Lupé made a down payment of $8000 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 7% / year compounded monthly. Under the terms of her finance agreement she is required to make payments of $410/month for 60 months. What is the cash price of the car? (Round your answer to the nearest cent.)

Q: You can get a car loan with a term of three years at an apr of 3%. If you can afford a monthly…

A: Given: interest rate per annum is= 3%, monthly payment= $300, time=3 years To find the amount of…

Q: You have agreed to pay off an $8,000 car loan with 24 monthly payments of $400 each. Use the simple…

A: Formula used: To find the interest rate in simple interest:…

Q: Callie calculates the monthly payment is $578.92 for a 30 year $255.00 mortgage with a 3% rate. With…

A: Given : The monthly payment is $578.92 for a 30 year $255.00 mortgage with a 3% rate.

Q: Melissa Hernandez received an 8-year subsidized student loan of $25,000 at an annual interest rate…

A: We have given the amount of loan, the annual interest rate and the time period

Q: Toni Torres wants to save $1,100 in the next two years to use as a down payment on a new car. If her…

A:

Q: You take out a 7 month, $2,000 loan at 8% annual simple interest. How much would you owe at the end…

A:

Q: Steven wants to buy a new couch priced at $558 and agrees to pay for it over two years with a…

A:

Q: Omar wants to take out a loan to buy a car for $16,000. The interest rate is 2.55% per year and the…

A:

Q: Toni Torres wants to save $1,200 in the next two years to use as a down payment on a new car. If her…

A:

Q: Calculate the simple interest due on a 66-day loan of $3700 if the interest rate is 4%. (Round your…

A:

Q: Leona Jefferson purchased a home and obtained a 25-year loan of $438,000 at an annual interest rate…

A: Given that Leona Jefferson purchased a home and obtained a 25-year loan of $438,000 at an annual…

Q: Lindsay borrowed a certain amount of money for 4 years at an annual simple interest rate of 5.2%. If…

A: Given:   Lindsay borrowed a certain amount of money for 4 years at an annual simple interest rate of…

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $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: Steven wants to buy a new couch priced at $705 and agrees to pay for it over two years with a…

A:

Q: interest

A: we know that simple interest formula simple interest =P×R×T100where P is principal amountR is…

Q: Rodrigo is planning on buying a new home. The total amount he needs to borrow is $385,538. The…

A:

Q: Ellen is looking to purchase a car.  She determines that she can afford a monthly payment of $325.…

A: To determine the cost of car that Marie can afford.

Q: Suppose you obtain a 30-year mortgage loan of $194,000 at an annual interest rate of 7.9%. The…

A: We have to find out answer of given question....

Q: Mr. Smith buys a television that is listed for $1500. He pays $500 down and pays the balance in 12…

A:

Q: ou purchase a cottage for $185,000. You obtain a 25-year, fixed rate mortgage loan at 12.5% after…

A: Given: The price of the cottage is $185,000. The loan period (t) is 25 years. The annual rate (r) is…

Q: Consider a 30-year fixed-rate home loan of $515,500 with an interest rate of 3.75%. What is the…

A: Let  L, c and n denote the loan amount, the rate of interest per payment and the number of payments.…