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

Tom borrowed $300,000 for his son Remy's law school tuition at the University of Missisippi. Tom received a rate of 3.75 for five years. Using 360 days in a year. what is the maturity value of the loan?

12.1 pg. 219-220 Find the monthly payment for each loan below. Remember to assume monthly compounding. 12. Frankie purchased a house for $185,000. He put 20% of the purchase down as a down payment. He financed the house for 4.25% for 15 years. The annual taxes are $1250, and the insurance is $1056. What is his monthly principal, interest, tax, and insurance (PITI) mortgage payment?

Liam had an extension built onto his home. He financed it for 48 months with a loan at 4.3% APR. His monthly payments were $780. How much was the loan amount for this extension? A. $48,077 B. $54,945 C. $41,209 D. $34,341