A person borrowed some money and agreed to pay off the loan by making monthly payments of $75 for three years; the first payment is in one month.  The interest rate on the loan is 9%.  Find the amount that the person borrowed.

Q: a. How many payments are required to repay the loan? Number of payments b. Use the given information…

A: Amortization is the process of gradually repaying the loan. In an amortizing loan, a portion of each…

Q: You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against…

A: A loan refers to a contract between a lender and a borrower where a sum is exchanged on the promise…

Q: Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months.…

A: A discounted loan is a loan where the borrower has to pay the face value at maturity and receives…

Q: Safewell Co obtains a discount loan at a 12 percent interest rate.  Safewell borrows $100,000 for…

A: Effective interest rate if the amount of interest rate which is charged on the principal amount…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: Consider a $230,000 home mortgage in which the payment per month is $945.38 for a thirty-year…

A: A Loan refers to the amount of money taken by one party named borrower from the other party named…

Q: Chris Jenkins is borrowing $11,500 for 5 years at 10 percent. Payments are made on a monthly basis,…

A: Given  Interest rate = 10% Number of years = 5 years Amount of borrowing = $ 11500 Calculation of…

Q: alance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged…

A: A mortgage is an agreement between borrower and lender that allows one to borrow money from a bank…

Q: Flat Rock Inc recently borrowed $55,000 from its bank at a simple interest rate of 9.2%. The loan is…

A: The loan agreement that states the interest amount would be added back to the amount borrowed, such…

Q: Scampini Technologies is expected to generate $100 million in free cash flow next year, and FCF is…

A: Next year Free cash Flow = fcf = $100 million Growth rate = g = 8% Weighted average cost of capital…

Q: Doreen Short was looking over the repayment schedule for a loan of $37,858 at 7% interest for 5…

A: The remaining balance after making payments for 15 months as the remaining payments will be 45 is…

Q: A borrower had a loan of $7800 at 5.6% compounded semiannually, with 20 semiannual payments. Suppose…

A: We have; The loan amount is $7800 The interest rate is 5.6% compounded semiannually Total m=number…

Q: You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 8…

A: From the given information, Principal (P) = $8000 Time (t) = 8 years r = 8% = 0.08 Compounded…

Q: A loan for $36, 000 was obtained to be paid off over 5 years at 5.5% P. A with monthly repayments. a…

A: First, the present value annuity formula can be employed to determine the monthly payment (PMT).…

Q: How much will be owed at the end of 5 years?

A: Time value of money means the amount of received in the present period will have more value than…

Q: Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months.…

A: Effective annual interest rate is referred as the interest rate which is adjusted for compounding…

Q: 1. PEDRITO OBTAINS A LOAN FOR $140,000.00 FOR A TERM OF ONE YEAR AND EIGHT MONTHS WITH A SIMPLE…

A: Simple interest is a method of calculating interest on a principal amount without considering the…

Q: You are purchasing a $79,500 house with monthly payments on a twenty-year note with interest at 6.8%…

A: Amortization Schedule For loans with flat payments, a loan amortisation schedule is a table that…

Q: The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semi-annually and…

A: Borrowed Loan = $19500Quarterly Payment =$1110Interest Rate = 8.11%Term of periodic payment =…

Q: A loan of $5000 earns $750 interest in 1.5 years. Find the rate of interest.

A: Interest amount = Principal * Rate * Time duration

Q: A bank made a farmer loan of 1000 at 14% for three years compounded annually. Find the future value…

A: Loan amount = 1000 Interest rate = 14% compounded annually Period = 3 years

Q: On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog. The loan carried a rate of…

A: Simple Interest=  Principal* rate of interest* number of days/Number of days in a year.

Q: You deposited $150 the first year in an account that earns 12% annual interest. You also deposited…

A: Annuity refers to the fund or account in which periodic payments are accumulated for a definite…

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n

Q: Martinez and Martinez Inc. makes monthly payments of $152.11 and pays 6% interest on a current loan.…

A: Time value It indicates that the value received today is of more value than receiving the exact…