Mary has saved enough money to make a $10,000 down payment on a $3 finance the purchase with an auto loan. Two lenders have offered Mary a loan and she wants to calculate the monthly payment for both loans. Use the Loan Repayment Calculator to figure out the monthly payments: Loan B
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- Diane is deciding between two personal loans. For each loan, the loan amount is $7500. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator Loan amount: $ Loan term: Interest rate: Calculate years % Monthly payment: (a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. S (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $ less. Loan B The total amount paid is $less. X ĽQuestion Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________.…Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.
- Angela's bank gave her a 2-year add-on interest loan for $6,120 to pay for new equipment for her antiques restoration business. The annual interest rate is 8.28%. How much interest will she pay? What are her monthly payments? Question content area bottom Part 1 She will pay $enter your response here in interest on the loan. (Round to the nearest cent.) Part 2 Her monthly payments are $enter your response here. (Round to the nearest cent.)Mario is buying a new car for $18,500. Compare the two loan offers by finding the monthly payments for each and calculating the total amount paid for each. Loan Options Down Payment Monthly Payment Total 5% down payment, 4.5% APR for 5 years 10% down payment, 3.5% APR for 4 yearsYou decide to purchase a house for $260,000. You have saved money so you are able to do a down payment of $20,000. You are able to finance your house by getting a 25 year mortgage with an interest rate of 7%. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Part 2 - Six years later, you decide to calculate your loan balance? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) (Hint. Use the remaining years for “N”). Part 3 - If the house appreciates at 3.12 percent per year, what will be the value of the house in eight years? (Round your final answer to 2 decimal places.) NOTE: Provide a format and show your work (example: N = 6, PV = XXX, I = X%, etc.)
- it For pre nments Unit Activity: Credit Cards and Large Purchases Buying a House Bethany and Samuel are buying a new house. They have $25,000 saved for a down payment and know that they can afford a monthly payment of $1,500 or less. They also know that the best interest rate they can get is 5.1% annually and they want to sign a 30-year mortgage. Part A If 5.1% is the annual interest rate, what is the monthly interest rate? BI U X² X₂ V 田 15px- Space used (includes formatting): 0/ 15000 V V Part B If they sign a 30-year mortgage, how many monthly payments will they make? BIUX² X₂ 15px M くく EEEEE 6 of 7 E Dec 1 1:56 Save & ExitSherry Smart is buying a $350,000 home and will pay the mortgage monthly for 30 years. She has a good credit score and has qualified for a 5.125% loan interest. How much will she be paying monthly for the home? Question 2Answer a. $1,318.69 b. $2,013.67 c. $975.88 d. $1,572.72Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.9% Installment Loan B: five-year loan at 4.8% P Use PMT = to complete parts (a) through (c) below. - nt 1- 1+ a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.)
- Listen Robyn is considering the purchase of a new car that sells for $34,000. Calculate her monthly payment based on a five year car loan charging interest at j12-3.6%. Assume that she makes a down payment of $6,000 and finances the remainder and that the payments are at the end of each month. Your Answer: AnswerO CONSUMER MATHEMATICS Finding the monthly payment, total payment, and interest for a... When Laura bought her house, she got her mortgage through a bank. The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Laura's monthly payment. (b) If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan. $0 (c) If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay. $0 X Monthly Payment Formula M= P r 12 r 1- ( 1 + 12 ) - 12td You have decided to buy a car that costs $31,000. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.27 percent compounded monthly for 7 years with the first monthly payment due today. What is the amount of your loan payment? Multiple Choice $294.91 $454.51 $456.89 $374.71 $293.38