Hello tutor give correct solution You have borrowed $70,000 to buy asports car. You plan to make monthlypayments over a 15-year period. Thebank has offered you a 9% interest ratecompounded monthly. Calculate thetotal amount of interest dollars you willpay the bank over the life of the loan.Round to the nearest dollar and assumeend-of-month payments.

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Answered: You have borrowed $70,000 to buy a…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each month you pay the minimum monthly payment. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 10%. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card, and borrow additional money as well. How much can you borrow today on the new card without changing the minimum monthly payment you will be required to pay? (Note: Be careful not to round any intermediate steps less than six decimal places.) You can borrow $ on the new card without changing the minimum monthly payment you will be required to pay. (Round to the nearest dollar.)
your credit card has a balance of $3000 in an annual interest rate of 17% with no further purchase charge to the card and the balance being paid off over five years. The monthly payment is $75 and the total interest paid is $1500. You can get a bank loan at 9.5% with a term of six 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? A. the monthly payment for the bank loan are approximately $__ This is $__ more than a monthly credit card payments. B. The monthly payments are the bank loan are approximately $__ This is $__ less than the monthly credit card payments. B.How much total interest will you pay? How does this compare with the total credit-card interest? A. The total interest paid over 3 years for the bank loan is approximately$__. This is $__ more than the total credit-card interest. B. The total interest paid over 3 years for the bank loan is approximately $__. This is $__ less than the…
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The First Common Bank has advertised one of its loan offerings asfollows: “We will lend you $125,000 for up to 3 years at an APR of 7.5% (interestcompounded monthly).” If you borrow $125,000 for one year, how much interestwill you have paid and what is the banks APY?

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