Tomas purchased a new heating and air-conditioning system for his home and financed $9,100 at an annual interest rate of 2.2% compounded monthly for 3 years. How much interest (in dollars) will Tomasz pay over the term of the loan? (Round your answer to the nearest cent.)

Q: Felix is purchasing a brownstone townhouse for ​$2,400,000. To obtain the​ mortgage, Felix is…

A: Given, Purchase Price of the house = $2,400,000 Down payment = 17% Mortgage period = 25 years…

Q: Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for…

A: When we buy a large ticket item like a home we usually take loan for that. The loan is repaid…

Q: Bernie purchased a riding lawn mower for $1,320. The store offered him a 3-year add-on loan at an…

A: Computation:

Q: omplete amo

A: fixed Monthly payment = P*R* ((1+r)^n)/((1+r)^n-1) P= Loan amount R= 5.90%/12= 0.4916% N= 12*0.5= 6…

Q: Fritz buys a car costing $24,300. He agrees to make payments at the end of each monthly period for 8…

A: A loan is an agreement between two parties where a sum is forwarded in return for periodic payments…

Q: What was Patrick’s monthly payment?

A: Re-payment of loan is a combination of principal loan amount and interest amount.  Loan is paid as…

Q: Jim made a down payment of 2500 dollars toward the purchase of a car. To pay the balance of the…

A: Given information: Down payment is $2,500 Nominal interest rate is 4% compounded monthly Payment of…

Q: Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Dan buys a property for $280,000. He is offered a 25-year loan by the bank, at an interest rate of…

A: Loan amortization is the systematic process of gradually reducing the outstanding balance on a loan…

Q: Dagmar has a 4-year car loan at an annual interest rate of 7.5%. She has made 26 payments of…

A: Total number of payment over the entire duration of loan = Number of years×Number of months in a…

Q: Sean buys a refrigerator for $899. The dealer gave him a 2-year add-on interest loan at 7.8%…

A: A method of the loan in which the amount of installment is evaluated by combining the principal and…

Q: Fatimah pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan,…

A: When a series of deposits or payments are made of equal amounts at equal intervals of time, it is…

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 60 months…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Nick received a loan of $5000 from a bank to purchase a bike. He obtained the loan at an interest…

A: Amortization Schedule: The amortization schedule represents a table consisting of periodic loan…

Q: Jeffrey Wei received a 6 year non-subsidized student loan of $30,000 at an annual interest rate of…

A: Present Value = $30,000 Interest Rate = 5.9% Time Period= 6 Years Loan Start after 4 Years

Q: Joe secured a loan of $15,000 two years ago from a bank for use toward his college expenses. The…

A: Monthly payment The minimum value that is required to be paid each month by an individual for the…

Q: grandmother’s estate in a few months’ time. He is eyeing to buy a 1-bedder condominium so that he…

A: In this problem we have to calculate monthly interest rate and present value FACTOR and from that we…

Q: Two years ago, Paul borrowed $10000 from his sister Gerri to start a business. Paul agreed to pay…

A: Borrowed amount = $10,000Interest rate for first 2 years = 4%Interest rate for next 5 years = 3%To…

Q: Julio buys a koi fish pond (and fish to put in it) for his wife on their anniversary. He pays $8,000…

A: Introduction Interest may be defined as those types of monetary payments which are made for…

Q: While buying a new car, Austin made a down payment of $1,000.00 and agreed to make month-end…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: Leona Jefferson purchased a home and obtained a 20-year loan of $436,750 at an annual interest rate…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property which itself…

Q: To vacation with his family, Mr. Velasco obtains a loan of $60,000 to be paid in 7 monthly…

A: Let's create an amortization table for Mr. Velasco's loan. Here are the details:Loan amount:…

Q: Ephrem bought a home in Des Moines, lowa, for $335,000. He put down 15% and obtained a mortgage for…

A: The time value of money is related to the change in the worth of the money with time. It says that…

Q: Roman paid $68,800 as a down payment towards an apartment purchase and receive nortgage from a bank…

A: Loans are paid by monthly equal amounts of payments and these equal payments carry the payment for…

Q: A couple buys a $190,000 home, making down payment of 16%. The couple finances the purchase with a…

A: Price of the home = $190,000 Down payment = 16% Loan amount (PV) = 190,000*(1-0.16) = $159,600…

Q: o buys a koi fishpond (and fish to put in it for his wife on their anniversary. He pays $8000 for…

A: In add on loans all interest for three year is added at one time and than monthly payment is done…

Q: Freddy agreed to make quarterly payments of $781.25 for 4 years on a loan of $10,000. What simple…

A: Simple interest refers to the method of calculating the interest earned where the principal amount…

Q: John has 1 mil dollars. John got a mortgage for a 1 mil dollar house bought with a 10% downpayment,…

A: Given, Prime rate at the beginning= 1.5% and annual increase= 0.25%  Therefore, interest rates for…

Q: urchased a house for $475,000. He made a downpayment of 20% of the value of the house and received a…

A: The loans are paid by the monthly payments that carry the payment for interest and payment for…

Q: elsey planned to buy a house but could afford to pay only $12,500 at the end of every 6 months for a…

A: Mortgage loans are secured loans and are paid by equal periodic payments that carry the payment for…

Q: Dolph can afford a monthly car payment of $418 for the next 5 years, with the first payment…

A: It is a case where the amount of loan to be borrowed by Dolph is to be calculated, based on his…

Q: To finance the purchase of her condo, max took a mortgage loan of $225,000 from Truly Bank for an…

A: It is a case that applies the concept of amortization of a loan that is taken from the bank.  The…

Q: Samuel Ng received a 3-year subsidized student loan of $15,000 at an annual interest rate of 4%.…

A: Given that: Loan Amount (A)= $15000 Time(t)= 3 years Number of payments per year (n)= 12 Annual…

Q: a) Find Kareem's monhly payment b) If Kareem pays the monthly payment for each month for the full…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…

A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…

Q: Noel purchases a house and gets a 15-year mortgage for $155,000 at 4.75% APR. In addition to the…

A: Monthly payment refers to the amount that is paid by the borrower to the lender at the end of each…

Q: Felix is purchasing a brownstone townhouse for $2,900,000. To obtain the mortgage, Felix is required…

A: The down payment is that part of an asset that is to be paid by the buyer before the individual can…

Q: Ben buys a house. He obtains a $220,000, 30-year mortgage at 5%. Annual property taxes $1,800,…

A: Calculate the monthly instalments as follows:

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.