Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments. 22. What should be the length of her loan? Round to the nearest tenth of a year. a. 5.5 years b. 5.6 years c. 5.7 years d. 5.8 years 23. How would an increase of $20 to her monthly payment affect the length of her loan? a. 0.9 years more b. 0.9 years less c. 0.8 years less d. 0.8 years more
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Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments.
22. What should be the length of her loan? Round to the nearest tenth of a year.
a. 5.5 years
b. 5.6 years
c. 5.7 years
d. 5.8 years
23. How would an increase of $20 to her monthly payment affect the length of her loan?
a. 0.9 years more
b. 0.9 years less
c. 0.8 years less
d. 0.8 years more
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- Jeanette took out a loan from the bank today for X. She plans to repay this loan by making payments of $100.00 per month for a certain amount of time. If the interest rate on the loan is 0.66 percent per month, she makes her first $100.00 payment later today, and she makes her final monthly payment of $100.00 in 12 months, then what is X, the amount of the loan? A O An amount less than $1,153.00 or an anmount greater than $1,324.00 O An amount equal to or greater than $1,153.00 but less than $1,199.00 O An amount equal to or greater than $1,199.00 but less than $1,245.00 O An amount equal to or greater than $1,245.00 but less than $1,275.00 O An amount equal to or greater than $1,275.00 but less than $1,324.00ava wants to take a loan out a 23,500 loan with a 4.3% APR. can she afford to pay 220 per month for loan payments. A) what should be the length of her loan?round tho the nearest tenth of a year. B) what would an increase of 50 to the monthly payment do to the loan length?Jane took out a loan from the bank today for X. She plans to repay this loan by making payments of $520.00 per month for a certain amount of time. If the interest rate on the loan is 1.12 percent per month, she makes her first $520.00 payment later today, and she makes her final monthly payment of $520.00 in 7 months, then what is X, the amount of the loan? O An amount less than $3,501.00 or an anmount greater than $4,238.00 O An amount equal to or greater than $3,501.00 but less than $3,739.00 O An amount equal to or greater than $3,739.00 but less than $3,980.00 O An amount equal to or greater than $3,980.00 but less than $4,081.00 O An amount equal to or greater than $4,081.00 but less than $4,238.00
- Monthly loan payments are computed using a formula. Payment information is often arranged in tables to make it easy for customers. Clonthiy Payment per $1,000 of Loan Interest Rate (APR) 2-Year Loan 3-Year Loan 4-Year Loan 5-Year Loan 1% $42.10 $28.21 $21.26 $17.09 2% $42.54 $28.64 $21.70 $17.53 3% $42.98 $29.08 $22.13 $17.97 4% $43.42 $29.52 $22.58 $18.42 5% $43.87 $29.97 $23.03 $18.87 6% $44.32 $30.42 $23.49 $19.33 7% $44.77 $30.88 $23.95 $19.80 EXAMPLE 1 Whu is the monthlu navment for a $4.000 2-vear loan with an APR of 4%?Determine whether each scenario below is a savings/investments question or a loans question. 1. Sabrina finances a $21,999 car at 4.25% APR over 5 years. If she makes a down payment for $5,000, how much will she end up paying in interest for the car? 2. Alejandro deposits $1,500 into an investment account with an APR of 2.25% compounded monthly. How much does Alejandro need to put into his account each month in order to have $5,000 in 3 years to purchase a car in cash? 3. Amy wants to buy a house for $150,000. She doesn't have enough yet for a 20% down payment. If she puts $2,000 into the account now and $500 every month, how long will it take for her to have enough for a 20% down payment to buy this house? 4. Arnie paid $500 for his $1,200 laptop. If he finances the rest at 6.75% over 24 months, how much money will he end up paying in total for this laptop?Beatrice takes out a 7 year loan of $5000. The interest rate is 4.5%. What are Beatrice's monthly payments? Suppose after 5 years Beatrice decides to pay off the remaining balance of the loan. What is the payoff amount?
- Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the loan? B. How much will she receive?Sherry Smart is buying a $350,000 home and will pay the mortgage monthly for 30 years. She has a good credit score and has qualified for a 5.125% loan interest. How much will she be paying monthly for the home? a. $2,013.67 b. $1,572.72 c. $975.88 d. $1,318.692. Assume Josephine purchases a home for $180,000 and has a 20% down payment. If she finances the purchase with a 30 year mortgage with a 4% interest rate……what is her monthly payment? If she pays the mortgage through the entire term with no early payment, how much interest will she pay over the life of the loan?
- A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.Nina borrowed money on 31 August and agreed to pay back the loan on 2 November of the same year. If the discount rate is 18% per year and she received R5 000 on 31 August, what is the value of the loan that Nina has to pay the bank on 2 November? 1. R5 155,34 2. R4 844,66 3. R5 160,32 4. R5 000,00 5. None of the above1) How much total interest will Ashley pay over 10 years if she only makes minimum payments Scenario: Ashley decides to pay 500 total to her student loans each month. She continues the minimum payment on the loan with the lower interest rate and puts the rest of the $500 towards the higher interest rate loan until it's paid off. Then she puts all $500 towards the lower interest rate loan until it is paid off. a) How much total interest will Ashley pay in this scenario? b) How much does she save by increasing her payments in this way