A consumer purchase new furniture by borrowing $1,500 using the stores credit plan which charges 18% compounded monthly. What are the monthly payments if the loan is to be repaid in 3-years? $22.50 $45.48 $54.23 $90.52

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her…

A: Introduction: Installment: Its a method of payment paying monthly , semi annually , annually etc.

Q: A used car can be purchased for $15,200 with monthly payments spread over 4 years, the person has…

A: We need to find the total installment cost of the loan.

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: Cash Price = $6000 Down payment = 15% Interest rate = 13.5 / 12 = 1.125% Number of payment = 30

Q: The Small Business Administration offers business loans at 5.75% interest compounded monthly for 7…

A: Given Monthly payment is $650 rate is 5.75% Term is 7 years

Q: lending service, recen , how much can you borrow from E-Loan? What is the total interest you will…

A: Present value is represented by the current value of a sum of money that will be received or paid in…

Q: need help with this question

A: Loan to value ratio is 80% and the cost of the house is $ 80,000.Thus loan amount = 80% * $ 80,000=…

Q: marillo National Bank offers you a 60-month, 0.139 APR (monthly compounding) auto loan. If you…

A: Loans are paid by monthly payments and these monthly payments carry the payment for interest and…

Q: Discount rate. Future Bookstore sells books before they are published. Today, they are offering the…

A: As per time value of money concept,

Q: Lisa would like to buy some furniture for the new home. Good Home Furniture offered her the maximum…

A: The maximum furniture that Lisa can afford is equal to the present value of the maximum credit…

Q: A consumer buys a used car $15500 with monthly payments of $340, an annual interest rate of 4.6%.…

A: The concept of time value of money will be used and applied here. When we take a loan or a mortgage…

Q: Car loan An automobile dealer offers customers no-down- payment 3-year loans at an interest rate of…

A: given, A=$500 r=10% n= 3 years m=12

Q: ou want to purchase an automobile for $31,074 . The dealer offers you​ 0% financing for 48 months or…

A: If we opt for 0% financing then the interest cost will be zero and we can defer the payment over the…

Q: A store offers two payment plans. Under the installment plan, you pay 25% down and 25% of the…

A: a-1Present value = Cash flow/(1+interest)^number of years that is present value=

Q: Ursula wants to buy a $21,000 used car. She has savings of​ $2,000 plus an​ $800 trade-in. She wants…

A: The monthly payment is the payment that includes the principal amount as well as interest amount and…

Q: A $150,000 home is financed by a 30-year, 9 percent fixed-rate mortgage loan with 20 percent down…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: 5000. She can borrow from a finance company at 6.90% add-on interest for 4 years. Or she can borrow…

A: In the add on method of interest all interest for the period of the loan is added at one time and…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A:

Q: What will your monthly payment be for a car you purchase for $82,000 today where the bank will…

A: The money's present value is its current worth compared to some of its potential future value after…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: The add-on interest method adds the total interest and the principal amount to reflect the amount…

Q: ase a used sports utility vehicle costing $30,000 by taking out a 9% add-on installment loan. The…

A: Answer : Cost of vehicle = $30,000 Time= 5 Years rate = 9% Down payment = $30,000*15% = $4,500…

Q: What is the monthly car payment on a 2 year $19,500 car loan at 7.5% annual interest?

A: In the given question we need to compute the monthly payment on car loan given that: Loan Amount…

Q: Jorge is buying a new car for $24,750. Compare the two loan offers by finding the monthly payments…

A: Purchase Price of Car = 24750 Two loan options evaluated below

Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…

A: The amount of interest paid is calculated as difference of total payments less present value of…

Q: A bank advertises car loans at 8% compounded monthly for 4 years. There is a 0.5% reduction in the…

A: Loans are paid by equal monthly installments that carry the payment of interest and payment of loan…

Q: a.  If the interest rate on the loan is 12%, how long will it take for her to repay the loan fully?…

A: The formula to determine the time period (n) is as follows:If we were to solve this question…

Q: hase a used sports utility vehicle costing $30,000 by taking out a 9% add-on installment loan. The…

A: Answer : Cost of Vehicle = $30,000 Down payment = $30,000*15% = $4,500 Interest rate = 9% Time = 5…

Q: You are considering the purchase of new living room furniture that costs $1,140. The store will…

A: Variables in the question: Description                      DataPV ($)1140PMT ($)25.12nper52

Q: A new car costing $28,000 can be financed with a four-year loan at 6.12%. A three-year-old model of…

A: Introduction: The present value of annuity can be defined as estimating the amount of money which…

Q: This equation is used to find the monthly payment, m, given the monthly interest rate, i, the…

A: Mortgage loans make the house buying very easy and the mortgages are paid by the monthly payments…