How much interest would she expect to pay on the loan in the first month? Hint: 1. Use the simple interest formula (I = P. r. t) 2. Divide that answer by 12

Q: find the monthly mortgage loan payment for a $187,000 loan at 4.0% for 20 years.

A: The objective of this question is to calculate the monthly mortgage payment for a loan of $187,000…

Q: Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down…

A:

Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

Q: What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the…

A: I solved with detailed analysis

Q: Three years ago, Pete took out a loan of $55,000.  The loan was taken out for 10 years with an…

A:

Q: Calculate the simple interest due on a 45-day loan of $1600 if the interest rate is 8.7%

A: P=principle=1600r=interest rate=8.7%=0.087t=time=45 day=45365 yearI=interest

Q: What is the mortgage amount for a house showing closing costs for a purchase of $212,000 requiring a…

A:

Q: Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down…

A:

Q: If an interest rate of 5% results in interest of $50, what is the principal amount of the loan?

A:

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: A loan for $5,000 with a simple annual interest rate of 20% was made on September 13th and was due…

A:

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: From the given data loan amount (P.V.) = ​$295,298rate of interest  = 4.908 % = Monthly interest…

Q: What is the monthly payment on a 25 year loan of $67,800 if the annual interest rate is 5%?

A: We have Principal loan amount, P = $67,800 Annual interest rate r = 5% = 0.05 Number of monthly…

Q: Three years ago, Pete took out a loan of $55,000.  The loan was taken out for 10 years with an…

A:

Q: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given

Q: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

A: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

Q: Suppose you have budgeted $ 1025 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Let x be the mortgage amount that offered.

Q: What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the…

A:

Q: For a loan of $24,000 at a fixed APR of 8% for 15 years, find the monthly payment.

A:

Q: Trevor plans on getting a $166,000 loan for 30 years to purchase a home. Lender A offers him a 5%…

A: The objective of this question is to calculate the difference in monthly payments for a home loan…

Q: ppose you have budgeted $ 1235 a month towards a mortgage. If you are offered a 30 year mortgage at…

A: Given Monthly payment=$1235 N=30*12=360 R=8.25/12=0.6875%

Q: Lois received a 9-year subsidized student loan of $39,000 at an annual interest rate of 4.625%.…

A: If you have any problem let me know in comment box thankyou.

Q: Alan decides to buy a home. He takes out a mortgage of $400,000 with an interest rate of 4.6%.…

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Q: Harold Hill borrowed $16,600 to pay for his Child's education at Riverside community college. Harold…

A: Given that Harold borrowed $16600 at an interest rate of 212%. He must repay the loan at the end of…

Q: Tom and Linda have been approved for an $185,000, 15-year mortgage with an APR of 5.35%. What will…

A: Since the given term is APR then we have to compute simple interest. The formula for simple interest…

Q: What is the monthly payment on a 25-year loan of $62,700 if the annual interest rate is 5% ?

A:

Q: The house you find that would accommodate your growing family costs $295,000. You obtain a 30-year…

A: Loan amountinterest rate per month, number of periods in 30 years,