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- Find the following. (Round your answers to the nearest cent.) FinanceCharge Number ofPayments Frequency Amount Number ofPayments Left $9.10 12 Monthly $15 5 (b) the amount needed to pay off the loanUse PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase (Cash) Price Down Payment Amount Financed Add-on Interest Number of Payments Finance Charge Monthly Payment $50,900 25% $ Incorrect: Your answer is incorrect. 10.8% 60 $ Incorrect: Your answer is incorrect. $ Incorrect: Your answer is incorrect.
- Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?You owe $2,500 in 5 months and $4,750 in 15 months. Your creditor has agreed to let you make one interest rate and a Focal Point Now. What single cash payment will make? single cash payment NOW using a 4% simple Round Each calculation to the nearest penny (even if zero), USE dollar signs, USE commas if and where needed Isuppose that you overdrew your bank account by $200. the bank charge you a fee of $30 and your paycheck will be deposited in 5 to cover the overdraft. please calculate the period rate apr and aer that you pay for this overdrew
- Suppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449Complete the following table: (Use Table 15.1.) (Do not round intermediate calculations. Round your answers to the nearest cent.) Selling price Down payment Amount mortgage Rate Years Monthly payment First Payment Broken Down Into— Interest & Principle Balance at end of month $241,000 $48,200 6.00% 15 I need help working these problems out. Please explain in detail.
- ← Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3600 and an annual interest rate of 16% With no further 1- purchases charged to the card and the balance being paid off over three years, the monthly payment is $127, and the total interest paid is $972. You can get a bank loan at 8.5% with a term of four years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed) This is 5 A. The monthly payments for the bank loan are approximately $ OB. The monthly payments for the bank loan are approximately $ This is 5 less than the monthly credit card payments more than the monthly credit card paymentsUse PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest - nt rate of 12%. You decide to pay off the balance over two years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 2 years is approximately $. (Round to the nearest dollar as needed.)site, find another.) Type in a home price of $300,000. Leaving all other entries as they are, enter an interest of 3%. Then change it to 4%. Then change it to 5%. Record the monthly payment readouts for each interest rate. Be careful with your calculations below and accurate with your research so that this assignment is useful! 1a. What was the monthly payment fference cost between the 3% and 5% loans? 1b. Multiply that monthly cost difference by 360 (the number of months in a 30 year home loan). What is the result? This is what a borrower may be paying MORE than someone else over the life of that loan due to credit. 1c. Why are customers with high credit scores given loans with lower interest rates? Reference the notes above for help here. 1d. What does this research tell you about the importance of maintaining a "good" credit score (as best as