Martin wants to buy a new bedroom set that costs $1709 including tax. Unfortunately, he desi store at 12% interest to be repaid in 24 equal monthly installments. Find the monthly payment. Round your intermediate steps to the nearest cent. The monthly payment is $ S

Q: A young couple buying their first home borrow $60,000 for 30 years at 7.1%, compounded monthly, and…

A:

Q: Greg purchased a house recently for $365,000.00. He plans to put a 20% down payment and borrows the…

A: Equivalent amount distributes present worth into equivalent uniform value over its useful life.

Q: Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment.…

A: The monthly payment on a loan refers to the periodic payment extended by the borrower for loan…

Q: A young couple buying their first home borrow $70,000 for 30 years at 7.8%, compounded monthly, and…

A: Given:

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: Doug Black bought a jet ski with a 8% add-on interest installment loan from his credit union. The…

A: PURCHASE PRICE = $1950 DOWNPAYMENT = 15% AMOUNT FINANCED = 1950 x (1-0.15) AMOUNT FINANCED = $…

Q: Brooke bought a new car for $⁢32,000. She paid a 20% down payment and financed the remaining balance…

A: Formulas:

Q: Doug Black bought a jet ski with a 6% add-on interest installment loan from his credit union. The…

A: In the given question, total purchase price of Jet Ski is $ 1,950. However 15% down payment is made.…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The Annual percentage rate(APR) is the percentage rate that shows the interest rate calculates on…

Q: Dick Davis buys a five-year-old used Toyota from Pioneer Auto Sales for $7,999. Hey puts $400 down…

A: Equal monthly installments = Amount / Annuity factor for the given period for the given rate of…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

Q: Michael needs to keep his back-end DTI at 39% (at most). He pays monthly rent of $925, monthly car…

A: The debt amount in DTI ratio or debt-to-income ratio includes the aggregate sum of all expenditures…

Q: Gerritt wants to buy a car that costs $30,250. The interest rate on his loan is 5.61 percent…

A: Here, Cost of Car (PV) is $30,250 Interest Rate (r) is 5.61% Compounding Period (m) is Monthly i.e…

Q: Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment…

A: The formula for the calculation of APR is as follows: APR=Fees+InterestPrincipalTime period×12

Q: A young couple buying their first home borrow $60,000 for 30 years at 7.1%, compounded monthly, and…

A: Mortgage are the loans taken from banks or non-banking financial institutions, to fulfill the…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Loans are paid back in fixed periodic payments.   The amount of the periodic payments depends on the…

Q: Chiara purchased a new natural qas barbecue for $2,200 and made a down payment that was 30% of the…

A: Annual interest rate = 5.5%   Effective annual interest rate = ((1+5.5%/12)^12-1)   Effective annual…

Q: A Hepplewhite sofa costs $3,200 in cash. Jaquanna Wilson will purchase the sofa in 24 monthly…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: Gerritt wants to buy a car that costs $30.250. The interest rate on his loan is 5.61 percent…

A:

Q: Joe Clemente bought a stereo costing $1400 with $200 down and 10% add-on interest to be paid in 18…

A: Here, Particulars Values Cost of stereo  $1,400.00 Down payment  $200.00 Add-on interest…

Q: Which credit card should he choose? his total anual expense for card A will be ? round to the…

A: Given:Card ACard BAPR22%22%Annual Fee ($)040Monthly balance ($)699699

Q: Doug Black bought a jet ski with a 7% add-on interest installment loan from his credit union. The…

A: Add on interest is a way of determining the monthly payments where in first the total interest on…

Q: Michelle bought a new car for $⁢34,000. She paid a 20% down payment and financed the remaining…

A: A loan refers to a contract between two parties where an amount is forwarded by one party to the…

Q: AMG Services offers to lend Scott Tucker $5,250 which he needs to repair his sports car.  AMG’s loan…

A: This question is related to the repayment schedule. Here a loan of $ 5250 at the annual 14.60%…

Q: Your parents lent you $932 to pay your rent 2 months ago.  You just paid them back today and gave…

A: Initial borrowing (P) = $932Excess paid or interest paid (i) = $60Period (n) = 2 monthsAnnual…

Q: Max bought some furniture for his new apartment. Macy's offered him the opportunity to "borrow" the…

A: The Annual Percentage Rate (APR), which is a yearly interest rate that includes both interest and…

Q: Pretend that you take out a six-year, $35000 car loan at 6% APR compounded monthly. Let's also…

A: Payment per month refers to the amount payable to the holder on monthly basis up to the complete…

Q: Jenna bought a new car for $⁢39,000. She paid a 10% down payment and financed the remaining balance…

A: Monthly mortgage payment: The monthly mortgage payment is the repayment of a mortgage loan by paying…

Q: Steven wants to buy a new couch priced at $591 and agrees to pay for it over two years with a…

A: Simple interest on a loan is a method of calculating interest where the interest is calculated only…

Q: Alvin has $16000 in his saving account. For how long can he withdraw $1600 be from the account at…

A: Annuity refers to series of equalized payments that are paid or received at start or ending of…

Q: Henrie's Drapery Service is investigating the purchase of a new machine for cleaning and blocking…

A: IRR is the required rate of return for the project to have zero Net Present value.IRR can be…

Q: Todd Gunderson buys a new computer system for $2,000, plus 8% sales tax.  He financed the entire…

A: The purchase value of the system is $2,000, plus 8% sales tax. The installment cost is $60.…

Q: Andy wants to buy a car that costs $22,750. The dealership will finance the car for 5 years, at…

A: Loans are the debt obligations of a company that are shown on the liabilities side. These are paid…

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.