lynn ally, owner of a local subway shop, loaned $57,000 to pete hall to help him open a subway franchise. pete plans to repay lynn at the end of 10 years with 6% interest compounded semiannually. how much will lynn receive at the end of 10 years? (use the table provided.) note: do not round intermediate calculations. round your answer to the nearest cent.

Q: Tony Ring wants to attend Northeast College. If he deposits $52,087 today, how much will he have 5…

A: Information Provided: Present value = $52,087 Interest rate = 6% compounded semiannually Period = 5…

Q: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…

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

Q: Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance…

A: > Given data:> Calculation of  APR as follows below:> APR = ((Amount paid / Loan amount ) /…

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A: As per the honor code of Bartleby we are bound to give the answer of first three sub part, please…

Q: Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some…

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Q: evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the…

A: In add on method we simply add interest for given period and add to that with principal amount.

Q: and financed the balance with an installment loan for 48 months. It payments are $43.50 per month,…

A: in this we to calculate present value FACTOR and than find out period required.

Q: Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Mr. Trafalgar Law purchased a house and lot worth P4,000,000. He paid a down payment of P1,500,000.…

A: The method of lowering the book value of a loan or intangible asset over a predetermined period of…

Q: Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent…

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Q: Jim made a down payment of 2500 dollars toward the purchase of a car. To pay the balance of the…

A: Given information: Down payment is $2,500 Nominal interest rate is 4% compounded monthly Payment of…

Q: Jason owes $42000 due at the end of 3 years with interest at j4 = 2.5%. In order to payoff the loan…

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Q: Joe Levi bought a home in Arlington, Texas, for $147,000. He put down 25% and obtained a mortgage…

A: The monthly payment amount can be calculated with the help of present value of annuity function

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Q: Wade Ellis buys a new car for $16,759.78. He puts 10% down and obtains a simple interest amortized…

A: Cost of Car is $16,759.78 Down payment is 10% Interest rate is 11.5% Time period is 4 years To Find:…

Q: Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance

A:

Q: Luan paid $110,900 as a down payment towards an apartment purchase and received a mortgage from a…

A: A mortgage is a covered loan that has been taken out to purchase real estate. The real estate being…

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A: More is compounding of interest more is annual effective interest rate and more is accumulated…

Q: Karl Yates needs $5,000 to pay for the remodeling work on his house. A contractor agrees to do the…

A: Given, The amount required is $5,000 Rate of interest is 6.3% Term is 10 months

Q: Joe Levi bought a home in Arlington, Texas, for $148,000. He put down 30% and obtained a mortgage…

A: Mortgage:A mortgage is a legal agreement in which a person borrows money from a bank or a financial…

Q: Christine applied for a cash loan at PCG money lending company amounting to 100,000 pesos at 10.68%…

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A: The today value of future amount is the equivalent amount based on time period and interest rate…

Q: Pandemic Bank charges 4% for discounting loans. If Super Tekla agrees to repay 3,000 in 6 months,…

A: we will only answer the first question, for the remianing questions, kindly resubmit the question…

Q: Larry purchased a gnu combined that cost 210,500, minus a rebate of 5500, a trade-in of 6500, and a…

A: Combined cost = 210,500 rebate = 5500 trade-in = 6500 Down payment = 9000 APR = 8%

Q: Larry Davis borrows $82,500 at 14 percent interest toward the purchase of a home. His mortgage is…

A: Step 1:Time value of money refers to the concept which states that a sum of money is worth more now…

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Q: Joe Levi bought a home in Arlington, Texas, for $125,000. He put down 30% and obtained a mortgage…

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Q: Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized…

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Q: Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized…

A: Step 1 Amortization is an accounting method used over a certain period of time to gradually reduce…

Q: Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance…

A: Given, Wall unit Cost =$2300 Down payment =$600 Loan Installment = 48 months Payments = $43.5 per…

Q: Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Tim Houston purchased a wall unit for $2,400. He made a $800 down payment and financed the balance…

A: Step 1 APR The annual percentage rate is the rate that investors receive on deposits and that…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.