Alex wants to purchase a used car for OR 20,000.00. She could pay OR 5000.00 at purchase and wishes to pay the balance in 5 yearly equal installments at a 12% interest. How much would Alex’s yearly installments payment be?

Q: how much must she pay each month?

A: Mortgage Payments: Mortgage payments are made to the lender by the borrower for taking a loan.…

Q: A woman buys a house for a ​$260,000. She pays ​$20,000 down and takes out a mortgage at 5.1​% for…

A: Purchase Price of House = pp = $260,000Down Payment = dp = $20,000Compound = Monthly = 12Interest…

Q: Susan had an auto loan left of $11,000 with a 14.6% interest rate. Her payment is $400 a month, $200…

A: The monthly interest rate  on the outstanding loan : The monthly interest rate  on the outstanding…

Q: Tian can afford to put a down payment of $10,000 on a car. He can also afford to make monthly…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Janet is purchasing a new house for $315,000. Her credit union requires her to make a 20% down…

A: Using Excel PMT function

Q: Alan loans $3750 to Betty at a 6.2% simple interest rate. Betty agrees to repay the loan after 13…

A: Simple rate of interest is calculated by multiplying the rate with principal and adjusting the same…

Q: If George wants to purchase a new home for $400,000 and finance $320,000 with a 4%, 30 year mortgage…

A: Excel Spreadsheet:

Q: Dagmar has a 4-year car loan at an annual interest rate of 7.5%. She has made 26 payments of…

A: Total number of payment over the entire duration of loan = Number of years×Number of months in a…

Q: Jon buys a car for $25,000. He pays $5000 down and pays the balance in 60 equal monthly payments. If…

A: Computation:

Q: Sarah needs RM 2,500 to pay for the deposit for her new car. How much should she borrow from her…

A: Let the amount to be borrowed = X n = 9 months = 0.75 years Discount rate (d) = 10%

Q: Tabitha had to pay her friend $1,200, 3 months ago and he has to pay $510 in 4 months. If her friend…

A: Present value:A financial concept known as "present value" emphasises the time value of money by…

Q: must she

A: An installment that is paid on monthly basis is called PMT. A fixed amount of interest is to be…

Q: A couple buys a $200000 home, making a down payment of 19%. The couple finances the purchase with a…

A: Solution:- Given, A Couple buys a $200,000 home, making a down payment of 19% The couple finances…

Q: Pedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for…

A: Loan amount (P) = $589,000 Monthly interest rate (r) = 0.0025 (i.e. 0.03 / 12) Monthly period of…

Q: Paige refinanced her home loan. The new loan of $85,000.00 has an interest rate of 3.7% compounded…

A: i) Monthly Payment: Solved using Financial Calculator  PV = - 85,000 I/Y = 3.7/12 = 0.3083333333 N =…

Q: Maria purchases a new big screen television for $850 on her VISA card that carries a favorable…

A: Formulas:

Q: Margarita borrows R10,000 from her uncle and agrees to repay it in monthly instalments of R200. Her…

A: Loans are paid in equal monthly payments and these payments carry the payment for interest and…

Q: How much does she still owe when there is 1 year left on the loan?

A: Interest is charged by the lender on the amount of loan taken. At the initiation of loan repayment,…

Q: Angelina is buying a home for $208,000. She has a $37,000 down payment and the bank b offered her a…

A: Loans are paid by the monthly payments and these are equal monthly installments and these carry the…

Q: Jonathon wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the…

A: Computation as follows: Therefore, the payment amount and total interests are $286.18 per month and…

Q: Crispin wants to buy a motorcycle. His mother will loan him some money at only 6% compounded…

A: Given, The rate is 6% compounded quarterly. Amount to be repaid is P3600 in 2 years

Q: Allison is considering paying $400 a year for an extended warranty on several of her major…

A: Rate of interest =2% Period =5 years  Payment =$400 per year  Future value FACTOR =(1+r)n/r Future…

Q: A couple buys a $190000 home, making a down payment of 23%. The couple finances the purchase with a…

A: Individuals and couples usually take loan when they buy homes because of the fact that houses are…

Q: A couple buys $160000 home, making a down payment of 17%. The couple finances the purchase with a 15…

A: Here, Particulars Values Purchase value   $ 160,000 Down payment 17.00% Number of years…

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: Mindy takes out a 4-year loan of $5000 at an annual rate of discount of 5%. How much does she…

A: Present value is a financial concept that helps calculate the present value of money to be received…

Q: Lia plans to buy a house for Php 157,950. She wants to make a down payment of Php 24, 937 and to…

A: Mortgage- A mortgage is a sort of loan used to buy or maintain tangible assets such as a home,…

Q: offered her a 30-year fixed rate mortgage at 5.83%. What will be Angelina's monthly mortgage…

A: Information Provided: Home cost = $417,000 Down payment = $26,000 Interest rate = 5.83% Years = 30…

Q: Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years.…

A: Down payment is defined as an initial partial payment at the time of purchasing an expensive items…

Q: Ingrid wants to buy a $16,000 car in 8 years. How much money must she deposit at the end of each…

A: Solution:-When an equal amount is deposited each period at end of period, it is called ordinary…

Q: Tabitha had to pay her friend $900, 4 months ago and she has to pay $630 in 4 months. If her friend…

A: The present value is the current date value of the annuity that can be determined by discounting the…

Q: will owe $6,050 to repay a personal loan she took out to go on vacation. The loan was for a term of…

A: In simple interest there is no interest on the interest and there is interest on the principal…

Q: If money is compounded monthly at 6.42%, how much must she pay each month? Round off to two decimal…

A: Principal Amount of Loan = Total Amount - Down Payment Monthly Payment = P x r / [1 - {1 / (1 +…

Q: Find the monthly payment for each loan below. Remember to assume monthly compounding. 11. Sean and…

A: The value for the mortgage would be determined when a person has taken some loan and some periodic…

Q: Stephen plans to purchase a car 4 years from now. The car will cost $35,175 at that time. Assume…

A: The present value concept of the money time value states that the value at two different times is…

Q: Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th…

A: a) Value of chevy malibu = $12,500 Down payment =$1,000 Loan Amount =$12,500 -$1,000 Loan amount…

Q: ladyn is looking to purchase a home for $182,000 and will make a $40,000 down payment in order to…

A: Mortgage loans are paid by easy monthly payments that carry the payment for interest and payment for…

Q: Alien Jackson has $2,000 on her credit card which charges a 23% interest rate. If she wants to pay…

A: It is a case of amortization of a loan that is to be paid in 4 years on a monthly basis. To repay…