A contractor borrows $2,700 on July 1 at 12% interest rate per annum to purchase electrical supplies. If the loan is repaid 18 months later, how much interest is charged?

Q: A loan of 16800 dollars is to be repaid in annual installments of 2000 dollars, the first due in one…

A: Given

Q: A loan of $14400 is to be repaid in end of quarter payments of $600. How many payments are required…

A: *** This is the problem related to financial mathematics and we are advanced math expert and have…

Q: What is the monthly payment on a 15-year mortgage of $200,000 at 6% interest? What is the total…

A: Let A be the monthly payment. r = interest rate per period = interest rate per month = 6% / 12 =…

Q: What would the monthly payment be on a purchase of $10,000 car at a 5.9% fixed annual interest rate…

A: Formula for the ordinary annuity is  FV=R1+in-1i where R is the regular deposit, i is the periodic…

Q: The annual interest rate on a credit card is 16.99​%. If a payment of ​$100.00 is made each​ month,…

A:

Q: Suppose you want to have $300,000 for retirement in 25 years. Your account earns 4% interest…

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Q: A loan of  $12,400 is to be repaid with monthly payments for 5 years at 12 % interest compounded…

A: To calculate the monthly payment, we can use the formula for the monthly payment on a loan with…

Q: A contractor borrows $1,000 at 11.8% interest rate per annum to buy material for a job. The debt is…

A: Compound Interest Formulawhere A is the final amount after time t P is the initial investment R is…

Q: For a loan of $14,000 at 4.00% paid monthly over 60 months, how much principal is paid off half-way…

A: It is given thatLoan amount=$14,000Rate of interest per month=4%Time=60months 5yearsTo find:1…

Q: A homebuyer takes out a mortgage of $100,000 with an interest rate of 9%. What monthly payment is…

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Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…

Q: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given

Q: What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the…

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Q: An automotive dealer borrowed $ 8700.00 from the Bank of Montreal on a demand note on May 5.…

A: The objective of this question is to calculate the total interest cost for the loan borrowed by the…

Q: Jan Reus sold her home and has $18,000 to invest. She believes she can earn 8% compounded quarterly.…

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Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. c. If you pay…

A: Given that, loan amount P=$175,000, monthly payment PMT= $975, Interest rate r=4.5% and frequency of…

Q: A $2100 loan carrying interest at 5% per annum simple interest began on July 12 and was repaid on…

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Q: How much will need to be paid in full on a loan of $2200, at a rate of 4.2% simple interest for 6…

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Q: The Small Business Administration offers business loans at 5.8% interest compounded monthly for 8…

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Q: Calculate the value gained from depositing 12 regular installments into a bank, as the  amount of…

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Q: $1,250

A: Please refer to the image below

Q: Olivia bought a used car for $15,500. She will be making a payment monthly for 4 years. The…

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Q: Mr.  Allen purchased an annuity that pays 19% compouned annually. If the yearly payment is $3,500,…

A: With the help of compound interest formula we can solve this problem easily- The formula for…