Blake bought a new car and financed $⁢15,000 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 Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.

Raia purchases a new car for $32,000 and finances it with a 6-year simple interest loan at a rate of 4.25%. What are Raia's monthly car payments?

Tim Houston purchased a wall unit for $2,200. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.) %

Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized loan for the rest at at 11.5% interest for four years. (Round your answers to the nearest cent.)   (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0       $ 1 $ $ $ $ 2 $

Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $173.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent

Jenna bought a new car for $⁢39,000. She paid a 10% down payment and financed the remaining balance for 48 months with an APR of 4.5%. Determine the monthly payment that Jenna pays. Round your answer to the nearest cent, if necessary.

Assume that you borrowed $500 from a friend and promised to repay the loan in five equal annual installments beginning one year from today. Your friend wants to be reimbursed for the time value of money at an 8% annual rate. Explain how you would compute the required annual payment.

Dolph can afford a monthly car payment of $418 for the next 5 years, with the first payment occurring one month from today. If the annualized interest rate for car loans is 8%, what is the maximum amount he borrow to purchase a car? Enter a positive number as your answer and round to the nearest dollar.

Michael Sanchez purchased a condominium for $83,000. 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? $  (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0       $  1 $  $  $  $  2 $  $  $  $  3 $  $  $  $  4 $  $  $  $  (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?   $       Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years…

While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end payments of $290 for the next 5 years and 7 months. She was charged an interest rate of 4% compounded semi-annually for the entire term.a. What was the purchase price of the car?Round to the nearest centb. What was the total amount of interest paid over the term?