Blake bought a new car and financed $15,000 to make the purchase. He financed the car for 48 months with an APR of 4.5%. Assuming he made monthly payments, determine the total interest Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.
Q: Sam took a $5000 loan to build a deck in the backyard. The loan requires payments at the end of each…
A: Converting rate of interest from 9% compounded monthly to quarterly Effective rate of interest =…
Q: George buys a car every 6 years for P18,000. He trades in his current car to count as the 20%…
A: Given information: George: Price of car : 18,000 Down payment : 20% Interest rate : 12% Time period…
Q: In order to buy a vacation home, Neal and Lilly took out a 20-year mortgage for $220,000 at an…
A: A mortgage refers to a loan availed against the purchase of real estate which includes a house,…
Q: Elin purchased a used car for $15,000. She wrote a check for $3000 as a down payment for the car and…
A: Equated monthly installment or EMI is referred to as the amount that are paid in monthly basis…
Q: Polly purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning…
A: The present value of money is the discounted value of future cash flows. The change in the present…
Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…
A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…
Q: Dreya and Fred bought a $225,000 house. They made a 10% down payment and financed the rest at an APR…
A: APR: The Annual Percentage Rate (APR) is the total cost of a loan to a borrower, including fees. The…
Q: Lupe made a down payment of $8000 towards the purchase of a new car. To pay the balance of the…
A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…
Q: Brooke bought a new car for $32,000. She paid a 20% down payment and financed the remaining balance…
A: Formulas:
Q: new house for $ 120,000. He was able to make a down payment equal to 25% of the value of the house;…
A: The given problem can be solved using PMT function in excel. PMT function computes installment…
Q: Lupe made a down payment of $2000 toward the purchase of a new car. To pay the balance of the…
A: Loan borrowed: loan is $5,258.53
Q: Polly purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning…
A: a) Periodic Rate = Annual Rate / 12
Q: Carter bought a new car and financed $25,000 to make the purchase. He financed the car for 60…
A: Loan amount (PV) = $ 25000 Interest rate = 5.5% Monthly interest rate (r) =…
Q: Sebastian checks Daniel’s credit rating and determines that he will qualify for a 4% auto loan, and…
A: Given: Cost of car $39,900 Interest rate = 4% Years = 4 Trade in = $8,500
Q: Mr. Smith has borrowed $20,000 from the bank to start his small book-keeping business. He has…
A: Using excel RATE function
Q: kenzo decided to buy a brand new car worth php 1, 200, 000 and plan to amortize the loan in monthly…
A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…
Q: While Mary Corens was a student at the University of Tennessee, she borrowed $14,000 in student…
A: It can be calculated using following function in excel =NPER(rate,pmt,pv,[fv],[type]) Rate The…
Q: Junior has bought a four-wheel-drive Suzuki Vitara SUV for his confectionery business. The price of…
A: Price of Veichle is $6,500,000 Down payment of $2,500,000 Interest rate is 12% Time period is 5…
Q: To pay for a $22,300 truck, Jina made a down payment of $4900 and took out a loan for the rest.…
A: As per the information provided : Jina to pay $22,300 for a truck. She made a down payment of $4,900…
Q: Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6…
A: Loan is a value which is borrowed from the external sources like banks for a particular period and…
Q: Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid…
A: Present value is also known as a present discounted value, in which the future value of cash inflows…
Q: Darla purchased a new car during a special sales promotion by the manufacturer.
