Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 3.1% and he made monthly payments of $317, how much interest did he pay?

Q: Hans borrowed money from an online lending company to invest in antiques. He took out a personal,…

A: The Hans borrowed money from an online lending company to invest in antiques. He took personal ,…

Q: hich formula would you use for each of the following problems? A.I= Prt B. F- P(1 +1)" C. P= F(1+0)*…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: 2. James wants to repay the loan his parents gave him in five years. How much does he need to…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage…

A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…

Q: 5. When Jose just moved into the town and wanted to set up an internet connection using AT&T, he was…

A: The value of money does not remain constant throughout time since it varies with time, and so this…

Q: 1. Rayleene is getting a loan to buy a used car from a seller on Kiji. The price of the car is…

A: The loan principal: The loan principal is computed as the difference between the purchase price and…

Q: Diane Van Os decided to buy a new car since her credit union was offering such low interest rates.…

A: Time (T) = Number of exact time / 365.Number of exact time = Dec 14 2016 to March 15 2018.= 17 days…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: Finance charges are the interest paid on the loan and these are additional payments over the loan as…

Q: olve step by step the following problem (solve in digital format) Manuel owes the following amounts…

A: In this we need to find out the present value of future payments.

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed…

A: Cost of sailboat = $8,350Down payment = $1,700Monthly payment = $237.38Number of period = 36 months

Q: Tiffany purchased a machine for $22,000 for his company. He paid 5.00% of this amount as a down…

A: Using loan amortization table to calculate the interest and principal portion

Q: (i) Mimie borrowed $8500 from her parents to buy a ride-on mower so she could start her mowing…

A: Amount borrowed (P) = $8500 Interest rate (r) = 0.025 Period (t) = 5.5 Years Total interest paid = ?…

Q: Ms. Lanz takes out a $9,000 loan to buy a used car for her daughter. She gets a 4-year loan at 8.75%…

A: We can calculate the total repayment of the loan by adding the interest amount and principal amount…

Q: 22) You have just borrowed $10,000 to purchase a new car. It is a 7-year loan with payments of $153…

A: Loan amount (P) = $10,000Monhtly payment (C) = $153Monthly period (n) = 84 (i.e. 7 years *…

Q: Bill and Kim Johnson are purchasing a house for $263,000. Their bank requires them to pay a 20% down…

A: A mortgage refers to a loan used to buy or maintain and repair a building, land, or other real…

Q: You did not answer. Dan opens a line of credit at a local bank, and immediately borrows 2080…

A: A line of credit (LOC) is a fixed amount of money that you can borrow at any time.

Q: 1. Larry borrowed $1,000 through a loan shark, two years later he ended up paying $1,500 to settle…

A: The Present Value refers to a concept that states the discounted value or say value at today's time…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: The Annual Percentage Rate (APR) is similar to the interest rate. It is on a yearly basis that is…

Q: 1. Determine whether each statement is true or false. If the statement is false, make the necessary…

A: The following statements have been marked as true or false. Collision coverage is an essential…

Q: 1. Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month. Her…

A: Simple Interest may be defined as Interest that is calculated as a simple percentage of the original…

Q: Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for…

A: Price of home = $ 127000 Down payment = 25% Loan amount (PV) = 127000*(1-0.25)…

Q: a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect.…

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: 2. James wants to repay the loan his parents gave him in five years. How much does he need to…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: ring a special sales the amount of $22,000 at a rate of 4.5%/year compounded monthly. Her bank is…

A: When you take a loan you usually make monthly periodic payments for servicing the loan. This monthly…

Q: Suppose Jeric loaned from a bank the amount of 70,000 pesos and only received 68,600 pesos promising…

A: Amount paid above the amount of loan from bank is the interest paid and interest depends on the…

Q: Kimmy took a loan of RM30,000 from a bank. The loan was settled in 72 monthly payments. The bank…

A: An annuity is a series of equivalent periodic cash flows for a specific time duration. The term…

Q: 1. On Sep and fin: started the mic charges bank o Answ

A: Motorcycle cost$10,000Down payment$1,000Interest rate9.6%Number of years5 yearsNumber of payments…

Q: Give me correct answer and explanation. Don't upload any image please.j

A: The objective of this question is to determine the number of payments and the time in months it will…

Q: You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6…

A: A credit card is a financial tool that allows individuals to borrow funds from a financial…

Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…

A: The amount of interest paid is calculated as difference of total payments less present value of…

Q: You just closed a new loan on his 10-unit apartment as follows: Initial loan amount, $2,000,000,…

A: To calculate the monthly payment for this loan, we need to use the loan amount, interest rate, term,…

Q: 1- Jacinda Herschel wants to buy a car and determines she can afford to pay $412.00 a month for a…

A: Given: Particulars Amount Payment(PMT) $412 Years 3 Interest rate 2.95%

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed…

A: A finance charge refers to the payment made in addition to the borrowed amount. The finance charge…

Q: Smith family borrowed a large sum of money to purchase their family car. The interest rate on their…

A: Borrowing refers to the amount that has been financed from a bank, financial institution, or even a…

Q: Aaron has bought a house using a loan of $140,000, 4% interest. Their monthly mortgage payment is…

A: Where ever we take loans we need to pay interest towards the loan.Interest Amount can be calculated…