Peggy made a down payment of $400 toward the purchase of new furniture. To pay the balance of the purchase price, she has secured a loan from her bank at 12%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $75.32 at the end of each month for 24 month. What was the purchase price of the furniture?

Q: If you borrow $700 for 6 months at 2% annual simple interest, how much must you repay at the end of…

A: As we know that the formula of the simple interest is:   Simple interest =I=P×r×t   Where,…

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A:

Q: What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the…

A: I solved with detailed analysis

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A: Given: Annual payment = R = $1000 Interest rate = i = 6% = 0.06 Number of annual payment = n =10

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A:

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A: Given:

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A: find explanation below

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A:

Q: Find the amount of ordinary annuity. (Interest is compounded annually.) R = $13,400, i = 0.045, n =…

A: Find the amount of ordinary annuity. (Interest is compounded annually.) R = $13,400, i = 0.045, n =…

Q: Find the interest refund on a 33-month loan with interest of $2,859 if the loan is paid in full with…

A: Given, Total interest is $2859. Total time of loan is 33 months, loan is paid in full with 11 months…

Q: To pay for his debt at 10% compounded semi-annually, рay Marcus committed for 10 quarterly payments…

A: To determine the amount of money Marcus borrowed.

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A: To find the number of months required to pay off half of loan.

Q: Sam has a balance of $1985 on his credit card. If the interest rate is 14.5% compounded monthly and…

A:

Q: Find the amount of an annuity that consists of 24 monthly payments of $500 each into an account that…

A: Monthly payment= R= $500 Number of payments = n= 24   Interest = r=i/n= 8%/12 = 0.08/12

Q: What is the monthly payment on a 30 year, $627,000 mortgage, with an interest rate of 4%, compounded…

A:

Q: Find the amount of an annuity due that consists of 13 monthly payments of $150,provided that the…

A: Given R=$150 n=13r =6%=0.06 To find the amount of an annuity due

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A:

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Q: A television set is for sale at P13, 499 in cash or in installment terms, P2,500 each month for the…

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Q: Find the monthly payment (before the balloon payment) for a 25-year, interest-only balloon mortgage…

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Q: Adam leases a car with an upfront payment of $1,629 and monthly payments of $197. Assuming there are…

A:

Q: Shaun Murie wants to expand his pharmacy. To do this, he takes out a bank loan of $49,275 and agrees…

A: Solution:Given    P=$49,275     r=12.2%=0.122n=48 months=4 yearTo find the amount of each payment…

Q: Shannon finances her new car with a $9,900 auto loan. The loan has a 5-year term at a fixed annual…

A:

Q: Omar has decided to finance a $25,000 car at 8% interest compounded monthly for 10 years.  Determine…

A:

Q: Jessica had a loan of $142,000 and made payments of $4,000 at the end of every month to settle it.…

A: In this question, we will use the compound interest formula.

Q: Janet’s payments on her $12,500 car are $420 a month for 3 years. Assuming that interest is…

A: Janet’s payments on her $12,500 car are $420 a month for 3 years. P = $12,500, t = 3 years & n =…

Q: What is the monthly payment on a 20 year, $577,000 mortgage, with an interest rate of 6%, compounded…

A:

Q: Mustafa purchases an annuity due paying 6% quarterly. If his payment is $5901, how much will its…

A:

Q: Megan leased a car for 5 years at a rate of 4.80% compounded monthly. It required her to make…

A: Total amount paid after 5 years or 60 months = 665 x 60 = $ 39900 Remaining amount that she can pay…

Q: Cameron is expected to settle a loan by paying $7,500. What amount should he pay if he decides to…

A: Here we find loan settlement amount.

Q: A service car whose cash price was P540,000 was bought with a down payment of P162,000 and a monthly…

A: Consider the given information.

Q: Mrs. Reyes plans to build a a two - door apartment on her vacant lot. She applied for a loan of…

A: Given Principal amount = 1,750,000 php time = 4 years rate of interest= 10% number of times the…

Q: A loan was repaid over seven years by end-of-month payments of $450. If interest was 12% compounded…

A: By using the formulas of future value we solve the given problem as follows :

Q: The rebate offer is $3100, and you can obtain a car loan at your local bank for the balance at 4.6…

A:

Q: Jim financed the purchase of a new car. If the loan had an annual rate of 3.25% compounded annually…

A: By using formula we solve the given problem as follows :

Q: In buying a car, Amiel pats P 210,000.00 cash and agrees to pay P790,000.00 for 4 years at 12%…

A: Given that, in buying a car, Amiel pats P 210,000.00 cash and agrees to pay P790,000.00 for 4 years…

Q: Adam leases a car with an upfront payment of $1,873 and monthly payments of $182. Assuming there are…

A: We have to solve above question and find what will be the total cost of a two-year lease

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $512,000 home…

A:

Q: As part of her retirement planning, Mrs. Campbell purchases an annuity that  pays 5% compounded…

A:

Q: As part of his retirement planning, Mr. White purchases an annuity that pays 8.5% compounded…

A:

Q: Dave wants to save $20,000 for a down payment on a really cool speedboat. He opens an annuity at…

A: Given: Dave wants to save $20,000 for a down payment on a really cool speedboat. He opens an annuity…

Q: If I purchased an appliance for $2500 , paid $800 as a down payment and financed the remainder over…

A: Given that loan is of 'add-on interest' typeAdd on interest = Principal *Rate of interest…

Q: Find the monthly payment for the loan. Finance $450000 for an apartment complex with a 8.5% 30 year…

A: Given   Amount =$45000      years=30    interest=8.5%  since we have the monthly payment for…

Q: Hannah is buying a property with $45000 down payment and monthly payment of $2100 made at the…

A: Hannah is buying a property with $45000 down payment and monthly payment of $2100 made at the…

Q: As part of his retirement planning, Mr. Jones purchases an annuity that pays 6.5% compounded…

A: Compound interest Formula is A = P(1+r/100)(n) where,  A = the future value of the investment P =…