A student borrows $6000 at 10% for 6 months to pay tuition. The total amount due after 6 months is $ Find the total amount due using simple interest.

Q: Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid…

A: Variables in the question:Loan=$2770Rate=6.7%N=5 year

Q: If you borrow $3,600 to buy a car at 12% per year compounded monthly, to be repaid over the next…

A: Answer Borrowing amount = $3,600 Interest rate = 12% per year  Interest rate monthly = 1%  Time…

Q: Suppose you wish to borrow $400 for four weeks and the amount of interest you must pay is $20 per…

A: The objective of this question is to calculate the Annual Percentage Rate (APR) for a loan of $400…

Q: An item is purchased for​ $2500 with a down payment of​ $500. There is a finance charge of $ 150…

A: Purchase Price = $2,500Down Payment = $500 Calculation of Loan Amount (PV):

Q: A student is graduating from college in 12 months but will need a loan in the amount of $11,576 for…

A: The Value of the loan at the time of repayment: Student loans are given to students to help them…

Q: A local lending institution advertises the "51-50 Club". A person may borrow $2000 and repay $51 for…

A: P (Present value)= 2000 A (monthly payment)= $51 n (compounding periods)= 50 i%=?

Q: Payment rate = i 729.18 dollars per year Interest paid i 12395.98

A: We first need to determine the effective annual rate using the formula below: EAR = einterest rate -…

Q: A certain college graduate borrows 7408 dollars to buy a car. The lender charges interest at an…

A: Loan Amount = 7408Annual Interest rate =13% (continuous compounding)Number of years =8

Q: If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6…

A: the amount of interest Marissa should receive is $356.35.Explanation:For the first question:Interest…

Q: You have taken out a loan to help with college expenses. The interest rate is 0.4% per month. The…

A: Information given in question ÷ Interest rate is 0.4% per month Monthly interest payment = 80

Q: Find the discount and proceeds on a $3,250 face-value note for six months if the discount rate is…

A: The objective of this question is to calculate the discount and proceeds on a $3250 face-value note…

Q: Investigate the effect of the interest rate on home loans by finding the monthly payment and the…

A: Data Given, Loan Amount (Principle) = $150000 Time period of loan (n)= 20 years Payment Interval =…

Q: Safewell Co obtains a discount loan at a 12 percent interest rate.  Safewell borrows $100,000 for…

A: Effective interest rate if the amount of interest rate which is charged on the principal amount…

Q: What is the actuarial rate for a simple loan of $1,500 that requires a repayment of 2,000 in 5

A: In this we have to calculate effective interest rate by use of present and future value.

Q: Krisi took out a $500 discounted loan calculated using a simple interest rate of 5% for a period of…

A: Loans are the methods through which individuals or corporations borrow funds and money from lenders,…

Q: EZ Pay Loans will lend you $100 today with repayment of $117.50 due in 1 month. Determine the…

A: Given Information : Present Value of loan : $ 100 Future Value : $ 117.50 Time : 1 month

Q: A man needed money for college. He borrowed 6,000 at 16% simple interest per year if he paid 480…

A: Interests are of two main kinds – simple interest and compound interest. In case of simple interest…

Q: A person took a loan of $250,000 and has to pay it back in monthly payments for 30 years starting…

A: Loan Amortization refers to the equal and periodic payment of the loan principal amount spread over…

Q: The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4…

A: Answer: Principal balance = $ 5000 rate = 7.5% time = 4 years

Q: he going rate on student loans is quoted as 8% APR. The terms of the loans call for monthly…

A: Effective annual interest rate  = (1 + (nominal rate / number of compounding periods)) ^ (number of…

Q: a)Upon entering college, you purchase the car of your dreams for $26000. You pay $5200 down and…

A: Car value = $26,000Down payment = $5,200Finance value = $20,800Loan tenure = 4 years or 48…

Q: Tuition of $1632 will be due when the spring term begins in 5 months. What amount should a student…

A: The question is based on the concept of Financial Management. Present value of the future value can…

Q: ou have just signed for a car loan with 48 monthly payments of $500 (principal and interest) at an…

A: First we need to use loan amortization formula below to calculate loan amount.wherePV = loan…

Q: Acertain college graduate borrows 5707 dollars to buy a car. The lender charges interest at an…

A: This question is related to the loan. In which a graduate student borrows a loan from the bank. In…

Q: 4. Liam borrows $10,000 at an effective periodic rate of i. The loan will be paid back with 10…

A: In order to show the proof, we will have to use the converging series concept of siminishing…

Q: You borrow $64,000 in the form of an unsubsidized loan at 3.98% APR. How much money do you owe when…

A: Given: Loan amount = $64,000 APR = 3.98% Period 6 months

Q: If you borrow $250,000 at 10% for 10 years, what is your annual debt service? Please write answers…

A: Annual debt serive payment is the amount that the borrower would need to pay each year to service…

Q: how much would you save or lose by taking the debt consolidation company’s offer?

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: Loan Payments (Annual) a. If you take out an $23,000 car loan that calls for 4 annual payments…

A: An annuity is a financial product that provides a stream of income payments at fixed intervals,…

Q: You attend college and have 2 loans: A SUBSIDIZED loan for $40,000 with 3.88% APR, and an…

A: Assumption: It is assumed that the time period of the loan is 10 years.

Q: How much is the fee if you need to borrow $400,000 for one year with $475,000 line credit, where any…

A: The fee for unused credit is calculated as the unused credit multiplied by the charge for unutilized…

Q: Suppose a graduate student receives a non-subsidized student loan of $11,000 for each of the 4 years…

A: Non-Subsidized Student Loan per year = $11,000 Time Period of Non-Subsidized Student Loan = 4 Years…

Q: a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and,…

A: Step 1A mortgage term is a mortgage's whole life period. It's the period of time in years and months…

Q: Tuition of $2075 will be due when the spring term begins in 6 months. What amount should a student…

A: Time value of money is one of the important concept of finance which says that a dollar amount…

Q: A loan of $2700 collecting simple interest at a 7.9% annual rate was repaid with a check for…

A: Solution : Given Amount of loan $2700 Simple interest rate 7.9% Amount repaid…

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n

Q: Using the daily balance method of calculating interest, how much interest will you owe on a $500…

A: Given,  Credit card balance = $500 interest  = 20% = 20/100 = 0.2 time = 3 weeks  = 21/365

Q: You have $2,650 balance on your charge card, and the finance charge is 16.8% annually. You send in…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You plan to borrow $47,400 at a 7.5% annual interest rate. The terms require you to amortize the…

A: Solution:When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Find the interest on a loan of $3300 at 7% if I borrow on April 7 and repay on June 2 using the…

A: Exact Time measures 365 days in a yearOrdinary Time measures 360 days in a yearBanker's rule…