How much interest (to the nearest dollar) would be saved on the following loan if the home were financed for 15 rather than 30 years? A $505,000 home bought with a 20% down payment and the balance financed for 30 years at 4.7% Need Help? Read It

Q: You borrow $950 from your brother and agree to pay back $1000 in 19 months. What simple interest…

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Q: Some amount out of $7000.00 was lent at 6% per annum and the remaining at 4% per annum. If the total…

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Q: what simple interest rate will convert a $200 investment into $272 in one ye

A: To determine the simple interest rate that will convert a $200 investment into $272 in one year.

Q: How long will take for a deposit of $1400 to earn total interest of $300 if the bank is offering an…

A: Simple Interest Formula : I = PTR where I = simple interest earned P = initial investment T = time…

Q: Suppose a man borrowed $300 from a friend and agreed to pay him 20% annual simple interest when he…

A: so given a man borrowed $300 from a friend and agreed to pay him 20% annual simple interest when he…

Q: A bank deposit paying simple interest at the rate of 8%/year grew to $1200 in 10 months. Find the…

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Q: Steve borrowed $300 for 2 months at a simple interest rate of 6% per annum. How much interest does…

A: Simple interest =( principal × rate × time)/100

Q: A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 6%, what…

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Q: Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was…

A: You can calculate Interest on your loans and investments by using the following formula for…

Q: A homeowner planning a kitchen remodeling an afford $700 monthly payment. How much can the homeowner…

A: Given that  A homeowner planning a kitchen remodeling an afford $700 monthly payment. How much can…

Q: If I can afford $420 a month for a car over the course of 6 years with an interest rate of 6.9% how…

A: If I can afford $420 a month for a car over the course of 6 years with an interest rate of 6.9% To…

Q: Consider having a personal loan that spans 50 years. The loan was only taken out for $1000, but the…

A: Consider having a personal loan that spans 50 years. The loan was only taken out for $1000, but the…

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

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Q: Your electric bill is $128. You are charged 12% simple interest for late payments. How much do you…

A: Solution-: Given: Amount of  electric bill is $128. Rate of simple interest =12% . How much do you…

Q: What interest would be charged on a loan of $3000 at 4% interest for 1 ½ years?

A: Given information,

Q: If the interest on a loan amount $3500 for 1 years is $132. Then the rate of interest is O 2.65%…

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Q: Would it be better to have a loan with 5% interest paid back over 2 years, or a loan with 2%…

A: To determine which loan is better, we need to calculate the total amount of interest paid over the…

Q: You just received a new Visa credit card with a $5,000 limit and a 19% interest rate. You then…

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Q: The present value of $1500 in 6 months at 5% simple interest rate is Round answer to the nearest…

A: As per the concept of simple interest:FV=PV×(1+Rt)          Equation 1HereFV is the future value of…

Q: o create a college fund for your child. Suppose you find a fund that offers an APR of 6%. How much…

A: We are given: APR=6%=0.06A=Amount after time t=$89000n=Number of months in a year=12Y=Number of…

Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: Suppose that you borrow $20,000 for four years at 6% toward the purchase of a car. Find the monthly…

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