Phyllis borrowed $1,000 at 2% APR for six months. Use the simple interest formula to calculate the total amount of interest Phyllis will pay if she pays $200 two months into the loan and the rest at six months.
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Phyllis borrowed $1,000 at 2% APR for six months. Use the simple interest formula to calculate the total amount of interest Phyllis will pay if she pays $200 two months into the loan and the rest at six months.
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- Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35Sam takes out a loan for $3,685.50. The term of the loan is 7 years, and she will make bi-weekly payments. The interest rate on the loan is 3.475% compounded monthly. a) What is the effective interest rate per payment period? b) If Sam is going to repay the loan with level payments, what is the monthly payment amount? c) Fill in the first 3 rows of the loan amortization table. d) What would the nominal interest rate (compounded monthly) have to be if the bi-weekly (level) payment amounts were $24.69?Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will be debt - free in 4-years, how much interest will she pay on this loan? Round your answer to the nearest dollar.
- Justin is financing $169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the principal owed at the end of the second month. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.Jessica borrows $1,000.00 from a credit card company at 25% annually for two years. Determine Jessica’s monthly payment. Show your work.Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the loan? B. How much will she receive?
- Jessica borrowed $25,000 on January 15 at a variable interest rate of 5%. On March 22, the rate increased to 6%. 1. How much interest will she pay when she repays her loan on June 15? 2. What is the total amount that she will end up paying for this loan?Liz borrowed $52,500 to purchase a home. The bank offered her an APR of 3.49% for a term length of 15 years. Excel calculates the monthly payment to be $375.06. If she were to pay only the minimum payment for the lifetime of the loan, how much will Liz be paying in interest?Sophie borrows $ 10,000 at an annual effective interest rate of 12% and will repay the loan over 10 years with monthly payments at the end of each month. The first monthly loan payment is $ X, and each subsequent monthly loan payment increases by 0.25%. Determine X.
- Carol borrows $30, 000 from the bank. For a six-year loan, the bank requires annual end-of-year payments of $5, 878.05. The annual interest rate on the loan is?Jenna bought a new car for $28,000. She paid a 20% down payment and financed the remaining balance for 36 months with an APR of 3.5%. Assuming she makes monthly payments, determine the total interest Jenna pays over the life of the loan. Round your answer to the nearest cent, if necessary.c. By how much will the amortization period shorten if Shawn made an extra payment of $54,000 at the end of the year 3? years E months Express the answer in years and months, rounded to the next month
