A $35 000 loan for a recreational boat is charged 2.3%/a compounded monthly. It is to be paid off with monthly payments over the course of 8 years. How much interest will the loan accrue? a) $4089.60 b) $4948.34  c) $4378.55 d) $3801.08

Q: A) Allison wants to save money for a vacation she's planning on taking in 6 years. she deposits $15…

A:

Q: Rachel purchased a car for $23,900; she paid 20% of the cost as a down payment and financed the…

A: The compound interest formula for an initial amount of P at a rate of r%, for t years compounded n…

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: Stacey purchased a car for $58,300; she paid 5% of the cost as a down payment and financed the…

A:

Q: Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5%…

A: Consider the given data  cost of home=$165,000down payments=$25,000rate of mortgage r=5%time t=30…

Q: the same account (an

A:

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: lily wants to buy a snowbmobile. she can borrow $7500 at 10% / anum compounded quarterly if she…

A:

Q: You have taken a loan of $89,000.00 for 27 years at 5.4% compounded quarterly. Fill in the table…

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: Nathan and Haley Scott are buying a $300,000 house and putting 20% down. The bank is offering a…

A:

Q: Determine the amount of interest paid on a $35000 investment that pays 10% per year, simple interest…

A:

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: Lily purchased a car for $52,400; she paid 20% of the cost as a down payment and financed the…

A: The compound interest formula for a principal amount of P for an interest rate of r% for t years…

Q: Hank made payments of $105 per month at the end of each month for 30 years to purchase a piece of…

A: given payment $105 per month FV=$98310 t=30 years  =30×12 month  =360 month claim- (1) find the…

Q: $1,250

A: Please refer to the image below

Q: Toby takes a one year loan from the bank for $50,000. The bank charges a nominal interest rate of…

A: Given,

Q: You have taken a loan of $7,000.00 for 4 years at 3.1% compounded monthly. Fill in the table below…

A: Solution of the problem as follows

Q: Erica and Guadalupe plan to purchase a home for $241,000. They will pay 20% down and finance the…

A:

Q: A computer store sells for  $2,200,000 . The buyer made a  30%  down payment and secured a  20…

A: Given that, A computer store sells for $2,200,000. The buyer made a 30% down payment and secured a…