A $3,000 demand loan was advanced on September 30. Fixed monthly payments of $1000 were required on the first day of each month beginning November 1. What was the balance of the loan on December 1, before the monthly payment? Assume that the interest rate remained at 6.75% for the life of the loan.

Q: ind the simple interest on the following: $5349 at 5%; loan made on August 12and due December 23…

A: $5349 at 5%; loan made on August 12and due December 23

Q: Consider a student loan of $12,500 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: (a) Obtain the monthly payment as follows.

Q: Your company borrowed $180,000, agreeing to pay the balance in 18 equal monthly installments at 8%…

A: The formula to find is, Remaining balance =  (Original balance*(1+r)^n)-EMI*((((1+r)^n)-1)/r)

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: Consider a home mortgage of ​$200,000 at a fixed APR of 4.5​% for 25 years.   a. Calculate the…

A: Given :Principle = 200000APR = 4.5%Time = 25 years

Q: Calculate the annual payouts C to be given for 15 years with an interest rate of 6% on an annuity…

A:

Q: The maturity value of $3600 at 5% for 9 months is.

A: we  know  , the maturity  value , V = P( 1+ R)^T V – Maturity Value P – Principal Invested R – Rate…

Q: Calculate

A:

Q: A contractor borrows $2,700 on July 1 at 12% interest rate per annum to purchase electrical…

A: A contractor borrows $2,700 on July 1 at 12% interest rate per annum to purchase electrical…

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: A loan for $5,000 with a simple annual interest rate of 20% was made on September 13th and was due…

A:

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: Consider the 20-year fixed rate home loan of $185,500 with an interest rate of 6.75% what is the…

A: given, home loan=$185500 r= 6.75% = 0.0675 t=20 years frequency is monthly m= P(r/n) / 1-(1+r/n)-nt

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: Find the monthly payment on a 30-year fixed mortgage loan of $108,525 if the interest rate is 6 3/4%

A: Formula used to calculate the monthly payment of mortgage loan is given below: M=PR1-1+R-N Where…

Q: An initial investment of $10,900 was deposited into a term deposit on July 11th. If the interest…

A: Find the maturity value

Q: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

A: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

Q: On April​ 3, the Mears Flag Company borrowed ​$18,000 to pay for​ start-up costs for its new…

A:

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: Find the monthly payment to amortize a $96,000 mortgage at 5.0% annual interest for 15 years.

A:

Q: Suppose that a student borrows $5000 at the start of their senior year of college. With a nominal…

A: The quarterly interest payment is calculated by multiplying the amount borrowed by the quarterly…

Q: Compute the monthly payments for an add on interest loan of $2900 with an annual interest rate of 8%…

A: given that P  = $2900 R = 8% T = 4 years formula used for compound interest is…

Q: $1,250

A: Please refer to the image below