Jim made a down payment of 2500 dollars toward the purchase of a car. To pay the balance of the purchase price, he has secured a loan from his bank at the nominal rate of 4 percent per year compounded monthly. Under the terms of his finance agreement, he is required to to make payments of 290 dollars per month for 48 months. What is the cash price of the car? (round to nearest cent) How much, in total, will Jim spend on interest charges?

Julio buys a koi fishpond (and fish to put in it for his wife on their anniversary. He pays $8000 for the pond and fish with $2000 down. The dealer charges add-on interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information to answer the following questions: 1) Find the total amount of interest he will pay. 2) Find the monthly payment. 3) Find the APR value (to the nearest half percent). 4) Find (a) the unearned interest and (b) the payoff amount if he repays the loan in full with 12 months remaining. Use the most accurate method available.

Freddy agreed to make quarterly payments of $781.25 for 4 years on a loan of $10,000. What simple interest rate is he paying?

Find the monthly payment for each loan below. Remember to assume monthly compounding. 11. Sean and Sam purchase a house with a $20,000 down payment. The purchase price of the house was $475,000 and they financed the rest for 3.75% for 30 years. Their annual taxes will be $2856, and their annual insurance will be $1984. What will their monthly principal, interest, tax, and insurance (PITI) mortgage payment be?

Fritz Benjamin buys a car costing $7900. He agrees to make payments at the end of each monthly period for 5 years. He pays 9.6% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest Fritz will pay. (a) Fritz's monthly payment is $ (Round to the nearest cent as needed.) (b) Fritz will pay a total of $ in interest. (Round to the nearest cent as needed.)

Bridgit has purchased a new home at auction for $655,000. To be able to pay for the house, she takes out a reducing balance loan from the bank for the sum of $520,000. The bank charges interest at the rate of 8.75%, compounding quarterly. Bridgit plans to pay off the loan over a period of 20 years. a. What quarterly instalment must Bridgit pay the bank? Express your answer to the nearest cent. b. How much interest will Bridgit pay over the period of the loan? 0 1 c. Complete the amortization table for the first 2 payments made on this loan. Quarter Payment Interest Principal reduction 2 0 Working space provided: 0 0 Balance $520,000 oH .0022 c mora sauber od zodat bas obem

John is planning to take a loan for a major renovation project for his home. He can afford only 10% of his annual gross salary for the payment of the loan. John makes $80,000 annually. The bank offered him a loan at 8% annual interest rate for 5 years to be paid monthly. Calculate the amount of the loan he should ask for: Group of answer choices $9282 ($44, 386.59) ($36, 988.83) $49,999

Dolph can afford a monthly car payment of $418 for the next 5 years, with the first payment occurring one month from today. If the annualized interest rate for car loans is 8%, what is the maximum amount he borrow to purchase a car? Enter a positive number as your answer and round to the nearest dollar.

Michael Sanchez purchased a condominium for $83,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $  (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0       $  1 $  $  $  $  2 $  $  $  $  3 $  $  $  $  4 $  $  $  $  (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?   $       Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years…

While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end payments of $290 for the next 5 years and 7 months. She was charged an interest rate of 4% compounded semi-annually for the entire term.a. What was the purchase price of the car?Round to the nearest centb. What was the total amount of interest paid over the term?