Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: Option 1: 20% down payment
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Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing:
Option 1: 20% down payment and financing at 5% simple interest per year for 3 years.
What is the finance charge/interest be? Show the work
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- Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: Option 2: no down payment and financing at 5.25% simple interest for 4 years. What is the finance charge/interest be? Show the workMaria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: 20% down payment and financing at 5% simple interest per year for 3 years. What will be the finance charge or interest be?Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: no down payment and financing at 5.25% simple interest for 4 years. What will be the finance charge or interest be?
- Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: Option 1: 20% down payment and financing at 5% simple interest per year for 3 years. Option 2: no down payment and financing at 5.25% simple interest for 4 years. Answer each of the following questions separately, showing all your work to reach each answer. Which option will result in smaller finance charge (interest)? What will that finance charge/interest be? Which option will result in the smaller monthly payment on this fixed installment loan? What will that monthly payment be? They decide to defer any purchases and invest a $5600 bonus that Maria will be getting from work in a savings account. The interest rate is 1.8% compounded every month. How much interest will they earn in 4 years? They decide to defer any purchases and loan the $5600 bonus to a needy relative at 5%…2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and financing at 7.75% simple interest for 3 years. Answer each of the following questions separately, showing all your work to reach each answer. A. Which option will result in smaller total finance charge? What will that total finance charge be? B. Which option will result in the smaller monthly payment? What will that monthly payment be? C. They decide to defer any purchases and invest in a savings account a $2400 bonus that Maria will be getting from work. The rate is 1.5% interest compounded every month. How much interest will they earn in 3 years? D. They decide to defer any purchases and loan the $2400 bonus to a needy relative at 3% simple interest per year. How long will the term of the loan need to be if…2.They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and financing at 7.75% simple interest for 3 years. Answer each of the following questions separately, showing all your work to reach each answer. A. Which option will result in smaller total finance charge? What will that total finance charge be? B. Which option will result in the smaller monthly payment? What will that monthly payment be? C. They decide to defer any purchases and invest in a savings account a $2400 bonus that Maria will be getting from work. The rate is 1.5% interest compounded every month. How much interest will they earn in 3 years? D. They decide to defer any purchases and loan the $2400bonus to a needy relative at 3% simple interest per year. How long will the term of the…
- They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and financing at 7.75% simple interest for 3 years. Answer each of the following questions separately, showing all your work to reach each answer.They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and financing at 7.75% simple interest for 3 years. Answer each of the following questions separately, showing all your work to reach each answer. Which option will result in smaller total finance charge? What will that total finance charge be? Which option will result in the smaller monthly payment? What will that monthly payment be? They decide to defer any purchases and invest in a savings account a $2400 bonus that Maria will be getting from work. The rate is 1.5% interest compounded every month. How much interest will they earn in 3 years? They decide to defer any purchases and loan the $2400 bonus to a needy relative at 3% simple interest per year. How long will the term of the loan need…John and Chelsea decide they would like to buy furniture. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: Option 1: 20% down payment and financing at 5% simple interest per year for 3 years. Option 2: no down payment and financing at 5.25% simple interest for 4 years. Which option will result in smaller finance charge (interest)? What will that finance charge/interest be? Which option will result in the smaller monthly payment on this fixed installment loan? What will that monthly payment be? They decide to defer any purchases and invest a $5600 bonus that Chelsea will be getting from work in a savings account. The interest rate is 1.8% compounded every month. How much interest will they earn in 4 years? They decide to defer any purchases and loan the $5600 bonus to a needy relative at 5% simple interest per year. How long will the term of the loan need to be if they want to earn $500…
- Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: They decide to defer any purchases and invest a $5600 bonus that Maria will be getting from work in a savings account. The interest rate is 1.8% compounded every month. How much interest will they earn in 4 years? Show workJessica plans, to purchase a new work truck. The dealer requires a 20% down payment on the $45,000 vehicle. Jessica will finance the rest of the cost with a fixed rate amortized auto loan of 5.5% annual interest with monthly payments over 6 years. find the required down payment find the amount of the auto loan find the monthly payment.The Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Calculate the total amount paid for Mortgage A. Calculate the total interest paid for Mortgage A. Calculate the monthly payment for Mortgage B. Calculate the total amount paid for Mortgage B. Calculate the total interest paid for Mortgage B. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.
