John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months. Finance charges totaled $4,900. His monthly payment is: Multiple Choice $332.33 None of these $232.33

Q: Connie made deposits of $2,000 at the beginning of each year for four years. The rate she earned is…

A: Given:

Q: Ron Prentice bought goods from Shelly Katz. On Sept. 14, Shelly gave Ron a time extension on his…

A: The note is discounted from the bank to receive early payment from the note issued to customer. The…

Q: narvia purchased a used roadster with a $15,000 three -year loan at 6%. Her monthly payments are…

A: Here,Loan Amount is $15,000Interest Rate (r) is 6%Time Period (n) is 3 yearsMonthly Payment (PMT) is…

Q: What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage…

A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…

Q: On April 1, year 1, Mary borrowed $140,000 to refinance the original mortgage on her principal…

A: A home mortgage loan is nothing but the loan secured against a residential propertyIt can be…

Q: Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment.…

A: Total Present Value = $225,000 Down payment = $30,000 Present Value of Loan = $195,000 Annual…

Q: Gabrielle Patterson deposited $3,600 in a new savings account. She made no other deposits or…

A: Interest is calculated in two ways compound interest and simple interest.

Q: Suzanne opens a line of credit at a local bank, and immediately borrows 1510 dollars. 5 months…

A:

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed…

A: Cost of sailboat = $8,350Down payment = $1,700Monthly payment = $237.38Number of period = 36 months

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill…

A: No. of Days from Feb 26 to May 10 = 74Days Interest on Note at Maturity = 4,400 x 0.06 x 165/360…

Q: Jim Meriweather purchased an engraving machine for $25,000 and financed it for 36 months. The total…

A: The Present Value   is the current value of a future amount i.e.,   it is the amount to be invested…

Q: Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate…

A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time e lay note. On May…

A: Notes are financial instruments in which interest is paid on maturity along with principal amount.

Q: Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount…

A: Computation of effective rate of interest:Hence, the effective rate of interest is 6.87%.

Q: Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in…

A: Given informationPrincipal = $600 Rate = 0.05645% per day or 0.0005645 Time = 28 days

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: finance charges refer to the fees or interest that a borrower pays to a lender for the use of credit…

Q: Jason Bradley decided to buy a home for $271,000. His bank requires a 25% down payment. His…

A: Given: Particulars Amount Cost of house $271,000 Down payment 25% Recording of the deed…

Q: Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using…

A: Total Present Value = $225,000 Down payment = 20% EMI = P x r x [(1+r)n / (1+r)n - 1]

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: The Annual Percentage Rate (APR) is similar to the interest rate. It is on a yearly basis that is…

Q: (ANSWER LETTER C ONLY AT THE BOTTOM OF THE PAGE)   Michael Sanchez purchased a condominium for…

A: A mortgage is an arrangement between the borrower and the lending institution that grants the…

Q: 4 years. His Monthly loan was 23.03. What was the monthly payments and what was the total interest…

A: Loans are to be paid by the monthly payments that carry the payment for interest and payment for…

Q: a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect.…

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: A friend has $5,000 that has been saved from her part-time job. She will need her money, plus any…

A: When a lender makes a loan to a borrower, he charges an interest rate based on the amount borrowed.…

Q: John bought a small boat for $17,000. He made $2,500 down payment on it. The bank's loan was for 60…

A: Finance Charge - Finance charge is the additional amount to be paid on the flexibility in payment to…

Q: Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase…

A: Prepaid Interest Expenses is that Expenses which is paid in advance before the Expenses due it will…

Q: Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase…

A: Prepaid Expenses are those expenses that are paid in advance and which is recorded in the balance…

Q: Derek borrows $40,041.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

A: Time value of money (TVM) means that the amount of money received in the present period will have…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 15, Shelly gave Ron a time extension on his bill…

A: The note is discounted from the bank to receive early payment from the note issued to customer. The…

Q: O $3,433.89 O $3,630.56 $3,636.11 $3,793.72

A: In period less than one simple ordinary interest is applied and computations is done based on number…

Q: Bob has saved $555 each month for the last 3 years to make a down payment on a house. The account…

A: Future value is a financial concept that represents the value of an asset or investment at a…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed…

A: A finance charge refers to the payment made in addition to the borrowed amount. The finance charge…

Q: Mary Smith took a car loan of $25,000 to pay back in 72 monthly installments at an interest rate of…

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