You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 8% simple interest. Find the a) finance charge b) estimated annual percentage rate. Round to the nearest hundredth of a percent.
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You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 8% simple interest. Find the a) finance charge b) estimated annual percentage rate. Round to the nearest hundredth of a percent.
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- Suppose you purchase a set of living room furniture for $1,300. You pay 10% down and sign a contract to repay the balance in 10 equal monthly payments. The finance charge on the balance is 7% simple interest. Estimate the annual percentage rate (APR) to the nearest tenth of a percent.Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $985 per month, and the total finance charge is $9,360. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $) Round to the nearest centyou get a $15000 car loan for 4 years at 6.7% interest. the lender charges $250 for an origination fee(which is added to your loan amount). what is your APR? Round to the nearest hundreth of a percent.
- You purchase a washing machine and dryer for P750. You pay 20% down and agree torepay the balance in 12 equal monthly payments. The finance charge on the balance is8% simple interest.a. Find the finance charge.b. Estimate the annual percentage rate. Round to the nearest tenth of a percent.Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $985 per month, and the total finance charge is $9,360. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) $You take out a consumer loan at your credit union for new insulated windows for your house. The total installed cost is $8,250, of which you pay 20% down. The balance is to be paid in 71 equal monthly payments, with a finance charge equal to 7.5% simple interest on the outstanding balance. Find the approximate annual percentage rate (APR), to the nearest tenth of a percent.
- You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate (APR), of 12%. Monthly payments will be made until all the principal and interest have been repaid. Solve, a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $9,800 from the bank, what is your true APR on the loan?Suppose that you borrow $14,000 for four years at 5% toward the purchase of a car. Use PMT = to find the monthly payments and the total interest -nt 1- for the loan. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $515,000 home bought with a 20% down payment and the balance financed for 30 years at 6.8%
- You buy items costing $800 and finance the cost with a fixed loan installment for 18 months at 5% simple interest per year. What is the finance charge? What is the monthly payment?Suppose you owe $1,000 on your credit card. The annual percentage rate (APR) is 12%, compounded monthly. The credit card company says your minimum monthly payment is $14.60. a. If you make only this minimum payment, how long will it take for you to repay the $1,000 balance (assuming no more charges are made)? b. If you make the minimum payment plus $7.64 extra each month (for a total of $22.24), how long will it take to repay the $1,000 balance? c. Compare the total interest paid in Part (a) with the total interest paid in Part (b). months for you to repay the initial balance. (Round to the nearest whole number.) b. It will take months for you to repay the initial balance. (Round to the nearest whole number.) c. The difference in the total interest paid in Part (a) and Part (b) is $. (Round to the nearest dollar.) a. It will takeSuppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $).