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 placesThe 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?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 workingJuan 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 problemJill Walsh purchases a bedroom set for a cash price of $3,920. The down payment is $392, and the monthly installment payment is $176 for 24 months. Find the amount financed the finance charge The deferred payment price. What will be the APR for this auto loan?
- Juan purchased a new automobile for $20,000. Juan made a cash down payment of $5,000 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. 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) Monthly paymentplease answer with correct calculations and explanations. QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed. Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).Ms. Wadeson obtained a $15,000 demand loan from TD Canada Trust on May 23 to purchase a car. The interest rate on the loan was prime plus 2%. The loan required payments of $700 on the fifteenth of each month, beginning June 15. The prime rate was 4.5% at the outset, dropped to 4.25% on July 26, and then jumped by 0.5% on September 14. Prepare a loan repayment schedule showing the details of the first four payments.
- Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35Kavra Corporation purchased a building by signing a $150,000 long-term mortgage with monthly payments of $2,000. The mortgage carries an interest rate of 12 percent. 1. Prepare a monthly payment schedule showing the monthly payment, the interest for the month, the reduction in debt, and the unpaid balance for the first three months. (Round to the nearest dollar.)2. Prepare the journal entries to record the purchase and the first two monthly payments.Doug Black bought a jet ski with a 7% add-on interest installment loan from his credit union. The purchase price was $1,550. The credit union required a 20% down payment and equal monthly payments for 51 months. What are Doug's monthly payments? Round your answer to the nearest cent. Do not round intermediate calculations. $