Jennifer Patel purchased a Toyota Camry for $24,850. She made a down payment of $8,500 and financed the balance through her credit union at an APR of 5.75 percent for five years. If loan payments are made monthly, what is the effective annual interest rate (EAR)?
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- Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 7.45%. Her loan is for $12,700 for 62 days. Assume eachday is365of a year. Answer each part below.Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.(a) Find the interest that will be owed after 62 days. (b) Assuming Jina doesn't make any payments, find the amount owed after 62 days.Joyce Mesnic bought an HP laptop computer at Staples for $699. Joyce made a $100 down payment and financed the balance at 10% for 12 months. What is her monthly payment? (Use the loan amortization table.) (Round your answer to the nearest cent.) I need help figuring up the monthly payment. Please explain in detail.Jill Walsh purchases a bedroom set for a cash price of $3,920. The down payment is $392, and the monthly installment payment is $176 for 24 months. Find the amount financed the finance charge The deferred payment price. What will be the APR for this auto loan?
- Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35Mary Jones recently obtained an equipment loan from a local bank. Theloan is for $15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must makemonthly payments on the loan, and the loan is to be repaid in 1 year. Whatis the effective annual rate on the loan (assuming a 365-day year)?Melissa wants to check the accuracy of the finance charge on her promissory note. She has a $6,000, four-year loan at an APR of 3.11%. Round to the nearest cent. a. What is her monthly payment?
- Keiko obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 9.65%. Her loan is for $16,500 for 76 days. Assume each day is of a year. Answer each part below. 365 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 76 days. (b) Assuming Keiko doesn't make any payments, find the amount owed after 76 days.Charmaine obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 9.65%. Her loan is for $17,100 for 76 days. Assume each day is of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 76 days. (b) 1 365 s Assuming Charmaine doesn't make any payments, find the amount owed after 76 days. $ 3Tim 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)
- Diane is deciding between two personal loans. For each loan, the loan amount is $7500. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator Loan amount: $ Loan term: Interest rate: Calculate years % Monthly payment: (a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. S (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $ less. Loan B The total amount paid is $less. X ĽTo start a new business, Alysha intends to borrow $25.000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $6,935.24, determine the bank's effective annual interest rate on the ipan transaction. With annual compounding, what nominal rate would the bank quote for this loan?To start a new business, Alysha intends to borrow $19,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $4,758.67, determine the bank's effective annual interest rate on the loan transaction. With annual compounding, what nominal rate would the bank quote for this loan? (Round answer to O decimal places, e.g. 15%.) Effective annual interest rate Nominal rate % %
