Don James purchased a new automobile for $12,000. Don made a cash down payment of $3,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. Calculate the amount of the required monthly payment.
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- Tim Houston purchased a wall unit for $2300. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tims payments are $42.50 per month calculate the APR on the loan. round to two decimal placesTim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.59 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places)The EZ Credit Company offers to loan a college student $6,000 for school expenses. Repayment of the loan will be in monthly installments of $304.07 for 24 months. The total repayment of money is $7,297.68, which includes the original $6,000, $1,207.04 in interest charges, and $90.64 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?
- Huan accepted an in-store loan on a computer she just purchased. The monthly payment is $64.53 on the $2,000 computer with a 12% APR for 3 years. Determine the portion of the monthly payment that will go towards interest and principal for the first two months.Don James purchased a new automobile for $20,000. Don made a cash down payment of $5,000 and agreed to paythe remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing isavailable at a 24% annual interest rate.Required:Calculate the amount of the required monthly payment.K Jie purchased a computer priced at $1316.21, financing it by paying $60.16 on the date of purchase, and signing a contract to pay equal monthly payments over the next seventeen months. If the terms of the contract state that interest is calculated at 9.4% compounded monthly, how much does Jie have to pay at the end of each month? ... Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 2
- On April 1, 2018, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In order toincrease sales, Acme allows customers to pay in installments and will defer any payments for six months. Johnwill make 18 equal monthly payments, beginning October 1, 2018. The annual interest rate implicit in this agreement is 24%.Required:Calculate the monthly payment necessary for John to pay for his purchases.Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,900. Her loan requires a 25% down payment and equal monthly payments of $283.00 for 60 months. Calculate the total deferred payment price (in $).please do the following questions with full working
- Juan purchased a new automobile for $27,000. Juan made a cash down payment of $6,750 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. Required: Calculate the amount of the required monthly payment. Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) I need to know which table is it that I use for this problemJesse received a loan of $36,000 at 5.75% coumpounded quarterly. She had to make payments at the end of every quarter for a period of 5 years to settle the loan. a. Calculate the size of payments Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places Payment Number Payment Interest Portions Principal Portion Principal BalanceBank Sohar provides a financing facility based on murabahah to the Purchase Orderer principles to Ahmad for the purpose of house purchase. The financing is amounting to OR 43000 at a constant rate of return 7% for a period of 9 years. Calculate the annual installment payment.