In order to purchase a new car, imagine that you recently have borrowed $15,000 from a bank that charges you according to a nominal rate of 8%. The loan is payable in 60 months. (a) Calculate the monthly payments. (b) Assume the bank charges a loan fee of 4.5% of the loan amount payable at the time they give you the loan. What is the effective interest rate that you actually are being charged?

Q: What is the amount of interest of a loan 20,000 at 6% compound interest for 3 years?

A: We will find out the required value.

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A: Given:To find: Simple interest rate .

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A:

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A:

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A: Note;- These are multiple questions according to guideline we can do maximum 1 question so i am…

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

A:

Q: A new engineer wants to save money for a down payment on a house. The initial deposit is $685, and…

A:

Q: The monthly payments on a 10-year loan of $20,000 at 6.6% interest are $228.11. (a) What is the…

A: It is given that, the monthly payments on a 10-year loan of $20,000 at 6.6% interest are $228.11.…

Q: Find the interest paid on a 30-year mortgage of $350,000 at an APR of   6%.

A: Given, interest paid on a 30-year mortgage of $350,000 at an APR of   6%.

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A: Here we use compound interest formula to find the interest that company have to pay quarterly.   So,…

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A:

Q: Henry is going to retire in 22 years and would like to invest $50,000 now into his retirement…

A: Compounded Monthly formula :

Q: major airline is plannin

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Q: What is the present value of 1700 dollars to be paid in 5 years, if the effective rate of interest…

A:

Q: I will invest P15,000 per quarter for my retirement at 7.3% compounding quarterly for 10 years. I…

A: Here,  Pmt=15,000r=7.3%n=4t=10

Q: Suppose you make a down payment of 6% of $27,600 and finance the rest at 1.5% compounded monthly for…

A: The down payment is 6% of $27,600, which is: 0.06 x $27,600 = $1,656   So you are financing the…

Q: The monthly payments on a 10-year loan of $25,000 at 6.1% interest are $278.81. (a) What is the…

A:

Q: Assume  you have secured a loan of $10,000 from a bank  which will be paid in one year. The fin bank…

A: Given loan amount = $ 10000 Annual interest rate = 3.67% To determine the opening balance for the…

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A:

Q: If you have a loan of 140,000 at 9% per annum interest over 20 years and you have a monthly…

A: We have to find the how much is saved by increasing the payments.

Q: If you borrow 1500 dollars from a lending agent for 13 weeks and in the end you have to pay back…

A: Formula r = (1/t)(A/P - 1) r = simple interest rate = ? P = principal amount =1500 A = P+ I  = 1650…