Diane Van Os decided to buy a new car since her credit union was offering such low interest rates. She borrowed $30,400 at 4.75% on December 14 2016, and paid it off March 15 2018. How much did she pay in interest? (Assume exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest paid
Q: Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to…
A: Deposit amount (PV)=$5,000 Duration (n)=44 months and 12 days Rate of interest (i)=0.0033
Q: Yesenia purchased a car for $16,789.23. She obtained a term loan at an interest rate of 3.74%. Her…
A: Purchase Price of Car (Loan Amount) = 16,789.23 Monthly Payment = 260.69 Interest Rate = 3.74%/12…
Q: Keisha borrowed money from an online lending company to buy a camper. She took out a personal,…
A: Loan amount(PV)= $12,500 Interest rate = 4.75%12=0.00395833333333 Time period = 6years x 12=72Months
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A: To Find: Interest to pay
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A: Simple Interest = P * R * TWhere P = PrincipalR = Rate of Interest T = Time
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A: Monthly Installment = Loan AmountPVAIF (Interest rate , Number of months
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A: Computation:
Q: On September 12, Jody Jansen went to Sunshine Bank to borrow $4,200 at 8% interest. Jody plans to…
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A: Actual amount received = P 1340 Discount rate = 13.73%
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- Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $2,700 at 3.5% on December 26, 2021, and paid it off February 21, 2023. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) Note: Do not round intermediate calculations. Round your answer to the nearest cent.(please correct answer and step by step solutions)On September 12, Jody Jansen went to Sunshine Bank to borrow $4,200 at 8% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest b. What is the total amount Jody must repay at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value
- Yesenia purchased a car for $16,789.23. She obtained a term loan at an interest rate of 3.74%. Her monthly payment is $260.69. Enter in the correct amounts in the following amortization schedule for the 1st month. Round your answers to the nearest penny. Input the dollar sign followed by the number. Do not put a space between the dollar sign and the number. Do not use a comma. Example: $2634.57 Balance After Balance Owed Interest Charge Payment PaymentSuppose Olivia has $7,020 in credit card debt on the B credit card which has annual interest rate of 18.1%. Olivia is considering transferring her debt to the LA credit card that offers 0% interest for 18 months. (a) If Olivia makes a payment of $390 per month on the VB credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: You are trying to find the future value of a debt that has a present value of $7,020. Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent.) (b) If Olivia makes a payment of $390 per month on the LA credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.) (c) How much lower is the balance due after 18 months on the LA credit card? Note: Some credit card companies may charge a…Suppose Olivia has $6,660 in credit card debt on the VB credit card which has annual interest rate of 18.2%. Olivia is considering transferring her debt to the LA credit card that offers 0% interest for 18 months. (a) If Olivia makes a payment of $370 per month on the VB credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: You are trying to find the future value of a debt that has a present value of $6,660. Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent.) $ (b) If Olivia makes a payment of $370 per month on the LA credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.) $ (c) How much lower is the balance due after 18 months on the LA credit card? Note: Some credit card companies…
- On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7% interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11?LU 16-1(2) Gail Ross met Jim Ryan (Problem 3) at Lane Bank. After talking with Jim, Gail decided she would like to consider the same loan on exact interest. Can you recalculate the loan for Gail under this assumption? LU 16-1(2)On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity valueMeghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed the balance with monthly payments of $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect. (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) 9.68 Incorrect: Your answer is incorrect. %
- Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10. Marcia hoped to repay the loan by February Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? show complete and clear solutionKeisha borrowed money from an online lending company to buy a camper. She took out a personal, amortized loan for $12,500, at an interest rate of 4.75%, with monthly payments for a term of 6 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Keisha's monthly payment. (b) If Keisha pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Keisha pays the monthly payment each month for the full term, find the total amount of interest she will pay.Save Phillamone Berry has a car loan with a company that refunds interest using the rule of 78 when loans are paid in full ahead of schedule. He is using an employee bonus to pay off his car, which is on a 41-month loan. The total interest for the loan is $2,320, and he has 17 more payments to make. How much finance charge will he get credit for if he pays the loan in full immediately?