a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect. (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) 9.68 Incorrect: Your answer is incorrect. %

Q: Hans borrowed money from an online lending company to invest in antiques. He took out a personal,…

A: The Hans borrowed money from an online lending company to invest in antiques. He took personal ,…

Q: Mason took a $66,000 loan at 2.55% compounded monthly and decided to make end of month payments of…

A: No of Payments = nper = ?Loan = PV = $66,000Interest rate = rate = 2.55% per year = 2.55/12 =…

Q: What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage…

A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…

Q: Mike Jones bought a new split-level home for $150,000 with 20% down. He decided to use Quicken Loans…

A: Present value of annuity is computed as follows:-PV= A*wherePV= Present value of annuityA= annuityr=…

Q: Murray Countertops borrowed ​$4000 at an annual rate of 8​% to buy a used forklift. Murray…

A: Here, Loan Amount = $4,000 Interest rate = 8% Number of periods = 4  To Find: Amortization schedule…

Q: Diane Van Os decided to buy a new car since her credit union was offering such low interest rates.…

A: Time (T) = Number of exact time / 365.Number of exact time = Dec 14 2016 to March 15 2018.= 17 days…

Q: Gerardo Norega bought a dinette set for $900, which he paid in 12 monthly payments of $81.90. (a)…

A: Formula used:

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A: The loan amount is $100 The maturity Value is $111.50 The time period is 2 weeks To Find:…

Q: After making a down payment of $6000 for an automobile, Molly paid $600 per month for 36 months with…

A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…

Q: Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…

A: The final amount is computed by adding the loan amount and interest due and then subtracting the…

Q: Mr. Dalisay applied for a bank loan with a principal of P150,000 to be paid after five years in…

A: The amount of proceedings will be discouraged value of money today of future principal amount to be…

Q: 9. Sari Tagore obtains a $1,000 loan to purchase a laser printer. Her interest rate is 7% ordinary…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: Amy Lee held a $3,200 105-day note dated July 7, bearing interest at 9.6%. On August 11, Amy took…

A: Therefore, the interest amount will be $88.37.

Q: Carla borrowed $1,250 from the Royal Bank at 8.78% per annum calculated on the monthly unpaid…

A: Loan = 1250 Interest Rate = 8.78%/12 per month Monthly Payment = 180

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A: Loans are paid by the equal monthly installments and these carry the payment for principal amount…

Q: Dave took out a $5700 loan at 14% and eventually repaid $8892 (principal and interest). What was the…

A: STEP 1 The amount that a depositor is expected to earn on a principal sum at a predetermined rate,…

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A: Future value of amount includes the original amount and amount of interest being accumulated over…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: The Annual Percentage Rate (APR) is similar to the interest rate. It is on a yearly basis that is…

Q: Tom took out a $20,000 loan for 146 days and was charged simple interest. The total interest he paid…

A: The simple interest rate calculates interest based solely on the initial amount of a loan or…

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A: Prepaid Interest Expenses is that Expenses which is paid in advance before the Expenses due it will…

Q: Problem #2. Your  neighbor purchased a sailboat for $9,810. He made a downpayment of $2,000 and…

A: The formula for Annual Percentage Rate (APR) is: APR = [(Finance charge / Amount financed) x (12 /…

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A: Prepaid Expenses are those expenses that are paid in advance and which is recorded in the balance…

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A: Simple interest is calculated only on the initial principal amount throughout the investment or loan…

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A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

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A: The objective of this question is to determine the number of payments and the time in months it will…

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Q: Arianna borrowed $6700. Over the course of 4 years, Arianna ended up paying $1340 in interest. What…

A: Simple interest is that interest which is charged only on the principal. It is not the same as…

Q: Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36…

A: Monthly Payment = Principal Amount x Monthly Payment Factor @ 10.5% for 36 months (From Table) /…