Find the APR (rounded to the nearest tenth of a percent) for the loan.Purchase a living room set for $3,100 at 129% add-on interest for 4 years.

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $517,000 home…

A: Given,Total amount = $517000Down payment = 20% of $517000Loan term = 30 yearsInterest rate = 6.2%

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $518,000 home…

A: When we take a loan we usually make fixed periodic payments toward servicing the loan. The fixed…

Q: Calculate the monthly payment for a 15 year mortgage of $100,000 at 6% interest.  Solve for PMT

A: PMT(periodic payment) A periodic payment is a payment or deposit made at regular intervals.…

Q: family has a $106,621 30-year mortgage at 6.6% compounded monthly. Find the monthly payment. Also,…

A: Step 1 The interest is compounded monthly, which means it is added back to the principle each month.…

Q: Calculate the total cost of a 15 year $20,000 student loan at an interest rate of 4.5% compounded,…

A: A loan is a financial arrangement in which a lender provides money to a borrower with the…

Q: d the monthly payment for the loan. (Round your answer to the nearest cent.) A $255,000 condominium…

A: Homes are purchased through mortgage loans and these are secured loans and home is collateral…

Q: repare an amortization schedule for the first 3 payments (in $) of a $68,000 mortgage at 5% for 30…

A: Amortization refers to the spread of payment over a certain time duration. An amortization schedule…

Q: ect of the term on simple interest amortized auto loans by finding the monthly payment and the total…

A: Monthly Payment = Total Loan Amount / (Term in years * 12)Total Interest = (Total Loan Amount *…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $856,000…

A: The monthly payment on the loan can be calculated with the help of present value of annuity function

Q: A botanist secures a 30-year mortgage for $412,000 at an annual interest rate of 4.625% with 1.3…

A: APR is the annual percentage rate that is paid by the investor and charged by the loan granter.  The…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $62,000 mortgage at 5% for 30…

A: Amortization of a loan refers to the gradual repayment of the loan over a period of time. The…

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

A: APR: APR stands for annual percentage rate. which means the annual percentage rate on purchases.…

Q: A home buyer signed a 20-year, 8% mortgage for $72,500. Payments of the mortgage should be made…

A: This can be solved using the present value of an annuity concept.Annuity is…

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

A: The annual percentage rate refers to the cost that is paid each year for borrowing the money…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $263,000…

A: With the given information, we can determine the monthly payment for the loan using the steps below.…

Q: Find the monthly payment needed to amortize a typical $105,000 mortgage loan amortized over 30 years…

A: We need to determine the monthly payment as well as the interest component.  Given, Interest rate =…

Q: Prepare the first row of a loan amortization schedule based on the following information. The loan…

A: Loan payment refers to the amount that is being paid by the borrower to the lender for the repayment…

Q: calculate the mortgage payment for a home mortgage price costing $ 280,000. Calculate the payment…

A: A mortgage is a kind of loan that a lender or financial institution offers to people or companies to…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $519,000 home…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Find the monthly payment needed to amortize a typical $180,000 mortgage loan amortized over 30 years…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property with the…

Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…

A: The cost of home = 289,500 The down payment = 20%  Interest rate on mortgage = 8.5%  The time period…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $265,000…

A: A mortgage refers to a covered loan borrowed to purchase a property with the property itself acting…

Q: Use the following information to calculate the monthly mortgage payment amount to purchase a…

A: The mortgage refers to the contract between the lender and the borrower for the amount of the…

Q: monthly paymen

A: Monthly payment refers to the equivalent amount that is paid every month for the loan duration. The…

Q: rounded

A: Given, Loan Amount = $3,100 Rate = 12% Time Period = 4 Years.

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $505,000 home…

A: Here,ParticularsValuesPurchase price of home $   5,05,000.00Percentage of down payment20.00%Number…

Q: A fully amortizing mortgage loan is made for $84,000 at 6 percent interest for 25 years. Payments…

A: A mortgage is a covered loan that is borrowed to purchase a property. The property in question acts…

Q: A couple wants to buy a $32.000 car and can bonow the money lor the puechase at 8%, payingtofin3 4,…

A: If car is financed over 3years, the payment is P(3)=$1002.77 It's meaning is that, the couple has to…

Q: A hair stylist obtains a home loan for $411,000 at an annual interest rate of 5.25% compounded…

A: To find the monthly mortgage payment, we can use the formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n –…

Q: You are purchasing a $79,500 house with monthly payments on a twenty-year note with interest at 6.8%…

A: Amortization Schedule For loans with flat payments, a loan amortisation schedule is a table that…

Q: Find the monthly house payments nessary to amortize the following loan. Find total payments and…

A: Loans can be secured and unsecured. The loan is the amount borrower takes from the bank or financial…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.