Christy has taken a loan to buy baking equipment to start a small bussiness. They need to borrow $100,000.00 using a 10-year small bussiness loan. The loan has an interest rate of 6.6% compounded monthly, and they will make monthly payments of $1,140.57. (Round all answers to 2 decimal places.) What is the unpaid balance after 10 months? $ During this time period, how much interest did they pay? $

Christy has taken a loan to buy baking equipment to start a small bussiness. They need to borrow $100,000.00 using a 10-year small bussiness loan. The loan has an interest rate of 6.6% compounded monthly, and they will make monthly payments of $1,140.57. (Round all answers to 2 decimal places.) What is the unpaid balance after 10 months? $ During this time period, how much interest did they pay? $

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Related questions

Q: At graduation, you have a student loan of $22,000. The loan has a fixed annual interest rate of…

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate r=9%=9100=0.09compounded monthly…

Q: At graduation, you have a student loan of $20,000. The loan has a fixed annual interest rate of…

A: Now the monthly payments when the loan amount is P taken for n months at a rate of r% is…

Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 12%…

Q: A $120,000 home mortgage for 35 years at 9.5% has a monthly payment of $985.93. Part of the monthly…

A: Given: A $120,000 home mortgage for 35 years at 9.5% has a monthly payment of $985.93. Part of the…

Q: Derek and Claire plan take out a loan to purchase a new home. They take out a 20-year loan at 3.6%…

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000 interest rate (R)=2%= 2/100 =0.02 (for compounded monthly…

Q: Angelica received a 12-year non-subsidized student loan of $16,000 at an annual interest rate of…

A: The formula for compound interest is: A = P (1 + r/n)nt Where:A = amount after interest,P =…

Q: Sallie wants to buy a new home. She will borrow $400,000 at 3% compounded monthly for 30 years.

A: Given, Initial amount: Interest rate: Interest rate for compounded monthly: Number of years:…

Q: Kat is looking to but her first car. She has figured that she can afford to make up to a $248…

A: Given that Kat is looking to buy her first car. She has figured that she can afford to make up to a…

Q: A couple with a newborn baby needs a new vehicle. They take out a $29,000.00 car loan at 8.9%…

Q: To save for retirement, Karla Harby put $475 each month into an ordinary annuity for 18 years.…

A: Amount karla put before interest (P) = 475 Tenure (t) = 18 years = 18 *12 Intrest will be compounded…

Q: Your electric bill is $128. You are charged 12% simple interest for late payments. How much do you…

A: Solution-: Given: Amount of electric bill is $128. Rate of simple interest =12% . How much do you…

Q: What interest would be charged on a loan of $3000 at 4% interest for 1 ½ years?

A: Given information,

Q: A man deposits $18,000 at the beginning of each year for 8 years in an account paying 6% compounded…

A: Compound interest is a type of interest that is calculated not only on the initial principal amount,…

Q: A druggist borrows $3000 from a bank to stock her drugstore. The interest rate is 4% compounded…

A: A druggist borrows $3000 from a bank to stock her drugstore. The interest rate is 4% compounded…

Q: Bob makes his first $600 deposit into an IRA earning 7.2% compounded annually on his 24th birthday…

A: Consider the case where deposits are made, Periodic deposit amount R is $600. he makes a total 20…

Question

**Small Business Loan Calculation Example**

Christy has taken a loan to buy baking equipment to start a small business. They need to borrow $100,000.00 using a 10-year small business loan. The loan has an interest rate of 6.6% compounded monthly, and they will make monthly payments of $1,140.57. (Round all answers to 2 decimal places.)

1. **What is the unpaid balance after 10 months?** ________

2. **During this time period, how much interest did they pay?** ________

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on $150,000 at 3% for 25 years.
An investment of $4,500 was deposited into an account that pays 7% annual interest. How much money will be in the account 8 years from now? Round your answer to the nearest cent.
At graduation, you have a student loan of $18,000. The loan has a fixed annual interest rate of 6.8%, compounded monthly, for 10 years. What will your monthly payments be? (Enter numeric answers to 2 decimal places.)
Josh wants to save money to open a tutoring center. He buys an annuity with a quarterly payment of $30 that pays 3% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 9 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. $0 X S
A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 8% compounded quarterly, how long will it take for the money to grow to $55,000? (Round your answer to the nearest whole number.)yr
Find the amount of money owed at the end of 5 years if $40,000 is borrowed at 5% per year compounded weekly and no payments are made on the loan. (Simplify your answer completely. Assume there are 52 weeks in a year. Round your answer to the nearest cent.) $
Rosalie and Jayden are purchasing a home. They wish to save money for 10 years and purchase a house that has a value of ⁢190,000 with cash. If they deposit money into an account paying 6% interest, compounded monthly, how much do they need to deposit each month in order to make the purchase? Round your answer to the nearest cent, if necessary.