221-hw1

1. Betty Thomas borrowed $6500 onher Visa card to install a hot tub with landscaping around it. The interest charges are 1.6% per month on the unpaid balance a) Find the monthly interest charges. b) Find the interest charges if she moves the debt to a credit card charging 1% per month on the unpaid balance. (c) Find the monthly savings.

4) Brenda is buying a living room set for her home. At Furniture, Inc., she picks out a set for a total cash price of $1,899 The salesperson tells her if she qualifies for an installment loan, she may pay 10% down and finance the balance with payments of $88.35 per month for 24 months?

1. Mary Smith took a car loan of $20,000 to make 60 equal monthly payments. The interest compounds monthly. (a) Calculate the monthly payment for Mary, if the nominal interest is 9% per year.(b) (How much interest would Mary pay for taking the loan? (c) Immediately after making the 20th payment, if she wants to pay off the car loan, how much does she need to pay?

A woman decides to purchase a $23000 car, and makes down payment of $3500. She arranges to borrow the remainder from a bank that will charge her 4.5% interest. She will make monthly payments for 4 years. a. Find her monthly payment amount b. determine the total amount she would pay for the car and the total amount of interest paid

Mm. 140.

While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of $240 for the next 4 years and 8 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? Round to the nearest cent b. What was the total amount of interest paid over the term? Round to the nearest cent

Emily is buying a new car for $1,700. The dealer is charging her an annual interest rate of 10.2%. If she pays off the loan in 24 months, what are her monthly payments? If she makes a down payment of $210, how much will her monthly payments be? Round to two decimal places. OA. $170.57; $74.75 B. $170.57; $10.54 C. $85.28; $74.75 O D. $145.28; $10.54

A friend of yours bought a new sports car with a $4,500 down payment plus a $27,000 car loan that is financed at an interest rate of 0.75% per month for 60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 24th monthly payment? c. If, after the 24th payment, she decides to pay $100 more each month, how many months will it take her to payoff the remaining loan she owes? a. The required monthly payment is (Round to the nearest cent.) b. Your friend still owes $on the car loan. (Round to the nearest dollar.) c. It will take her months (Round-up to the nearest month)

22. Chris bought a new car for $12,500. He made a $3,000 down payment and financed the rest at an annual interest rate of 14.5% for 36 months (3 years). How much less would his total interest be for the same loan for 24 months (2 years)? A. $1,387.50 B. $1,377.50 C. $1,367.50 D. $1,357.50 3. Which of the loans should you try to pay off first? A. a loan for $3,400 at 16%

Erica has just purchased a new personality from I Spy a New You, LLC for $1250. She put exactly 25% down and financed the rest for 10 years at 21% APR. She financed The monthly loan payment is rounded up to afull dollar. She paid interest and principal at the end of month 2, leaving an outstanding balance of Express all answers to the penny. Note: I recommend that you answer the question using hand calculations rather than a spreadsheet.

A friend of yours just bought a new sports car with a $5,000 down payment,and her $30,000 car loan is financed at an interest rate of 0.75% per month for 48 months. After two years, the “Blue Book” value of her vehicle in the used-car marketplace is $15,000. Solve, a. How much does your friend still owe on the car loan immediately after she makes her 24th payment? b. Compare your answer to Part (a) to $15,000. This situation is called being “upside down.” What can she do about it? Discuss your idea(s) with your instructor.

Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual com- pound interest of 6 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5, and 15 years. b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part a using 8 percent and 10 percent. c. What conclusions can you draw about the relationship among interest rates, time, and future sums from the calculations you just did? use EXCEL to work this out and show the formula!

I need help working out this problem. Please explain in detail.   Polly Flin borrowed $5,000 for 60 days at 6%. On day 15, Polly made a $2,000 partial payment. (Assume a 360-day year) What is Polly’s ending balance due?   How much did Polly save by making the partial payment?

Sam got a job at the Brick. He immediately finances a car paying $500 every month for 3 years. The interest is 2.25% compounded monthly. How much is the interest cost of the financing? Select one: OA. $609.81 OB. $408.04 OC. $17 390.19 D. $603.37 OE. 59284.81 Clear my choice

While buying a new car, Katherine made a down payment of $1,000 and agreed to make month-end payments of $280 for the next 5 years and 6 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? Round to the nearest cent b. What was the total amount of interest paid over the term? Round to the nearest cent

Need only handwritten solution only (not typed one).

Nn.160. Subject  :- Finance

Hh1. Account Gerry likes driving small cars and buys nearly identical ones whenever the old one needs replacing. Typically, he trades in his old car for a new one costing about $16,000. A new car warranty covers all repair costs above standard maintenance (standard maintenance costs are constant over the life of the car) for the first two years. After that, his records show an average repair expense (over standard maintenance) of $2600 in the third year (at the end of the year). increasing by 50 percent per year thereafter. If a 30 percent declining-balance depreciation rate is used to estimate salvage values and interest is 9 percent, how often should Gerry get a new car?

Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?

Please answer number 4