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: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her…

A: Deferred payment price refers to a pricing model where the buyer is allowed to pay for a product or…

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

A:

Q: Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new…

A: Monthly payment The minimum amount needed every month to be paid by an individual.

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

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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

A: Given:

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: Fritz Benjamin buys a car costing ​ $16700. He agrees to make payments at the end of each monthly…

A: A loan or mortgage is a sum borrowed to finance personal or business needs. The borrower repays the…

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: An aunty deposits $10,000 into an account earning 2% p.a. pounded quarterly. She wants a total of 20…

A: An annuity depicts a stream of equivalent periodic cash flows for a specific duration. annuities can…

Q: You work for a furniture store. You normally sell a living room set for OMR 4,000 and finance the…

A: Present Value:   The present value is the value of the sum received at time 0 or the current period.…

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: To purchase a specialty guitar for his​ band, for the last three years JJ Morrison has made payments…

A: The future value is the future worth of the amount that will be paid or received at the future.

Q: wants to buy a new jacuzzi. The jacuzzi costs $1500 Teagan decides to finance the jacuzzi for 36…

A: Loans make easy to buy anything because you have to pay by monthly payment which are easy to pay and…

Q: ena bought a car priced at $13,350 for 10% down and equal semi-annual yments for 5 years. If…

A: Down payment is cash out of pocket made in advance to the dealer of car and remaining amount is…

Q: Jon buys a car for $25,000. He pays $5000 down and pays the balance in 60 equal monthly payments. If…

A: Computation:

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

A: Amortization is the process of calculating the equal and regular repayments of a financed amount.…

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: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,500. Her…

A: Introduction: Installment: Its a method of payment paying monthly , semi annually , annually etc.

Q: Claire wants to buy a new jacuzzi. The jacuzzi costs $$⁢1550. Claire decides to finance the jacuzzi…

A: Financed amount refers to an amount taht is being borrowed by the borrower from the lender at some…

Q: effrey deposits $406.00 every month into his son's RESP for the next fifteen years unti his son goes…

A: Future value of deposit includes the amount being deposited and compounding interest accumulated…

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: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,700. Her…

A: The deferred payment price is the total amount that a borrower will have to pay for a loan,…

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

A: A loan is an agreement where an amount is forwarded in exchange for a periodic payment which would…

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

A: A method of the loan in which the amount of installment is evaluated by combining the principal and…

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

A:

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: A Hepplewhite sofa costs $3,000 in cash. Jaquanna Wilson will purchase the sofa in 36 monthly…

A: Given,   Cash price of computer = $ 3,000 Rate per 18 months = 0.12/12 * 18 = 36%

Q: Mr Ahmad wants to borrow $30,000 for a delivery Van for his Bakery business, which is rovided by…

A: Amount to borrow is $30,000 Interest rate is 9% per year Compounded monthly Time period is 5 year To…

Q: Aidan wants to pay off the loan on his refrigerated trailer on which he has made 15 payments. If…

A: When a series of equal periodic payment is made against a loan, it is termed as annuity. This…

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: Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a…

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

Q: A Hepplewhite sofa costs $3,850 in cash. Jaquanna Wilson will purchase the sofa in 24 monthly…

A: Cash price of computer = $ 3,850 Rate per 18 months = 0.15/12 * 24 = 30%

Q: While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end…

A: Given data:Down payment = $1,100Monthly payment (PMT) = $290Interest rate (r) = 4% compounded…

Q: Clark and Lana take a 30 you're home mortgage of $122,000 at 7.9%, compounded monthly. They make…

A: a. PMT FORMULA: PMT=p×rm1-1+rm-m×n where, r = rate of interest m = frequency of compounding n = no…

Q: Fritz Benjamin buys a car costing $17900. He agrees to make payments at the end of each monthly…

A: The loan amount refers to the money that is borrowed by the borrower from the lender in against of…

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.