esk for $3,000. Miller will pay back $260 per month. Interest is 5% on the unpaid balance. Calculate balance outstanding after second payment (Use U.S. Rule)
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Q: 42.50
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- Odysseus buys an Odyssey for $45,000.00. He pays $5000.00 down and the remainder in equal monthly payments over 5 years at 8% c.m. a. Calculate the amount of the monthly payment. b. Calculate the total interest charges. c. Determine the balance owing just after the 36th payment. Show the Merchant's Rule. d. Determine the total principal paid during the third year.A mother purchases a piece of furniture for P25,000. She pays a 20% down payment and agrees to pay tge remaining balance in 12 equal monthly payments. Find the finance charge on the balance if the simple interest rate is 6%?Christine applied for a cash loan at PCG money lending company amounting to 100,000 pesos at 10.68% annual interest, payable in 12 months. How much is the annual interest? (Write the number only. No need to write the currency.) Answer: How much is her monthly amortization? Round off your answer up to two decimal places. (Write the number only. No need to write the currency.) Answer:
- Ali obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 3.6%. His loan is for $14,300 for 78 days. Assume each day is 1365 of a year. Answer each part below. round your final answers to the nearest cent. (a) Find the interest that will be owed after 78 days. $ (b) Assuming Ali doesn't make any payments, find the amount owed after 78 days. $Julio buys a koi fishpond (and fish to put in it) for his wife on their anniversary. He pays $8000 for the pond and fish with $2000 down. The dealer charges add-on interest of 3.5% per year, and Julio agrees to pay the loan with 36 equal monthly payments. Use this information to answer the following questions: a.)Find the total amount of interest he will pay. b.)Find the monthly payment. c.)Find the APR value (to the nearest half percent). d.)Find (1d.) the unearned interest and (2d.) the payoff amount if he repays the loan in full with 12 months remaining. Use the most accurate method available.Tim Houston purchased a wall unit for $2,200. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 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.)
- Sam borrowed $1,500 from his uncle. He paid him back $50 per month for the first year, then $75 per month thereafter. Write a piecewise function to represent the amount A Sam owes after m months.Tim 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)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 places
- Peter purchased a machine for $400,000. He paid 16% of the value as a down payment and received a loan for the balance at 7.05% compounded annually. He had to make payments of $4,443.55 at the end of every month to settle the loan. a. How many payments were made? A full solution for the number of payments should be shown. Submit your solution. o payments Round up to the next payment periodThree friends buy a second-hand equipment that costs PhP 120,000. They give a downpayment of PhP 40,000 and agree to settle the balance in 24 monthly payments. If the interest rate is 6% converted monthly, find the payments due at the end of each month.Mia bought a high definition television for $7, 500. based on her income she could afford to pay back only $600 per month. There is a 1.5% monthly interest charge on the unpaid balance. The U.S Rule is used to in the calculation. At the end of the month 1, the balance outstanding is