A Hepplewhite sofa costs $3,200 in cash. Jaquanna Wilson will purchase the sofa in 24 monthly installment payments. A 17% per year finance charge will be assessed on the amount financed. Find the finance charge, the installment price, and the monthly payment. The finance charge is $. (Type an integer or a decimal.)

Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: Given: Hot tub cost = $5,070 Down payment = $1,300 Finance = 24 months Payments each month = $179.77

Q: Leila wants to buy a Corvette for $84,300 and the dealership has quoted an APR of 7.1%, compounded…

A: The objective of the question is to calculate the total amount that Leila will pay over the life of…

Q: QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be…

A: Variables in the question:Cost of home=$220,000Down payment=25%Balance will be financed with…

Q: Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment.…

A: The monthly payment on a loan refers to the periodic payment extended by the borrower for loan…

Q: While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of…

A: Down payment (D) = $900 Month end payment (m) = $240 Monthly period of repayment (p) = 56 (i.e. 4…

Q: The Nguyens are thinking of buying a home for $121,000. A potential lender advertises an 80%,…

A:

Q: calculate the APR on the loan. round to two decimal places

A: Purchase price2300Down payment600Loan amount1700No.of payments48Payment Amount42.5Monthly…

Q: evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the…

A: In add on method we simply add interest for given period and add to that with principal amount.

Q: Lauren and Serena each have 59-week loans. At the end of their terms, they each repay $3,800.…

A: The major difference between a simple interest rate & a compound rate is that the interest…

Q: Bea Fehr requires a personal loan to purchase appliances that cost S5000. She meets with the loan…

A: Cost of Equipment is  $5,000 Time period of loan is 3 years Interest rate of Institution- A is 934%…

Q: Justin is financing S169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the…

A: Using excel pmt function

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $859,000…

A: The monthly payment can be calculated with the help of present value of annuity formula

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her…

A: Introduction: Installment: Its a method of payment paying monthly , semi annually , annually etc.

Q: Brooke bought a new car for $⁢32,000. She paid a 20% down payment and financed the remaining balance…

A: Formulas:

Q: You work for a furniture store. You normally sell a living room set for OMR 4,000 and finance the…

A: Present Value:   The present value is the value of the sum received at time 0 or the current period.…

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: wants to buy a new jacuzzi. The jacuzzi costs $1500 Teagan decides to finance the jacuzzi for 36…

A: Loans make easy to buy anything because you have to pay by monthly payment which are easy to pay and…

Q: Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance

A:

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $856,000…

A: The monthly payment on the loan can be calculated with the help of present value of annuity function

Q: Barbie is going to borrow $5,000 to help write a book.  The loan is for one year and the money can…

A: Option 1: 1 year loan borrowed at prime rate = 11%Effective interest cost = 11%Option 2: 1 year loan…

Q: Maria and John decide to shop for furnishings for the new house.  They choose items that amount to…

A: Formula for simple interest  Future value =Principal + interest rate x number of years

Q: Chiara purchased a new natural qas barbecue for $2,200 and made a down payment that was 30% of the…

A: Annual interest rate = 5.5%   Effective annual interest rate = ((1+5.5%/12)^12-1)   Effective annual…

Q: You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an…

A: The cash price or the purchase price will be the current worth of all the payments made on a monthly…

Q: Antoine Smith wants a new pickup truck listed for $55,500. He will make a down payment of $30,000…

A: The series of regular fixed periodic payments made at each interval into deposits or to repay a debt…

Q: A couple buys a $190,000home, making a down payment of 16%. The couple finances the purchase with a…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Doug Black bought a jet ski with a 7% add-on interest installment loan from his credit union. The…

A: Add on interest is a way of determining the monthly payments where in first the total interest on…

Q: Michelle bought a new car for $⁢34,000. She paid a 20% down payment and financed the remaining…

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

Q: uston purchased a wall unit for $2,200. He made a $600 down payment and financed the balance with an…

A: The given problem can be solved using RATE function in excel. RATE function computes interest rate…

Q: Jenna bought a new car for $⁢39,000. She paid a 10% down payment and financed the remaining balance…

A: Monthly mortgage payment: The monthly mortgage payment is the repayment of a mortgage loan by paying…

Q: Jenna bought a new car for $⁢28,000. She paid a 20% down payment and financed the remaining balance…

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

Q: (a) Find her monthly payment. $  (b) Find the total interest. $  (c) Prepare an amortization…

A: “Since you have posted a question with multiple subparts, we will solve first three subparts for…

Q: While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end…

A: Given data:Down payment = $1,100Monthly payment (PMT) = $290Interest rate (r) = 4% compounded…

Q: Andy wants to buy a car that costs $22,750. The dealership will finance the car for 5 years, at…

A: Loans are the debt obligations of a company that are shown on the liabilities side. These are paid…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Monthly payments interest rate is calculated by excel function RATE, where the inputs are: pv:…

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.