A student takes out a loan of $1,400 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 6% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 5.3% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid. The monthly payment is $ (Round to the nearest cent as needed.) The total amount of interest paid is. (Round to the nearest cent as needed.) LITE

Q: Find the payments necessary to amortize each loan. $2500, 16% compounded quarterly, 6 quarterly…

A: Given, r=16% =0.16 P=$2500 n=6 A=Pr1+rn1+rn-1

Q: Assume that you make quarterly payments of $ 750 into an annuity paying 5% interest compounded…

A:

Q: Determine the monthly payment if you take out a loan for $ 190000 with an annual interest rate of…

A: Given : Loan Amount  = $ 190,000 Interest rate    = 6.25% Time              = 20 years The formula…

Q: A loan of  $12,400 is to be repaid with monthly payments for 5 years at 12 % interest compounded…

A: To calculate the monthly payment, we can use the formula for the monthly payment on a loan with…

Q: A business must pay an annuity of $ 20,000 quarterly with j4 = 5%. Calculate the semester payment to…

A:

Q: James receives $6497 at the end of every month for 4 years and 3 months for money that he loaned to…

A: Please check the answer in next step

Q: Cassandra received a loan of $7,700 at 4.25% compounded monthly. She settled the loan by making…

A: To determine the size of the periodic payment.

Q: Calculate the simple interest due on a 45-day loan of $1600 if the interest rate is 8.7%

A: P=principle=1600r=interest rate=8.7%=0.087t=time=45 day=45365 yearI=interest

Q: Find the total interest paid of the loan if the amount borrowed is OMR 25,000 at 5% interest for 8…

A: I am using Simple Interest formula for this. S.I.=(25,000*5*8)/100 S.I.=OMR 10,000

Q: Find the final amount in the following retirement account, in which the rate of return on the…

A: The formula for future value of ordinary annuity is  FV=R1+in-1i where R is regular deposit, i is…

Q: You take out a loan to purchase a car for $7600. The bank offers you 3.8%, compounded monthly for 4…

A: Interest = $ 26525.22

Q: Rachel deposits $12,000 into a fixed asset account that earns 6% compounded quarterly. What is…

A: Formula:      where FV = Future Value          PV = The principal amount (the initial amount of…

Q: Find the cost of purchasing an annuity that pays $25,000 per year for 20 years. The interest rate is…

A:

Q: David plans to purchase a motorcycle. He needs to borrow $7500 and interest is 8% per annum…

A:

Q: A woman deposit $290 of her quarterly checks into an annuity for the education of her child. She…

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: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given

Q: A couple buys a condo for $310,000. After a 20% down payment, they take outa 30-year mortgage at 7%…

A:

Q: Shannon finances her new car with a $9,900 auto loan. The loan has a 5-year term at a fixed annual…

A:

Q: Ruth opens a savings account at 8% compounded semiannually and deposits $2,000 every 6 months for 10…

A:

Q: Compute the monthly payments for each add-on interest loan. The amount of the loan is $1300. The…

A: Addon interest also known as simple interest formula is given by the equation; A=P1+rt100 Where A is…

Q: A car loan is simple interest. You borrow $17,500 for 4 years at 7.5%. Assuming monthly payments,…

A: Given : $17,500 is borrowed for 4 years at 7.5 % of simple interest.   To find : Monthly payments.

Q: A local university received a $500,000.00 gift to establish an endowment fund for a student…

A: Answer:- value of the fund 56 years from now = 500,000 *[(1+0.02/2)^(2*8) ]=586289.322462…

Q: A loan is repaid with payment of $7209 at the end of each quarter for 11 years. If interest on the…

A:

Q: Compute the monthly payments for the add on interest loan. The amount of the loan is $9,963.00. The…

A: The interest for a loan of principal amount P for an interest rate of r% for t years is given by;…

Q: The payment on a 15 year loan at 9.36% compounded weekly is $180. Calculate the amount of the loan.

A:

Q: $20,000 in a fund paying 2% per year, with monthly payments for 5 years PMT =

A: The objective of the question is to calculate the monthly payments (PMT) for a fund of $20,000 that…

Q: Use the​ add-on method to determine the monthly payment for a ​$9,000loan at 6​% interest for three…

A:

Q: Find the new balance for $1,000 left on deposit for 6 months at 4% interest compounded quarterly.

A:

Q: Sandra buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan…

A: Here, Car price= $18,600 Down payment=0.15 Annual rate= 6.25% Number of months= 5*12= 60 months