest at 9.2% compounded monthly. What is the balance on the loan after half of the payments have been made? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Balance on the loan $ 45, 959.14 awarded

Suppose that a purchase is made with a credit of $27,000 that is settled with 9 monthly installments with charges of 12% simple annual on unpaid balances. Find the size of each payment assuming they are equal, and the interest

An installment contract for the purchase of a car requires payments of ​$206.33 at the end of each month for 5 years. Interest is 5% per annum compounded monthly. ​(a) What is the amount​ financed? ​(b) How much is the interest​ cost?

A customer repays a loan of 22,000 that has an effective annual interest rate of 5.15% by making payments of 2,200 at the end of each year for 11 years, followed by payments of 1,000 at the end of each year for as long as necessary, until a final payment of X of less than 1,000, made one year after the last regular payment of 1,000, repays the loan. Find X. a) 208 b) 295 c) 381 d) 468 e) 555

a car loan of 25,293.25 is to be repaid with​ end-of-month payments of 554.68. If interest is ​7% compounded monthly how long is the term of the​ loan? State your answer in years and months​ (from 0 to 11​ months).

A company buys a machine for $18,000, which it agrees to pay for in five equal annual payments, beginning one year after the date of purchase, at an annual interest rate of 7%. Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? Solution: 1. Draw the CFD by yourself; 2. First, calculate annual payment amount for the first 2 years: O A= + 7%, • )=18000x =$ o The final payment is the • worth of the : unpaid payments. 3. Second, Calculate the single payment amount due at the end of the 3rd year: F=S

A MERCHANT ACQUIRES A LOT OF MERCHANDISE WORTH $11,500.00WHICH AGREES TO SETTLE THROUGH AN IMMEDIATE PAYMENT OF $4,800.00 AND A FINAL PAYMENT 6 MONTHS LATER. YOU AGREE TO PAY 13% SIMPLE ANNUAL INTEREST ON THE BALANCE, HOW MUCH WILL YOU PAY WITHIN 6 MONTHS?