A graduating college student owes $30,775 for a student loan. The loan charges an APR of 5.5%. What is the monthly payment required to pay off this loan in 13 years? Use two decimal place accuracy.

Q: Mang Ambo borrowed P90,000.00 from a friend. The borrowed amount earned P5,000.00 at 6 1/2% simple…

A: Note: It is assumed that the time period is being asked.   The simple interest is calculated using…

Q: Due to depreciation, the cost of a car decreases by 10.2% every year. How much is the estimated…

A: The solution is given below.

Q: A stock pays an annual dividend of $1.14 per share. Calculate the dividends paid to a shareholder…

A: The dividend paid for a stock is $1.14 per share. The number of shares a shareholder has is 305.

Q: You owe $2300 on a credit card with 21% APR if you pay $80 a month, how long will it take you to pay…

A: Formula for the loan amortization is  A=Pi(1+i)n(1+i)n-1 where A=periodic payment P=loan amount…

Q: You deposit $1600 in a bank account that pays 2.5% annual interest compounde monthly. Find the…

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Q: Sanjeep takes out a $250,000 mortgage. The yearly interest rate on the loan is 5% and the loan is…

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Q: The owner of a hot dog stand receives a loan of $4,750 at 7.25% for 9 months. Find the amount of…

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Q: A person has ​$1,264 in your bank account that is paying an interest rate of 2.7​% ​(0.027​) per…

A: image is attached

Q: A deposit of $1500 in an account pays 7.25% interest a year. What is the account balance after 8…

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Q: After making 360 monthly payments, how much if what you paid the bank was interest? $           .…

A: Total amount paid =360*978.03 Total amount paid=352090.8

Q: A vehicle purchased for $32500 depreciates at a constant rate of 8%. Determine the approximate value…

A: Answer:let A represents the future valueP represents the present valuer represents the depreciation…

Q: You have $400,000 saved for retirement. Your account earns 8% interest. How much will you be able to…

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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: Find the amount due if $400 is borrowed for 14 months at 17% simple interest. Amount = $

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Q: Lori buys a $411 certificate of deposit (CD) that earns 4.6% interest that compounds monthly.  How…

A: Monthly interest rate and future value will be calculated using the formula,

Q: The Cooper Foundation contributes $50,000 per year into an annuity fund for building a new zoo. The…

A: The Cooper Foundation contributes $50,000 per year into an annuity fund for building a new zoo. The…

Q: jim borrows $500 at 17% per annum compounded quarterly for 2 years. Determine the interest due on…

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Q: A construction company needs to borrow $290,000 for a new job. They decide to borrow the funds at…

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