A: Interest paid to manufacturer Principal amount (P)=$18,000 Rate of interest (r)=7% per annum Period…
Q: While buying a new car, Julia made a down payment of $800.00 and agreed to make month-end payments…
A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…
Q: Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of…
A: 1) Computation:
Q: Raia purchases a new car for $32,000 and finances it with a 6-year simple interest loan at a rate of…
A: Formula Monthly payment = PV/[1-(1+R)-N]/R Where PV - Loan amount i.e. $32,000 R - Monthly interest…
Q: While Jack was a student at the University of Georgia she borrowed $12,000in student loans at an…
A: The nper function in excel can be used for the purpose of determining the amount of time required to…
Q: Nona purchased a new car earlier today for $32,000. She financed the entire amount using a five-year…
A: GIVEN, R = 3% LOAN AMOUNT = $32000 N= 5 YEARS = 60 MONTHS PMT = P×R12×1+R12N1+R12N-1PMT =…
Q: Karl Yates needs $6,000 to pay for the remodeling work on his house. A contractor agrees to do the…
A: Present Value refers to the discounted value of a single cash flow or multiple cash flows today…
Q: Rose, recently purchased a new automobile for $25,000. She made a $5,000 down payment and financed…
A: Using excel PMT function
Q: Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance…
A: Using excel NPER and PMT function
Q: Doris purchased a Steinway concert piano for $132,000 with a down payment of 25%, and a loan for the…
A: Cost of piano is $132,000 Down payment is 25% Equal Monthly Payment is $1,650 Interest rate…
Q: While Kate was a student at SA University, she borrowed $16,000 in student loan at an annual…
A: The concept of the present value implies that the money today is having more worth than the money…
Q: a) Find Kareem's monhly payment b) If Kareem pays the monthly payment for each month for the full…
A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…
Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…
A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…
Q: Brooke bought a new car for $32,000. She paid a 20% down payment and financed the remaining balance…
A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…
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: Cindy and Rick purchased a home for $145,000 and financed it with a 30-year fixed-rate loan at 6.25%…
A: Introduction Mortgage Loan: A mortgage is a loan that a borrower takes out to buy or retain a house…
Q: Darwin is a young entrepreneur trying to keep his business afloat. He has missed two payments to a…
A: We will use the concept of time value of money here. As per the concept of time value of money the…
Q: Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay…
A: a) Interest for the first semi annual payment = Principal * Rate * Time = 135000 * 6%…
Q: Elin purchased a used car for $9,500. She wrote a check for $2,000 as a down payment for the car…
A: In this question Elin purchased a car for $ 9500 and pay down payment of $ 2000 & for balance of…
Q: Lupé made a down payment of $7000 toward the purchase of a new car. To pay the balance of the…
A: Given information: Down payment of $7,000 Interest rate is 9% compounded monthly Annuity payment is…
Q: A man bought his girlfriend a new necklace for $259. Instead of paying cash, he paid $19 down,…
A: Time has been precious in all perspectives, however in terms of finance, time has a monetary value.…
Q: n payment and 15,000 every month. If the payments are based on 7% compounded quarterly what is the…
A: Given information : Down payment $ 99,000.00 Periodic payment 15000 Interest rate…
Q: Emma bought a $360,000.00 house, paying 10% down, and financing the rest at 2% interest for 20…
A: Price of house = $ 360,000 Dow payment =10% Loan amount (PV) = 360,000*(1-0.10)…
Q: Felipe borrowed money from an online lending company to buy a camper. He took out a personal,…
A: Repayment of the loan is made in fixed instalments over the period which includes part of the amount…
Q: Some years ago, Penny purchased the car of her dreams for $25,000 by paying 20% down at purchase…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Cathy borrowed $24,000 to buy a new car and expects to pay $400 per month for the next 3 years to…
A: Compound interest is also interest on interest that is the interest which is accumulated on the…
Blake bought a new car and financed $15,000 to make the purchase. He financed the car for 48 months with an APR of 4.5%. Assuming he made monthly payments, determine the total interest Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Carter bought a new car and financed $25,000 to make the purchase. He financed the car for 60 months with an APR of 5.5%. Assuming he made monthly payments, determine the total interest Carter paid over the life of the loan. Round your answer to the nearest cent, if necessary.Jerry signs a $16,000 loan for the purchase of a new car. The terms is for 48 months, at an interest rate of 4.8%. What is Jerry’s monthly payment? You must show the formulas with the values filled in.Jenna bought a new car for $28,000. She paid a 20% down payment and financed the remaining balance for 36 months with an APR of 3.5%. Assuming she makes monthly payments, determine the total interest Jenna pays over the life of the loan. Round your answer to the nearest cent, if necessary.
- Wilfredo bought a new boat for $21,100. He paid $2,000 for the down payment and financed the rest for 3-years at an annual interest rate of 5%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are $ (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. 1 part remainino Clear All Check Answer javascript:doExercise(3); Copyright © 2020 Pearson Education Inc. All rights reserved. | Ter (99+ 近Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6 years. Find the amount of down payment the monthly payment and the total interest jasper will have paid at the end of his loan.Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
- George borrows $43,000 to buy a car. He will repay the loan through 4 years of equal monthly payments and an annualized interest rate of 3.9%. Think about payment #44 of the loan obligation. How much of this payment will be interest? Enter your answer as a positive number (in dollars), and round to the nearest dollar.Tomas purchased a new heating and air-conditioning system for his home and financed $9,100 at an annual interest rate of 2.2% compounded monthly for 3 years. How much interest (in dollars) will Tomasz pay over the term of the loan? (Round your answer to the nearest cent.)Ali obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 3.6%. His loan is for $14,300 for 78 days. Assume each day is 1365 of a year. Answer each part below. round your final answers to the nearest cent. (a) Find the interest that will be owed after 78 days. $ (b) Assuming Ali doesn't make any payments, find the amount owed after 78 days. $
- Casey secured a 5-year car loan at 6.20% compounded annually that required him to make payments of $884.96 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $3,250. Round to the nearest centJustin is financing $169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the principal owed at the end of the second month. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.Michael Sanchez purchased a condominium for $97,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?