1)Sarah took out a personal loan for $4,000. The term of the loan is 3 years, and the interest rate is 7.5%. Her monthly payment is $124.42, and this payment includes both principal and interest. For the first monthly payment, determine the amount of the payment that goes toward principal.$99.42$77.76$25.00$27.99$96.43 2) Gary took out a 36-month loan to buy a new car. He borrowed $19,900 at an interest rate of 4.9%. His monthly payment (interest and principal) is $595.53. How much will Gary owe after he has made 14 payments?$12,161.11$12,506.02$7,738.89$8,087.55$13,678.99 3) Find the sales tax on a $21.33 purchase if the sales tax rate is 5 1/8%.$0.02$22.42$5.12$1.09

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Answered: 1)Sarah took out a personal loan for…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

1)Sarah took out a personal loan for $4,000. The term of the loan is 3 years, and the interest rate is 7.5%. Her monthly payment is $124.42, and this payment includes both principal and interest. For the first monthly payment, determine the amount of the payment that goes toward principal.

$99.42

$77.76

$25.00

$27.99

$96.43

Gary took out a 36-month loan to buy a new car. He borrowed $19,900 at an interest rate of 4.9%. His monthly payment (interest and principal) is $595.53. How much will Gary owe after he has made 14 payments?

$12,161.11

$12,506.02

$7,738.89

$8,087.55

$13,678.99

Find the sales tax on a $21.33 purchase if the sales tax rate is 5 1/8%.

$0.02

$22.42

$5.12

$1.09

Expert Solution