Chris bought a new car for $12,500. He made a $3,000 down payment and financed the rest at an annual interest rate of 14.5% for 36 months (3 years). How much less would his total interest be for the same loan for 24 months (2 years)? A. $1,387.50 B. $1,377.50 C. $1,367.50 D. $1,357.50

Q: Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for…

A: When we buy a large ticket item like a home we usually take loan for that. The loan is repaid…

Q: Tom borrowed $80,000 at a rate of 6.5% from bank for his new house. This is a 30 year monthly paid…

A: Given, Tom borrowed = $80,000 Rate= 6.5% Time period= 30 year

Q: Tom borrowed 300,000 for his son Remy's law school tuition at the University of Missisippi. Tom…

A: We need to use Simple interest formula to calculate maturity value of loan. A =P(1+r*t) where A=…

Q: Joshua received a loan of $8,000 at 6.02% compounded semi-annually from a credit union to use as…

A: Working capital represents the liquidity of a company as it shows the difference between the current…

Q: Brett purchased a machine for $22,500 for his company. He paid 5.00% of this amount as a down…

A: An amortization schedule is created to understand the breakdown of the loan payments and to find out…

Q: Dan buys a property for $280,000. He is offered a 25-year loan by the bank, at an interest rate of…

A: Loan amortization is the systematic process of gradually reducing the outstanding balance on a loan…

Q: John bought an expensive $2,740 stereo.  He took out an amortized loan for the full amount at 3.12%…

A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 60 months…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: (a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to…

A: Part-A Borrowed Amount is $5000 Time period is 2 years Interest rate is 7% Per annum To Find:…

Q: s annual percent interest 3% compounded monthly. She needs to pay at ach month. She missed the 10th…

A: Loans are paid by the monthly payments and these are fixed payments and these payments carry the…

Q: Wade Ellis buys a new car for $16,759.78. He puts 10% down and obtains a simple interest amortized…

A: Cost of Car is $16,759.78 Down payment is 10% Interest rate is 11.5% Time period is 4 years To Find:…

Q: Gary purchased a house and obtained a 30 - year loan of $250,000 at an annual interest rate of 6.75%…

A: Using excel PMT and PV function

Q: Kyle received a loan of $8,000 at 4.32% compounded semi-annually from a credit union to use as…

A: Loan:A loan is an amount of money given by one party typically a financial institution to another…

Q: Akbar bought a car on loan and pays the simple interest at 5% amounting to RO 3,000 per annum for 5…

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

Q: 11. Max buys a bedroom set for $2500. The dealer gave him a 3-year add-on interest loan at 6.5%…

A: Interest calculated on Original value of a loan is called Simple Interest.

Q: Tarell purchased a car for $54,700; he paid 5% of the cost as a down pay the balance amount at 3.4%…

A: Loans are paid by the equal monthly installments and these carry the payment for principal amount…

Q: Manuel has a $300,000 loan to be paid back with 5.329% interest over 30 years. What are Manuel's…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Gerritt wants to buy a car that costs $30.250. The interest rate on his loan is 5.61 percent…

A:

Q: takes out a $6,000$6,000 personal loan to make home repairs. His interest rate is 12%12% on a…

A: Interest is amount paid to the borrower above the amount of loan being taken and that depends on…

Q: (a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to…

A: calculation of above requirement are as follows

Q: Nina takes a fixed-rate, 30-year loan with a monthly payment of $1,300.00. The amount financed was…

A: Given  Monthly payment =$130000 year =30 amount financed =$180000

Q: Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon…

A: Future value refers to the future value of the cash flows that are compounded over a given period of…

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: 4 years. His Monthly loan was 23.03. What was the monthly payments and what was the total interest…

A: Loans are to be paid by the monthly payments that carry the payment for interest and payment for…

Q: Heather recently purchased a $650,000.00 house in Barrie, Ontario. She puts a 25% down deposit and…

A: A fixed rate mortgage is a type of mortgage in which interest rate does not vary and remains…

Q: Phillip purchased a machine for $20,000 for his company. He paid 5.00% of this amount as a down…

A:

Q: (a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to…

A: As per Bartleby honor code, when multiple questions are asked, the exe=pert is required only to…

Q: William wants to borrow $42,000.00 today to purchase a car, which bank's lending option will allow…

A: Present Value of annuity formula is used to check if the loan present value of periodic payments.…

Q: Corey buys 10 Tufflift 4-post, 4.5-ton car hoists for his parking garage at a total cost of…

A: Future value of amount formula:-FV = A * (1+r)nwhere,FV = future value of amountA = Amount…

Q: The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys…

A: Using excel PMT function to calculate size of each payment.

Q: John bought a condo for RM 630,000. He made a 15% down payment and financed the balance through a…

A: MONTHLY PAYMENT: PMT=P×rm1-1+rm-m×n p=loan amount (principal) m=frequency of compounding n=number of…

Q: Luis Rivera has taken out a mortgage loan for $225,000 at 4% for 5 years. What will be the total…

A: A mortgage is a type of loan that is typically used to purchase real estate, such as a house or a…

Q: A contractor decided to borrow $7000 from a bank in order to buy an equipment for his company. The…

A: The arithmetic gradient formula is an important time value of the money method that determines the…

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: Tom borrowed $300,000 for his son Remy's law school tuition at the University of Missisippi. Tom…

A: The interest is charged by the lender from the borrower in exchange for the loan being extended. The…