Mariah took a loan in the the rate of 5.54%, compounded annually. Mariah will make bi-weekly payments in the amount of $286 end of each payment period for 9 years Determine the amount of interest paid between payments numbered 108 and 123 inclusive. Interest Paid=$
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- YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84% the balance after the 36 payment was $6566.01 and the balance after the 37th payment was $6194.50 what was YVette's monthly payment?Kia deposited $1,200, at the beginning of each year for 30 years in a credit union account. If the account paid 12% interest, compounded annually, use the appropriate formula to find the future value of her account.Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years (360 months) to purchase a home. Their monthly payment is determined to be $758.48. A recursive formula for their balance after each monthly payment has been made. A determination of Jim and Joan's balance after the first payment. Don't forget the interest affecting their payment create a table showing their balance after each monthly payment. Determine when the balance will be below $75,000. Determine when the balance will be paid off. Determine the interest expense when the loan is paid.(find the total paid, and subtract 120,000 from it).
- Patrick purchased a car and he obtained a 7-year term loan with an annual interest rate of 3.19%. The balance after the 36th payment was $6,368.37 and the balance after the 37th payment was $6,085.70. What was Patrick’s monthly payment?Janet borrows $3800 from a credit card company at 24.5% annually for 3 years. Determine Janet's monthly payment.Janet borrows $3500 from a credit card company at 22.5% annually for 3 years. Determine Janet’s monthly payment. Show your work.
- Gabriel Godwin purchases a tiny home for his elderly mother. After a large down payment, he finances $88,600 at 5% for 10 years. Prepare a repayment schedule for the first two payments. payment number total payment interest payment principal payment remaining balanceAmanda borrowed $6,095 from her best friend, 11 months later, Amanda repaid her $7,005. Calculate the effective annual interest rate.Marie deposits 1,000 into an account that pays interest at an annual nominal rate of interest of ?,compounded quarterly. At the same time, Hannah deposits 2,000 into a different account which pays a simple annual interest of ?. Marie and Hannah earns the same amount of interest during the last 3months of the 6th year.Calculate ?.
- Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning 3.8% p.a. compounded quarterly. If she leaves the accumulated contributions for another 4 years in the RRSP at the same rate of interest How much will Helen have in total in her RRSP account? How much did she contribute? How much will be the interest?Nicholas purchased a house for $475,000. She made a down payment of 15.00% of the value of the house and received a mortgage for the rest of the amount at 7.02% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 3 year period. a. Calculate the monthly payment amount. $0.00 Round to the nearest cent b. Calculate the principal balance at the end of the 3 year term. $0.00 Round to the nearest cent c. Calculate the monthly payment amount if the mortgage was renewed for another 3 years at 5.32% compounded semi-annually? $0.00 Round to the nearest centElin purchased a used car for $9,500. She wrote a check for $2,000 as a down payment for the car and financed the $7,500 balance. The annual percentage rate (APR) is 3% compounded monthly, and the loan is to be repaid in equal monthly installments over the next three years. Which of the following is most near to Elin's monthly car payment?
