calculate the APR on the loan. round to two decimal places

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: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: Given: Hot tub cost = $5,070 Down payment = $1,300 Finance = 24 months Payments each month = $179.77

Q: On May 11, you get a 9% $1,800 furniture loan with monthly payments of $80.  Your first payment is…

A: The mortgage is the commitment to repay the sum borrowed as a loan secured by collateral. The loan…

Q: Bryan received a loan of $42,000 from the bank at 3.25% compounded monthly. If she had to repay $350…

A: Given that: Interest rate r = 3.25% per year = 0.2708% per month Period n =3 year= 36 months…

Q: Alexandr makes 15 equal annual deposits of $1,000 each in a bank account paying 5% interest. How…

A: Future value refers to the anticipated value of an investment or asset at a specific point in the…

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: Jie purchased a computer priced at $1316.21, financing it by paying $60.16 on the date of purchase,…

A: A loan refers to a contract between a lender and a borrower where money is forwarded by the lender…

Q: Brett purchased a machine for $22,500 for his company. He paid 5.00% of this amount as a down…

A: An amortization schedule is created to understand the breakdown of the loan payments and to find out…

Q: Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of…

A: Yearly Payment = Original loan x i1-(1+I)-n where n = Number of compounding i = Interest rate per…

Q: Juan purchased a new automobile for $20,000. Juan made a cash down payment of $5,000 and agreed to…

A: The amount of the required monthly payment can be calculated using the financial calculator with…

Q: Doug Black bought a jet ski with a 8% add-on interest installment loan from his credit union. The…

A: PURCHASE PRICE = $1950 DOWNPAYMENT = 15% AMOUNT FINANCED = 1950 x (1-0.15) AMOUNT FINANCED = $…

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

A: Finance charges are the interest paid on the loan and these are additional payments over the loan as…

Q: Doug Black bought a jet ski with a 6% add-on interest installment loan from his credit union. The…

A: In the given question, total purchase price of Jet Ski is $ 1,950. However 15% down payment is made.…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The Annual percentage rate(APR) is the percentage rate that shows the interest rate calculates on…

Q: Prisha received a loan of $25,000 from the bank at 3.50% compounded monthly. If she had to repay…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 60 months…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Alice Reed deposits $16,500 in Rye Bank, which pays 10% interest compounded semiannually.  What will…

A: In this we have to calculate the future value of the present value.

Q: ) the interest refund

A: When we buy goods on an installment basis we have to pay the purchase price in installments at…

Q: Abigail received a loan of $41,000 from the bank at 5.75% compounded monthly. If she had to repay…

A: Using Excel

Q: You needed $10,000 and obtained the following loan: Loan specifics: You are expected to pay 24 equal…

A:

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

Q: Lamont borrows $315,000 to help finance the purchase of a townhouse and will be charged interest at…

A: The periodic interest rate can be found by using the following formula:

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Joseph received a loan of $40,000 from the bank at 4.25% compounded monthly. If she had to repay…

A: Mortgage/ Borrowings:  Borrowings are the loans taken by an individual, from banks or non-banking…

Q: Smith borrows 21,500 to purchase a new car. The car dealer finances the purchase with a loan that…

A: Loan amount = $21,500Number of loan terms = 4 yearsInterest rate for the 1st year = 0%Annual…

Q: Panpan purchased a car. She paid 250,000 as down payment, and 5,500 payable at the beginning of each…

A: Equivalent cash price refers to the equivalent present cost of the car at the time of purchase. It…

Q: A person took a loan of $250,000 and has to pay it back in monthly payments for 30 years starting…

A: Loan Amortization refers to the equal and periodic payment of the loan principal amount spread over…

Q: Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment…

A: The formula for the calculation of APR is as follows: APR=Fees+InterestPrincipalTime period×12

Q: Stan Slickum has a used car that can be bought for $8,500 cash or for a $2,000 down payment and $750…

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

Q: Jim Meriweather purchased an engraving machine for $25,000 and financed it for 36 months. The total…

A: The Present Value   is the current value of a future amount i.e.,   it is the amount to be invested…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Loans are paid back in fixed periodic payments.   The amount of the periodic payments depends on the…

Q: Gregory took out a mortgage of $735,000 for a house and just made the 104th end of month payment.…

A: The monthly payments on the loan amount can be found by using the Excel sheet formula function PMT…

Q: Mary bought a bike

A: All sorts of future cash flows in respect of adding interest on present value are known as future…

Q: Doug Black bought a jet ski with a 7% add-on interest installment loan from his credit union. The…

A: Add on interest is a way of determining the monthly payments where in first the total interest on…

Q: Casey secured a 5-year car loan at 6.20% compounded annually that required him to make payments of…

A: Present Value represents the value of a future amount in today's dollars, taking into account…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The APR is used for representing the interest rate paid on the outstanding loan balance. It takes…

Q: Casey purchased a machine for $28,500 for his company. He paid 5% of this amount as a down payment…

A: A loan is a contract between two parties where money is exchanged on the promise of future repayment…

Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: APR (Annual Percentage Return) The rate of interest charged by a creditor on the amount lent or the…

Q: You can buy a car for $6,998 with $798 down and payments of $164.51 each month for 48 months.…

A: Using excel rate funtion

Q: Nathan was charged interest of $72 for a loan amount of $2,000 that he borrowed for 150 days. What…

A: Principal amount borrowed(P)= $2,000Number of days(t)= 150Simple interest charged = $72let the…

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.