Blended payments on a $4000 loan were $425 per month. Interest was charged at 6.2% per annum calculated on the unpaid balance. How much of the first payment goes to interest? $20.67 $404.33 $9.41 $58.35 O $21.76

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

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Q: How much interest (to the nearest dollar) would be saved on the following loan if the condominium…

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Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: Find the simple interest (in dollars) due on a 31-day loan of $950 if the annual simple interest…

A: The provided information is as follows:The principal amount is .The total number of days is .The…

Q: Kelly paid off his student loan in 3 years by making payments of $650 at the beginning of every…

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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: Suppose that you borrow $13,000 for four years at 6% toward the purchase of a car. Find the monthly…

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Q: Find the interest for a principal of $8883, rate 9.3% and 5 years.

A: According to the question,  We have: Principal = P = $8883 Rate of Interest = R= 9.3% Time period =…

Q: An individual borrowed ​$78,000 at an APR of 3​%, which will be paid off with monthly payments of…

A: HERE GIVEN MONTHLY PAYMENT IS MADE FOR 22 YEARS IT MEANS 12 PAYMENTS PER YEAR. AND OTHER DETAILS ARE…

Q: 36,000 is invested at 5.5% compounded annually for 8 years. a. Find the final amount b. Find the…

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Q: John makes six monthly deposit of $1020 each. The interest rate is 4.36% compounded monthly. How…

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Q: A farmer purchased 235 acres of land for $4,900/acre. He paid 25% down and obtained a loan for the…

A: Given:   First we will find the amount of loan the farmer has taken    Calculating the amount of…

Q: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 6% interest. How…

A: Suppose you want to have $500,000 for retirement in 30 years.  Future ValueFV= $500000Time t=30…

Q: Find the principal if $245 in interest is due after 10 months at 7%

A: By using formula of simple interest.

Q: Find the simple interest on the loan of​ $2500 for 2 years at​ 5%.

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Q: Assume a six-month CD purchased for $5000 pays simple interest at an annual rate of 9.5%. How much…

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