A contractor bought a new computer system for 520,000 pesos. After making a down payment of 130,000 ​pesos, he agreed to payments of 18,627 pesos per month for 24 months. Find the total installment cost and the annual percentage rate using the APR table. Click here to view page 1 of the APR Table for Monthly Payment Plans. The total installment cost

Q: An installment contract for the purchase of a car requires payments of $311.25 at the end of each…

A: The amount financed for the car is approximately $16,900.60. The total interest cost over the 5…

Q: You have a new 10 year Student loan for $20,000.00 that charges an interest rate of 6.45% compounded…

A: Amortization: It is the systematic writing-off of premium or discount on bonds issued. If the market…

Q: You own the right to receive a sequence of payments. The first payment is $4000 and is received…

A: A stream of cash flows in perpetuity has been provided. The present value needs to be determined.…

Q: Banes Co. wants to borrow $300,000 on an add-on basis at a simple rate of 12.00% to be paid in nine…

A: Interest is the cost of borrowing payable at regular or flexible intervals. The simple rate of…

Q: Consider a loan of $98,000 at 7% compounded annually, with 12 annual payments. Find the following.…

A: Loan amortization can be defined as the procedure of amortizing the loan in such a way that the loan…

Q: machine selling for $10000 may be purchase by paying a $1000 deposit and the balance in equal…

A: in this problem we have to calculate present value FACTOR and from that we can get monthly payments.

Q: For a student loan of $20,700 at 2.75% for 20 years, complete the following. (a) Calculate the…

A: Loan amount = $20,700Interest rate = 2.75%Number of years = 20 years

Q: An insurance policy provides a benefit of $21,500 twenty two years from now. Alternatively, the…

A: Amount to received after 22 years 21,500 Payment per year is $590

Q: Installment Note. On January 1, 20x1, agree to buy equipment in exchange for six payments of $2,000…

A: The note can be defined as the promissory note issued by the borrower making promise that the…

Q: A building is priced at $250,000. If a down payment of $25,000 is made and a payment of $5000 every…

A: The time value of money (TVM) is a financial concept that recognizes the idea that a sum of money…

Q: Your company agreed to pay a maintenance contractor $ 3.677 as the first payment at the end of the…

A: Annuity refers to series of equalized payments that are either made start or end of definite period…

Q: An installment contract for the purchase of a car requires payments of ​$217.43 at the end of each…

A: Interest expenses The amount that the borrower pays for the funds borrowed is called the interest…

Q: TA Corp. has a consulting contract with a firm that states that he will receive annual payments of…

A: We need to use present value of annuity due(payment due at beginning of year) formula for…

Q: You just obtained a loan of $13,384 with monthly payments for four years at 8.4 percent interest,…

A: The concept of time value of money can be used here. As per the concept of time value of money the…

Q: A personal account earmarked as a retirement supplement contains $292,200. Suppose $250,000 is used…

A: An annuity is a financial term that depicts a stream of cash flows of an equivalent periodic amount…

Q: An installment contract for the purchase of a car requires payments of ​$217.43 at the end of each…

A: The loan can be repaid by making periodic payments which can be monthly or annual etc. These…

Q: Maria is considering purchase of a new machine. The purchase price of the machine is $12,000.  The…

A: Price of Machine =$12,000 Interest rate (r) = 15%/4 = 3.75 % per quarter Years =4 Terms(n) = 4*4 =16…

Q: A house costs $147,000. It is to be paid off in exactly ten​ years, with monthly payments of…

A: Given information: Cost of house is $147,000 Monthly payment is $1,783.52 Number of years is 10

Q: An instalment contract for the purchase of a car requires payments of $280.49 at the end of each…

A: Solution:- When a loan is taken, it is to be repaid in lump sum or in installments. If it is paid in…

Q: You have taken out a 60-month, $26,000 car loan with an APR of 8%, compounded monthly. The monthly…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: An installment contract for the purchase of a car requires payments of ​$206.33 at the end of each…

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