Jamie is going to buy furniture with a single-payment loan that is discounted. The loan will be for $5,000 for 2 years at 10% interest. Calculate the annual percentage rate (APR) on this loan. (Show all work.)

Q: Charisma is able to pay $1250 a month for a 25-year mortgage with end of month payments. Because of…

A: It is a case of loan amortization where the monthly payment is given with a 20% down payment done…

Q: Taylor Swift, a college student of USEP decides to get a student loan amounting to $4,000 with an…

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

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: Crysta just borrowed $59,000.00. She plans to repay this loan by making a special payment of…

A: Annual payment refers to an amount that is paid annually for the repayment of a loan amount by the…

Q: Dagmar has a 4-year car loan at an annual interest rate of 7.5%. She has made 26 payments of…

A: Total number of payment over the entire duration of loan = Number of years×Number of months in a…

Q: Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will…

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Q: Inez wants to borrow $2100 to start a small business.  She has found a bank that offers a 7% add on…

A: Calculation of Monthly Payment:The monthly payment is $47.25.Excel Spreadsheet:

Q: Taylor will make payments of $150 at the end of every month to settle a loan of $1,300 at 5.10%…

A: Montly payment(PMT) = $150 Loan Amount = $1,300 Rate = 5.10% Compounded semi- annually

Q: A student graduates from college with 48000 in student loans with a 5.5% annual simple interest…

A: In the given question we require to calculate the amount of loan due after the first payment.…

Q: Nadia needs to borrow $5000 to pay for ocean cruise tickets for her family. She can borrow from a…

A: APR stands for Annual Percentage Rate. It is a standardized way of expressing the total cost of…

Q: 9. Aisha is looking for a $20,000 loan to buy a car. One financial institution has agreed to give…

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Q: the amount financed the finance charge The deferred payment price.

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Q: Huan accepted an in-store loan on a computer she just purchased. The monthly payment is $64.53 on…

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Q: Hector and Maria purchase their first home for $138,000. They make a 10% down payment and finance…

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Q: Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000…

A: Introduction Interest may be defined as those types of monetary payments which are made for…

Q: Zoey Bettincourt gets a $300,000 loan for a townhouse. She secures a 5/1 ARM at an initial interest…

A: Loan amount = $300,000 Initial interest rate = 2.75% Initial payment = $1,224.72 After 5 years,…

Q: Jamie is going to buy furniture with a single-payment loan that is discounted. The loan will be for…

A: Step 1 APR The term annual percentage rate (APR) describes the annual interest rate you'll pay if…

Q: Click here to access the TVM Factor Table calculator. Interest = $ Principal = $

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Q: estion (a) Your brother has asked you to help him with choosing an investment. He invest today for a…

A: With interest money grow according to the interest rate and period given into larger future value.

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Q: Ellen is shopping for a truck and has up to $325 to spend biweekly at a dealership in Selkirk, MB…

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Q: Bob purchases a car for $28,000. He makes $640 a month payments for 36 months on a 6.9% interest…

A: Excel formulas:

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A: Loans are paid by fixed equal monthly payments that carry the interest and loan amount.

Q: Melissa's monthly loan payments for this loan when she graduates in 1 year?

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A: As per Bartleby guidelines, If multiple questions are posted , only first 1 question will be…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.