Mary Smith took a car loan of $20,000 to make 60 equal monthly payments. The interest compounds monthly. (a) Calculate the monthly payment for Mary, if the nominal interest is 9% per year. (b) (How much interest would Mary pay for taking the loan? (c) Immediately after making the 20th payment, if she wants to pay off the car loan, how much does she need to pay?

Q: 3) Jennifer buys a $300,000 house and pays $100,000 down. The loan is for 30 years and is at 4%…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of…

A: Down payment (D) = $900 Month end payment (m) = $240 Monthly period of repayment (p) = 56 (i.e. 4…

Q: 17) Nancy takes out a $500,000 loan for 25 years at 4% monthly.  a) What is the monthly payment?…

A: Using excel PMT function

Q: A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4…

A: Amortized loan: The method of loan where the borrower makes the periodic payments which include both…

Q: Keiko obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Given: Principal (p) = $ 16, 500 Time  (t)=76365 Interest rate (r) = 9.65% = 0.0965

Q: Susan had an auto loan left of $11,000 with a 14.6% interest rate. Her payment is $400 a month, $200…

A: The monthly interest rate  on the outstanding loan : The monthly interest rate  on the outstanding…

Q: Jason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was…

A: The amount of loan is $290,000 The interest rate is 2.80% Compounded semi-annually The time period…

Q: Dagmar has a 4-year car loan at an annual interest rate of 7.5%. She has made 26 payments of…

A: Total number of payment over the entire duration of loan = Number of years×Number of months in a…

Q: Cynthia is 27 and has 3 years' worth of payments remaining on her student loan. She pays $312.75 a)…

A: Present value of annuity is the sum of the present value of all the cash flow in the future.

Q: s annual percent interest 3% compounded monthly. She needs to pay at ach month. She missed the 10th…

A: Loans are paid by the monthly payments and these are fixed payments and these payments carry the…

Q: 1) Student A has a credit balance of $20,000. The annual effective interest rate on the credit card…

A: A loan is an agreement where an amount is forwarded with the promise to pay it back in the future…

Q: Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will…

A: Here, ParticularsValuesBi-weekly payment (PMT) $ 287.00Interest rate4.50%Number of years4.00Number…

Q: Alice borrowed $8,000 from her grandmother to buy The interest rate being charged is 4.5% compounded…

A: The present value of annuity due refers to the current value of a series of future payments. The…

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $14,000 in student…

A: It can be calculated using following function in excel =NPER(rate,pmt,pv,[fv],[type]) Rate The…

Q: Paige refinanced her home loan. The new loan of $85,000.00 has an interest rate of 3.7% compounded…

A: i) Monthly Payment: Solved using Financial Calculator  PV = - 85,000 I/Y = 3.7/12 = 0.3083333333 N =…

Q: To start a new business, Alysha intends to borrow $19,000 from a local bank. If the bank asks her to…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Amber received a 15 year loan of $245,000 to purchase a house. The interest rate on the loan was…

A: Answer information:Step 1:a. Monthly Loan PaymentWe can find the monthly payment using the loan…

Q: Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance…

A: Here, Value of Car is $43,000 Down Payment is $2,150 Therefore, Loan Amount is : =$43,000-$2,150…

Q: While buying a new car, Alexis made a down payment of $1,200 and agreed to make month - end payments…

A:

Q: (6) Marian has just purchased a house. She has a $400,000, 20-year mortgage with interest at an…

A: Loan Amount = 400,000 Time Period = 20 years or 240 months Rate = 4.5% Continuous Compounding

Q: Jennifer buys a $300,000 house and pays $100,000 down. The loan is for 30 years and is at 4%…

A: Monthly payments is calculated by present value of annuity formula. r is interest rate and n is…

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Loan Amortization is a process of scheduling loan payments at fixed intervals of time with fixed…

Q: enny takes out a new car loan for $41,000 at 5% annual interest rate for 5 years. a. What is…

A: Loan Amount is $41,000 Annual Interest rate is 5% Interest rate is 5 years To Find: Monthly…

Q: Shawn received a 30 year loan of $295,000 to purchase a house. The interest rate on the loan was…

A: Here,Loan Amount is $295,000Time of Loan is 30 yearsInterest Rate of Loan is 4.20%Compounding Period…

Q: Helen is buying a $12,375 car with a $3,000 down payment, followed by 36 months of $325. The down…

A: Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment = $ 325…

Q: William borrows $22,000 to buy a car. He will repay the loan through 4 years of equal monthly…

A: Variables in the question:Loan amount=$22000N=4 yearsRate=4.5%Working Note#1:nper=4 years x 12=48…

Q: Tabitha had to pay her friend $900, 4 months ago and she has to pay $630 in 4 months. If her friend…

A: The present value is the current date value of the annuity that can be determined by discounting the…

Q: Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She…

A: Interest on borrowed funds refers to the additional amount charged by a lender for the privilege of…

Q: Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for…

A: Price of home = $ 127000 Down payment = 25% Loan amount (PV) = 127000*(1-0.25)…

Q: Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was…

A: The term "Amortization" refers to the process of repaying debt over time by making regular principal…

Q: Anthony planned to buy a house but could afford to pay only $9,000 at the end of every 6 months for…

A: Here,Down Payment $   30,000.00Semi Annual Payment $     9,000.00Interest Rate5.70%Time Period in…

Q: When Maria Acosta bought a car 2 & 1/2 years ago, she borrowed $14,000 for 48 months at 8.4%…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

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: 2. Alex needs to repay a $ 8500 debt. His bank offers personal loans with terms from one to live…

A: Here, Amount of Debt (PV) is $8,500 Interest Rate (r) is 8.9% Compounding Period (m) is Monthly i.e…

Q: Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest…

A: The credit card information consists of the credit card number, expiration date, etc. The best thing…

Q: Valerie refinanced her home loan. The new loan of $103,000.00 has an interest rate of 5.9%…

A: Here, Loan amount = $103,000.00 Interest rate = 5.9% compounded monthly Term of loan = 21 years To…

Q: Nona purchased a new car earlier today for $33,000. She financed the entire amount with a six-year…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: 13) Jane needs $30,000 to buy another new car in eight years. How much should she deposit at the end…

A: Periodic payments are made at regular intervals, with the same amount paid for each period. The…