Find the monthly payment. b.) Now, after one year The Fiore’s decide to add an extra $100 to the payment to pay off the loan sooner. How many additional years will it take to pay off the car loan?

Q: ndre’s friend and is impressed by the new car. As such Walter thinks it’s a good time for a new car…

A: Loans make purchase of vehicle very easy because you pay down payment and remaining you pay by the…

Q: You are selling your car and the dealership says to you, "we can either give you $15,000 today or we…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: You want to buy a house that costs $100,000. You have $10,000 for a down payment, but your credit is…

A: Mortgage is long-term amortized loan which is used to buy fixed assets, generally houses. Mortgages…

Q: You decide to use $10,000 from your combined accounts to pay down your student loan, and use the…

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

Q: 1)You have taken out a loan of 3,000,000 to buy an apartment. The loan is an annuity loan of 30…

A: The loan is a facility provided by financial institution to buy an asset and repay it in future in…

Q: You are deciding to buy a car to commute to work given the comparatively low interest of 6% per…

A: A loan is a debt arrangement that provides financial assistance to a person to full fill a specific…

Q: Ronald Gonzales, who recently sold his Bicycle, placed P10,000 in a savings account paying annual…

A: Future Sum is the accumulated value of given amount with interest over each period. In given case,…

Q: A man decided to save to buy a new $30,000 car to take care of his family in his hometown.He has…

A: A. Time to be taken can be computed as follows : Calculations :

Q: 2. Mr. and Mrs. Smith have just purchased a $600,000 house and have made a down payment of $120,000.…

A: The loan can be paid by making periodic payments. These periodic payments are made at regular…

Q: 4. a. Now assuming that a bank offers you a 30-year loan at 3.25% compounded monthly to pay the…

A: Mortgage means the amount which is borrowed from external sources like banks. This amount is repaid…

Q: Find their regular monthly payment. (Round your answer to the nearest cent.) $ (b) Find the unpaid…

A: Information Provided: Loan amount = $125,000 Interest rate = 7.8% compounded monthly Period for…

Q: Miguel can afford to pay $125.00 per month for a car. He has $5,000.00 saved up for a down payment.…

A: When a borrower borrows a loan from the lender, He has to pay some interest charges on the loan…

Q: 8. Your brother-in-law borrowed $2,000 from you 4 years ago and then disappeared. Yesterday he…

A: Future Value Future Value is the value which is measured at a specified date at a given interest…

Q: Ken wants to remodel his basement and he wants to pay back no more than $18,000. If he gets a low…

A: Given Information, Payment made after 3 years =$18,000 Interest rate =0.0375/2=0.01875(As the period…

Q: Finally, you have decided to buy a car. You are able to negotiate the price down to $12,000. You…

A: given, r = 2.5% n = 3 m =12 p =12000 applying formula for monthly payment:…

Q: Compound value​) Stanford​ Simmons, who recently sold his​ Porsche, placed ​$8,600 in a savings…

A:

Q: Crispin wants to buy a motorcycle. His mother will loan him some money at only 6% compounded…

A: Given, The rate is 6% compounded quarterly. Amount to be repaid is P3600 in 2 years

Q: Derek decides to buy a new car. The dealership offers him a choice of paying $588.00 per month for 5…

A: A purchase can be made by paying in cash or paying in installments.

Q: 3) Tired of being broke: Suppose your client "wants" to deposit $10,000 into a bank that pays them…

A: This relates to the application of time value of money. The amount being deposited in the bank will…

Q: Then Maria Acosta bought a car 2 years ago, she borrowed $17,000 for 48 months at 7.2% compounded…

A: Step 1 Present Value The total of future investment returns discounted at a given level of expected…

Q: You decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: suppose Tim is buying a new car. He agreed to a price of $21,000 and he has $3,500 for a down…

A: Price of car = $21,000 Down Payment = $3,500 Time Period = 6 Years Interest rate = 3.6%

Q: he Adeeva's gross monthly income is $3600. They have 18 remaining payments of $370 on a new car.…

A: Mortgage loans are secured loans and loans are given based on the monthly income and other…

Q: You just got a new part-time job and you need to buy a new car for your job. Suppose you have enough…

A: Variables in the question:PMT=$400Annual interest rate=6%Monthly interest rate=6%/12=0.5%N=5…

Q: Please help solve this and please show all the steps to solve this step by step. Two years ago,…

A: ABCD1Loan Amount80,000 100,000 * 80%2Rate6%  3Years30  4monthly rate0.50% 6%/125Number of…

Q: A few years down the road you move out, buying your own home. You decide to take another look at…

A: The finance charge represents the total interest amount to be paid over the loan term. When a loan…

Q: You decide to do some remodeling in the kitchen. Your parents agree to lend you the money, but you…

A: Simple interest is calculated by multiplying borrowed amount , interest rate and time.   Simple…

Q: I have been considering refinancing my house. To do so, I will need to borrow $300,000. The loan…

A: Payment per period can be calculated using PMT function in excel.PMT(rate, nper, pv, [fv],…

Q: 7. Mark Hohman has decided that it is time to buy a new car. He has found his dream car for $25,502…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: My daughter wants to buy a new car. Here are the parameters. The car cost $12,000 with terms of 5%…

A: While taking a loan for any purpose one should evaluate the payment schedule where the requirement…

Q: 6) Susan is looking to purchase her first home five years from today. The house costs $1,550,000.…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: 4) Suppose that your current credit card bill is $2,408 with an interest rate of 14.9%. Your…

A: Present value of annuity Annuity is a series of equal payments at equal interval. With periodic…

Q: Tristan Sandino is selling his motorcycle. His friend, Rudy, is offering to pay cash in the amount…

A: Step 1: Given Value for Calculation Compound = Monthly = 12Monthly Payment = p = $300Time = t = 4 *…

Q: After Shipra got a job, the first thing she bought was a new car. She took out an amortized loan for…

A: Amortization means systematic write off the loan balance over the period of loan. At the end of the…

Q: Which of these situations would you prefer? Solve, a. You invest $2,500 in a certificate of deposit…

A: Inflation means a continuous rise in the general price level of a commodity. There are 2 types of…

Q: Clark and Lana take a 30-year home mortgage of $125,000 at 7.9%, compounded monthly. They make their…

A: Here, Here, first two sub parts are same, both requires Regular Monthly Payment.

Q: You want to by a boat and can afford payments of $350 per month for six years. The monthly interest…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 3. Mr. H needs to borrow $13,000 for 3 years. He has a poor financial history, most lenders are…

A: The objective of this question is to calculate the compound interest that Mr. H will have to pay to…

Q: Congratulations! You just bought a new car. You didn't have enough cash to pay for the whole thing…

A: Monthly payment (P) = $436.08 Interest rate = 5.6% Monthly interest rate (r) = (1+0.056)1/12-1…

Q: IG WHE RENT IT . THE CAR PURCHA 00 DOLLARS AND REQUIRE

A: Given information :

Q: A friend of yours just bought a new sports car with a $5,000 down payment,and her $30,000 car loan…

A: The upside down is a situation in which the loan amount of good is more than the market value of the…

Q: A few years back, Dave and Jana bought a new home. They borrowed $230,415 at an annual fixed rate of…

A: Refinancing refers to the process of taking out a new loan to pay off an existing loan, typically…

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.