Emily is buying a new table for $1400. The dealer is charging her an annual interest rate of 10.8%. If she pays off the loan in 36 months, what are her monthly payments If she makes a down payment of $230, how much will her monthly payments be? $102.98; $43.03 $51.49; $43.03 $111.49; $8.46 $102.98; $8.46

Q: Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new…

A: Monthly payment The minimum amount needed every month to be paid by an individual.

Q: suppose that you would like to save $20,000 over 5 years to use as a down payment for a house by…

A: Computation of monthly deposit:Hence, the monthly deposit into the account is $301.66 per month.

Q: Suppose you borrow $21,000 from your bank to buy a car.  You agree to pay $433.89 per month for 60…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: Aiyana took a $72,000 loan at 2.83% compounded monthly and decided to make of month payments of…

A: A loan refers to a contract between a borrower and a lender where money is forwarded on the promise…

Q: Yusra has a term loan that she still owes $11,138.67. The annual interest rate on this loan is 4.22%…

A: A loan is a kind of financial obligation for a person who borrows the funds and a kind of source of…

Q: You borrow $21421 to buy a car. You will have to repay this loan by making equal monthly payments…

A: Formula for calculating EMI: EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] P = Loan amount  r=…

Q: In order to buy a car, you borrow $25,000 from a friend at 12%/year compounded monthly for 4 years.…

A: a.

Q: Mia Sato purchased a new condominium for $225,000.  The bank required a $40,000 down payment.…

A: We need to use mortgage amortization formula below to calculate monthly payment of mortgage.PMT…

Q: how many years will it take her to pay back the loan?

A: A person defers his or her current payment liability via loan. A loan is provided by a bank, who…

Q: Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Simple Interest = Principal amount x no. of days/365 x Rate

Q: You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years.…

A: Mortgage refers to the amount borrowed to finance real estate. The mortgage requires the borrower to…

Q: 2

A: Interpretation: Present value refers to the current valuation for a future sum. Investors determine…

Q: What is the cost of two points on the mortgage?

A: Information Provided: Selling Price = $125,000 Downpayment = 20% or $25,000 Loan amount = $100,000…

Q: Sally Johnson loaned a friend $10,000 at 15% interest, compounded annually. The loan will be paid in…

A: Interest rate=15%Inflation=3%Loan amount=$10000

Q: Joe Levi bought a home in Arlington, Texas, for $132,000. He put down 30% and obtained a mortgage…

A: Using the table above given, For a $1000 loan amount of Monthly Payment at 5% for 30 years is $5.37.…

Q: Suppose Olivia has $7,020 in credit card debt on the B credit card which has annual interest rate of…

A: Credit Card: It represents a card issued by the banks as a service of allowing cardholders to…

Q: Suppose Olivia has $6,660 in credit card debt on the VB credit card which has annual interest rate…

A: A credit card outstanding is subjected to annual interest rate of 18.2% on the first card, and 0% on…

Q: After making payments of $901.10 for 6 years on your 30-year loan at 8.9%, you decide to sell your…

A: Monthly payment (C) = $901.10 Monthly interest rate (r) = 0.00741666666666667 (i.e. 0.089 / 12)…

Q: O $352.28 (plus or minus 1 dollar) O $783.83 (plus or minus 1 dollar) O $360.70 (plus or minus 1…

A: Loan amount=8640Period=9 yearsNumber of payment=n=36Interest rate=9.57Quarterly interest…

Q: offered her a 30-year fixed rate mortgage at 5.83%. What will be Angelina's monthly mortgage…

A: Information Provided: Home cost = $417,000 Down payment = $26,000 Interest rate = 5.83% Years = 30…

Q: Abigail's calculations show that the total interest owed to Sanjeev on her 3, 700 loan is 177.60. If…

A: Step 1: Step 2: Step 3: Step 4:

Q: Jeanette took out a loan from the bank today for X. She plans to repay this loan by making payments…

A: Present Value refers to the current value of the loan or mortgage amount if paid all at once on the…

Q: What is the APR for this loan how do I answer this using the TVM function

A: The time value of money (TVM) is the financial concept that money available today is worth more than…

Q: from

A: The Amount must be find out. Interest Received = A (Amount) - P (Principal) Given P =$10500, A=?, R…

Q: Michelle wants to borrow $4,500. Bank A will lend Michelle the money at a simple annual interest…

A: Formula: Interest amount = PTR / 100 P = Principal  T = Time period R = Rate of interest.

Q: Imelda opens a savings account with $12,000, which pays an annual interest rate of 7.8%. If she…

A: Future value of the amount that is invested and also amount of interest accumulated over the period…

Q: When Maria Acosta bought a car 2 & 1/2 years ago, she borrowed $14,000 for 48 months at 8.4%…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan…

A: The given payments are a form of annuity wherein an equal payment is made at eqaul intervals. The…

Q: a. Find the amount borrowed by this person. b. How much does this credit worth at the end of the…

A: Given,  A = 8000 r = 12% nominal monthly rate = 12%/12 = 1% n = 10*12 = 120

Q: You are going to borrow $30,000 to purchase a car. You agree to repay the loan in 36 monthly…

A: The nominal interest rate is the rate of interest charged on the loan amount. It is the sum total of…

Q: What is the equivalent cash price

A: We can determine the cash price using the PV of ordinary annuity formula as below.Present Value =…

Q: Todd Foley is applying for a $290,000 mortgage. He can get a $2,030 monthly payment for principal…

A: Calculation of number of months:Excel spreadsheet for calculation of number of months

Q: Find the amount of each note if annual interest is $16450

A: Note payable refers to those legal obligations of the company which will be paid on any specific…

Q: Gustavo wants to borrow $900 for 20 days from a payday loan store. The payday loan finance charge is…

A: Pay day loans are quiet common in USA. These loans are essentially a short term loan given at high…

Q: If Greg borrOws $140.00 from the bank at 6.5%o exact simple interest, how much interest does Greg…

A: Interest = Principal * Rate * Time For exact simple interest use 365 days

Q: Kelly buys a computer system for $2400 and makes a 15% down payment. If Kelly agrees to repay the…

A: Annual Percentage Rate is the internal rate of return for the loan borrowed and monthly payments…

Q: Whiskers wants to buy a $400,000 house. She plans to pay $80,000 down and make monthly payments for…

A: True interest rate is the effective interest rate paid on borrowing a loan.