Harold Hill borrowed $16,500 to pay for his child's education. He must repay the loan at the end of 11 months in one payment w/6 1/5% interest.A. How much interest must he pay? ___ (do not round intermediate calculation. Round your answer to the nearest cent)B. What is the maturity value? ___ (do not round intermediate calculation. Round your answer to the nearest cent)

Q: Heather took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%. The…

A: To calculate the loan amount we will use the below formula   Loan amount = I/(r*t) Where I -…

Q: On June​ 1, Mia deposited $3,800 in an MMDA that pays 4​% interest. On October​ 31, Mia invested…

A: The amount earned on any deposits is the sum total of interest earned taking into consideration the…

Q: Marcel Thiessen purchased a home for $206,400 and obtained a 15-year, fixed-rate mortgage at 9%…

A: It is assumed that the mortgage is obtained after making a downpayment of 10% of the purchase amount…

Q: Andrew Bolkonsky borrows $200,000 to purchase a house for investment purposes on January 1st 2006.…

A: The concept of present value states that a sum of money is worth today more than the same sum of…

Q: Mary Toy borrowed $3,000 from her parents and repaid them $3,120 after 9 months. What simple…

A: Formula to calculate r under simple interest is: R = I/PT Where r is the rate of interest, I is the…

Q: Andrea borrows $5200 to pay for college and will not be making a payment for 16 months. If $3500 is…

A: Interest is an additional amount which is paid by the borrower to the lender on borrowed amount for…

Q: You borrowed $550,000 from a bank at an interest rate of 50% compounded quarterly to purchase a new…

A: Rate of interest monthly = 50% / 12 = 4.1666% Periods = 12 * 2 = 24 months Monthly Installment =…

Q: Rachael invests $8000 for 7 years and 8 months. The account earns 12% semiannually. A) What is n…

A: Future value of present sum depends on whether it is simple interest or compounded…

Q: Jane Adele deposits $1,700 in an account at the beginning of each 3-menth period for 12 years. If…

A: If the amount is deposited at end of each period, then such annuity is called ordinary annuity. If…

Q: Joe Levi bought a home in Arlington, Texas, for $147,000. He put down 25% and obtained a mortgage…

A: The monthly payment amount can be calculated with the help of present value of annuity function

Q: Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4 years she…

A: The future value function can be used to determine the future value of a sum at a given discount…

Q: Alice Reed deposits $16,500 in Rye Bank, which pays 10% interest compounded semiannually.  What will…

A: In this we have to calculate the future value of the present value.

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: Joan borrowed $18,000.00 to buy a car. She repaid $4700.00 three months later and $8300.00 nine…

A: If enough funds are not available with a person for a transaction, then the person can avail credit.…

Q: Adrian received the proceeds from an inheritance on May 14. He wants to set aside enough on May 15…

A: Simple interest is calculated directly on the given principal amount. The formula for calculating…

Q: What true effective annual interest rate did Anas pay? And what went wrong ?

A: a. True Effective annual rate of interest is given by R = True Effective annual rate of interest i…

Q: Jacqueline received a $30,950 loan from a bank that was charging interest at 4.50% compounded…

A: The periodic payment is based on the loan amount, the periodic interest rate, and the number of…

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $14,000 in student…

A: It can be calculated using following function in excel =NPER(rate,pmt,pv,[fv],[type]) Rate The…

Q: Garret just closed a new loan on his 4-unit apartment as follows: Initial loan amount, $1,000,000,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Joseph used the Quantitative Reasoning Procees to create a plan to pay off his student loans of…

A: Given information: Student loan = $7,680 Monthly Payment = 73.80 Time = 10 Annual interest = 2.9%

Q: Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he…

A: Payment amount after 6 months (FV)= $ 4050 Annual interest rate (R) = 3% Period  (T) = 6 Months =…

Q: A recent college graduate buys a new car by borrowing $18,000 at 6%, compounded monthly, for 4…

