A debt of P 1000 is to be paid off in 5 equal yearly payments, each combining an amortization installment and interest at 4% on the previously unpaid balance of the debt. What should be the amount of each payment? P 224.62 P 242.61 P 222.50 P 220.50

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Q: A lump sum of 4190 dollars is invested in an annuity that pays 9.2 percent interest compounded…

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Q: The monthly payment is ​$    enter your response here. ​(Round to the nearest cent as​ needed.) The…

A: The formula used to calculate monthly payment is- PMT = (P*(R/n))/(1-((1+(r/n))^(-nt))) where,P =…

Q: Tuition of $1830 will be due when the spring term begins in 6 months. What amount should a student…

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Q: In a test of a sex-selection technique, results consisted of 263 female babies and 7 male babies.…

A: Answer  Given    result consisted of 263 female babies. result consisted of 7 male babies.  the…

Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: The price of a condominium is $146,000. The bank requires a 5% down payment and one point at the…

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Q: You take a loan from your local bank. Determine the interest that is accrued on $7000 for five years…

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Q: Jackie took out a $9000.00 personal loan with a 4.5% interest rate that she will pay back in 3…

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Q: Kelly paid off his student loan in 3 years by making payments of $650 at the beginning of every…

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Q: Suppose that you borrow $13,000 for four years at 6% toward the purchase of a car. Find the monthly…

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Q: Manjot Singh bought a new car for $14 888 and financed it at 8% compounded seni-annually. He wants…

A: Given price of new car is P=$14,888 Interest rate r=8% compounded semi annually ⇒r=8100=0.08 Pay…

Q: You make a payment of $300 at the beginning of each month into an account that 3.6%annual interest.…

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Q: Suppose that you decide to buy a car for $28,635, including taxes and license fees. You saved $8000…

A: We have given that,  r=6.67%=6.67100=0.0667,  n=12 , t=4 years Also P=Total cost of car - Down…

Q: Tuition of $2086 will be due when the spring term begins in 11 months. What amount should a student…

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Q: Suppose that you borrow $14,000 for three years at 5% toward the purchase of a car. Use PMT=- find…

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Q: Carlos Menton purchases a new laptop computer from Knox Computer Solutions for $1499. If the sales…

A: Given: Purchase price = $1499 Sales tax rate = 4.25% r = 8.4% = 0.084 t = 3  n = 12 Formula Used:…

Q: A farmer purchased 285 acres of land for $4,300/acre. He paid 25% down and obtained a loan for the…

A: Formula for the loan amortization is where A is periodic payment, P is loan to be amortized, i is…

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

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Q: Your credit union offers to finance a $6000 conventional loan at 4% to be repaid in four years of…

A: Here we have,  The loan amount = $6000 rate r=4%12=412×100=0.0033 Time t = 4 years  Number of the…

Q: TJ deposited P25,000 in a compound interest savings account that gives 3.5% return semi-annually.…

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Q: much is the monthly payment?

A: To find the monthly payment.

Q: new furniture set costs $ 2400. If you make a down payment of $ 700 and finance the rest at a rate…

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Q: Find the annual simple interest rate of a loan, where $600 is borrowed and where $666 is repaid at…

A: Given data: Principle  = $600 Amount = $666 Time period = 15 months To find: Annual simple interest…

Q: Carla borrowed $1,310 from the Royal Bank at 7.9% per annum calculated on the monthly unpaid…

A: Solution

Q: A loan worth $5600 collect simple interest each year for 12 years. At the end of the time, a total…

A: The full form of APR is annual percentage rate which is annual rate of interest charged on loan.