Amy borrowed $13,978.00 to buy a car. If interest was charged on the loan at 4.31% p.a., how much interest would Amy have to pay in 30 days? The interest charged would be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Q: Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge…

A: Principal Amount = p = $1400Interest = i = $70Service Charges = sc = $12Number of Payment = n = 12

Q: Derek borrows $263,197.00 to buy a house. He has a 30-year mortgage with a rate of 5.93%. After…

A: A mortgage loan payment is a regular, typically monthly, installment made by a borrower to repay a…

Q: Dion took out a mortgage of $459,000 for a house and just made the 91st end of month payment.…

A: Mortgage refers to the amount borrowed for a defined period at the rate of interest. The borrowed…

Q: Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance…

A: > Given data:> Calculation of  APR as follows below:> APR = ((Amount paid / Loan amount ) /…

Q: Looking for steps on how to solve it using: y=p(1+r/n)^nt

A: Introduction Future Value The value derived for the money invested today, based on the time value…

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: A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4…

A: Amortized loan: The method of loan where the borrower makes the periodic payments which include both…

Q: and financed the balance with an installment loan for 48 months. It payments are $43.50 per month,…

A: in this we to calculate present value FACTOR and than find out period required.

Q: If Tyler needs to have $17000 to buy a car in 4 years, how much money would he have to place into an…

A: The objective of this question is to find out how much money Tyler needs to deposit now in an…

Q: how many years will it take her to pay back the loan?

A: A person defers his or her current payment liability via loan. A loan is provided by a bank, who…

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

A:

Q: (please correct answer and don't use hend raiting) Krista borrowed $15,529. The loan is to be…

A: Given:- Krista borrowed $15,529.- The loan is to be repaid by three equal payments.- The payments…

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: Jean borrowed $3600 from the bank in order to buy a new piano. She will pay it off by equal payments…

A: Interest-  The monetary payment for the privilege of borrowing money is known as interest, and it is…

Q: Heather McIntosh recently purchased a home for $175,000. She put $22,500 down and took out a 25-year…

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

Q: If Rita receives $36.44 interest for a deposit earning 6% simple interest for 10 days, what is the…

A: Interest received = $36.44 Interest rate = 0.06 or 6% Number of days = 10 Amount deposit = ?   In…

Q: Billy borrowed $14,140.00 to buy a car. If interest was charged on the loan at 9.06% p.a., how much…

A: The lender is the one who borrows funds from the borrowers. The borrower makes a promise to pay the…

Q: Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment.…

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Q: If Rita receives $36.44 interest for a deposit earning 6% simple interest for 10 days, what is the…

A: To calculate the deposit amount we will use the below formula   Deposit amount = I/(r*d/365) Where I…

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

A: finance charges refer to the fees or interest that a borrower pays to a lender for the use of credit…

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Q: Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last…

A: Computation:

Q: If Inez is charged an interest of $357.76 on a loan of $18946 for 2 months, calculate the rate of…

A: The amount of Interest (I) = $357.76The principal amount (P) = $18,946Time period (T)= 2…

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A: Time value of money (TVM) means that the amount of money received in the present period will have…

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: Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance…

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Q: Nona purchased a new car earlier today for $24,000. She financed the entire amount with a five-year…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.