A: The following calculations are done in the records of a recent college graduate who has applied for…

Q: Liz borrowed $52,500 to purchase a home. The bank offered her an APR of 3.49% for a term length of…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: Juan took out a $20,000 loan for 146 days and was charged simple interest. The total interest he…

A: We need to use simple interest formula to solve this problem Simple interest =Principal*Rate*Time

Q: Marcel Thiessen purchased a home for $205,600 and obtained a 15-year, fixed-rate mortgage at 7%…

A: Interest part is the amount of interest payable on outstanding loan balance and principal repayment…

Q: Jake is paying P2.500 every 3 months for the amount he borrowed at an interest rate of 8% compounded…

A: Quarterly payment (Q) = P 2500 r = 8% per annum = 2% quarterly n = 2 years 6 months = 10 quarters

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: Jeffrey received a $32,950 loan from a bank that was charging interest at 5.75% compounded…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 10%…

A: Calculation of Interest and Amount of Principal after first payment:The interest is $1,569.75 and…

Q: LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5%…

A: The total interest spent on loan will be Total interest on loan =Monthly payment*number of periods…

Q: Mr. Angel deposited 125,000 in Coconut Bank. After 2 years, he withdrew 13,600. After another 2…

A: The quarterly compounded rate is 9% per annum that means 2.25% per quarter compounded quarterly…

Q: Sylvie Cardinal bought a business for $45 000. She made a down payment of $10 000 and agreed to pay…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the…

A: Initial amount is $8,000, Number of years is 4, Interest rate is 3.85%

Q: Ali took a loan of 180000 to buy an apartment the bank offered the loan with an apr of 16 compounded…

A: Amount of Annuity "A" is 31,280 Total number of annual payments are 30 Loan amount is 180,000…

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $15,000 in student…

A: Using excel NPER function

Q: Today, a businessman borrowed money to be paid in 10 equal quarterly payments starting at the end 2…

A: The amount borrowed is calculated as present value of quarterly payments. The present value of…

Q: Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total…

A: Simple Interest = Principal * Rate of interest * [ Number of days / 365 ]

Q: Carlos purchased a house for $230,000; he paid $11500 as a down payment and financed the balance…

A: Value of House is $230,000 Down Payment is $11,500 Therefore, Loan Amount is : =$230,000-$11,500…

Q: On April 16, Anthony borrowed$1279 to buy a new laptop. The loan had a simple interest rate of 3.8%…

A: The main source of income for banks or financial institutions is the difference between the interest…

Q: A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4…

A: since you have posted a question with multiple sub-questions, we will solve the first three…

Q: Suppose that you take out an unsubsidized Stafford loan on September 1 before your junior year for…

A: An unsubsidized student loan is a loan on which interest starts accruing the day money is deposited…

Q: Uncle Ben borrowed 10,000 at 12% interest and paid $2,000 per annum for the last 4 years. What does…

A: The simple interest rate is the interest rate where the interest is determined only on the principal…

Q: Tytos borrowed $16500 to pay for the wedding of his daughter, Genna. Tytos repair the loan after 3…

A: Given: Borrowed = $16,500 Years =3 Repaid = $19,224

Q: Louie borrowed $2,000 from Phil. Under this agreement, Louie would repay with $1,200 at t = 1 and…

A: The annual interest rate will be the annualized cost of borrowing. The yield will be the actual…

Q: A couple who borrow $70,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of…

A: formula for remaining balance: remaining balance=princial×1+rmn-pmt×1+rmn-1rm where, r = rate of…

Q: Cathy borrowed $12,968.00 to buy a car. If interest was charged on the loan at 10.99% p.a., how much…

A: Borrowed amount (P) = $12968.00 Interest rate (r) = 10.99% Period (t) = 20 Days = 20/365 Year

Q: Jeff purchased a house costing $200,000.  He put 20% down and borrowed the balance negotiating a…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…