will owe $6,050 to repay a personal loan she took out to go on vacation. The loan was for a term of 10 months at 5.2% ordinary interest. What was the original amount of her loan?

Q: Maya borrowed 15, 000 pesos last June 10, 2020, from a lending institution which offered 12% simple…

A: The time period for which loan or borrowed amount is due or funds are held by borrower is calculated…

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: Brian received a 15 year loan of $285,000 to purchase a house. The interest rate on the loan was…

A: Mortgage loans are paid by equal periodic and fixed payments and these carry the payment of interest…

Q: Joan received a loan of $47,435 for 2.75 years at a simple interest rate of 9.5%. How much will Joan…

A: The future value of a simple interest amount is the principal amount with the total interest…

Q: Jillian and Collin borrowed $62,000 at 7.61% compounded monthly as a second mortgage loan against…

A: A mortgage is a covered loan taken to purchase a property with the property itself acting as…

Q: total interest

A: Mortage is defined as the type of loan wherein the loan is taken between two or more parties.…

Q: Carie purchased a car for $49,000; she paid $4900 as a down payment and financed the balance amount…

A: Present Value= the financed amount after the down payment= 49000-4900= 44100Payment per period can…

Q: Carol borrows $27,663 to help pay for expenses. The loan is for 7 years and carries an annual rate…

A: Amortization is a financial concept that refers to the gradual repayment of a debt, typically…

Q: Margo borrowis 51700 , agreeing to pay it back with 48 annual interest after 11 months. How much…

A: Principal Amount = p = 51,700Interest Rate = r = 48%Time = t = 11 / 12 Years

Q: must she

A: An installment that is paid on monthly basis is called PMT. A fixed amount of interest is to be…

Q: Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6…

A: Loan is a value which is borrowed from the external sources like banks for a particular period and…

Q: Anna is buying a house selling for $285,000. To obtain the​ mortgage, Anna is required to make a…

A: Loans are paid by easy simple monthly payment which makes it easier to pay the loan and these equal…

Q: Margarita borrows R10,000 from her uncle and agrees to repay it in monthly instalments of R200. Her…

A: Loans are paid in equal monthly payments and these payments carry the payment for interest and…

Q: Flo East has $25,000 to invest in a financial institution for a period of three years. Institution A…

A: Explanation : When we are calculating the Compounded Interest calculation Monthly Compounding…

Q: Amber received a 15 year loan of $245,000 to purchase a house. The interest rate on the loan was…

A: Answer information:Step 1:a. Monthly Loan PaymentWe can find the monthly payment using the loan…

Q: Rachel and Eddy are buying a home for $875,000 by obtaining a 5-year closed mortgage for $700,000.…

A: Amortization of a loan refers to the systematic payment of the loan at regular intervals. These…

Q: Sonia borrowed $7829.00 compounded monthly to help finance her education. She contracted to repay…

A: It can be calculated using=NPER(rate,pmt,pv,[fv],[type])Rate The interest rate for the loan.Nper…

Q: Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was…

A: Mortgage loans are paid by equal periodic and fixed payments and these carry the payment of interest…

Q: Mindy takes out a 4-year loan of $5000 at an annual rate of discount of 5%. How much does she…

A: Present value is a financial concept that helps calculate the present value of money to be received…

Q: Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the…

A: Data given: P=Loan amount = $ 5,500 r=Rate= 8.11% p.a. Date of the loan = September 7 Date of…

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: While buying a new car, a down payment of $1,20 agreed to make month-e of $300.00 for the next 4…

A: Vehicle are purchased by paying by small amount of down payments and remaining payments are made by…

Q: Shanice paid $69,950 as a down payment towards an apartment purchase and received a mortgage from a…

A: The down payment is $69,950 The time period of the mortgage is 27 years The interest rate is 4.93%…

Q: Abigail's calculations show that the total interest owed to Sanjeev on her 3, 700 loan is 177.60. If…

A: Step 1: Step 2: Step 3: Step 4:

Q: Theodora received an 8-year PLUS Loan of $17,000 to attend law school for her last 2 years. If the…

A: Step 1 The amount paid each month to repay the loan over the course of the loan is known as the…

Q: Armita has a mortgage for $907,598.00. The term of the mortgage is 5 years, and the amortization…

A: Mortgage loans are paid by the monthly payments and these amount carry the payment for interest and…

Q: Tabitha had to pay her friend $900, 4 months ago and she has to pay $630 in 4 months. If her friend…

A: The present value is the current date value of the annuity that can be determined by discounting the…

Q: Ms. C took a loan of $150,000 at a rate of 7 percent. She can pay equal installments of $25,000 at…

A: The number of years over which she can repay the loan amount can be calculated using the NPER…

Q: sky wants to purchase a new house that cost 1,440,000. The bank agrees to provide a loan to fixed…

A: We need to find monthly installment and compare that with the salary of 20000 per month. If monthly…

Q: bought a vacation property for $18 900.00 down and sem nnual period for eight years. Interest is…

A: Price of property can be found from down payment and mortgage amount taken.

Q: Victoria buys a property for $2,500,000 by paying $500,000 down payment and the rest on a 15-year…

A: The amount taken on credit or financed by the person is ascertained by deducting the down-payment…

Q: On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on…

A: There are two types of simple interest: the ordinary and the exact. These two phrases employ the…

Q: Theresa borrowed $7258.00 compounded monthly to help finance her education. She contracted to repay…

A: Given:

Q: Valerie refinanced her home loan. The new loan of $103,000.00 has an interest rate of 5.9%…

A: Here, Loan amount = $103,000.00 Interest rate = 5.9% compounded monthly Term of loan = 21 years To…

Q: Cathy borrowed a student loan for $700 and agreed to pay off the loan $740 one month later. what is…

A: Simple interest is that interest in which the interest component is computed only on the principal…

Q: Erica borrowed money from Charles an amount of 58,744 and promise to pay at the end of second and…

A: Simple Interest is a method of ascertaining the interest payment to be made for a loan/principal…

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.