Mary Smith took a car loan of $25,000 to pay back in 72 monthly installments at an interest rate of 12%. Compute the loan balance immediately after the 48th payment.

Q: Gabrielle held a loan of $1,900 for 6 months and was charged interest of $106.40. What was the…

A: Two types of interest calculations are there: Simple Interest = As the name suggest it simply…

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 ) /…

Q: Carla borrowed $1049.00 from the Central Bank at 8.5% per annum calculated on the monthly unpaid…

A: The complete repayment schedule for the loan is shown in the table above. The loan is paid off in 5…

Q: find her loan payoff amount.

A: Amount financed = $27,500 Number of instalments = 36Monthly payment = $998.61Payment made = 21Total…

Q: Jacqueline purchased an interest-bearing promissory note for $13,000.00 at 3.00% p.a., due in 120…

A: Information Provided: Promissory note = $13,000 Interest rate = 3.00% Due Period = 120 days…

Q: Katherine Hunt is evaluating her debt safety ratio. Her monthly take-home pay is $3,160. Each month,…

A: The safety ratio, often used in personal finance and investment, is a financial metric that assesses…

Q: calculate the APR on the loan. round to two decimal places

A: Purchase price2300Down payment600Loan amount1700No.of payments48Payment Amount42.5Monthly…

Q: Jane requested a loan from a bank amounting to P405,630 to contin her small business. But she only…

A: Interest is an additional amount charged on the amount. It can be income and expense. For the lender…

Q: A mother borrowed 169,908 with 0.07 compounded monthly and promised to pay the amount by 19 equal…

A: Present value of annuity due The present value of annuity due is applied to find out the value of an…

Q: Patricia has borrowed an amount of Sh. 4 million to start a boutique business in Kileleshwa . The…

A: A loan amortization schedule is used to indicate the amount of principal and interest paid for each…

Q: To fund unexpected car repairs, Dave took out a personal loan of $696. His repayment amount (…

A: The effective annual interest rate can be defined as the interest rate that is computed after…

Q: A mother borrowed 137,254 with 0.09 interest monthly and promised to pay the amount by 17 equal…

A: Monthly Payment refers to the amount of instalment or payment which is being paid each month for a…

Q: Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she…

A: Payments made = $108.50 for 10 times Original Loan = $1000 Interest Amount = Total Payment made -…

Q: Owen borrowed $28,500 at 9% compounded monthly to buy a car. The loan will be repaid with equal…

A: The loan schedule gives information to the lender and borrower about the loan payments due and the…

Q: Maya borrowed $700 from a lender that charged simple interest at an annual rate of  6%. When Maya…

A: A loan is a borrowing that an individual or entity takes into account. A lender is the other side in…

Q: paying $111 at the end of each month for 6 years. The bank charges interest on the loan at 7.71 %…

A: Monthly payment=$111Number of payment=72Interest rate=7.71%Monthly interest rate=0.6425

Q: Miracle has a mortgage of $257,000 through her bank for property purchased. The loan is repaid by…

A: The given problem can be solved using =IPMT(rate, per, nper, pv, [fv], [type]) function in excel…

Q: Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she…

A: The formula for calculating simple interest Simple Interest(I) = P*r*t Where, I = Interest Amount P…

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 60 months…

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

Q: ) the interest refund

A: When we buy goods on an installment basis we have to pay the purchase price in installments at…

Q: Rahma borrowed OMR 600 at the rate of 12% from Bank Dhofar for 6 years. Find the interest she will…

A: Given taht, Loan amount = OMR600 Rate of interest = 12% Number of year for which loan has taken =…

Q: Carie purchased a car for $49,000; she paid $4900 as a down payment and financed the balance amount…

A: Present Value= the financed amount after the down payment= 49000-4900= 44100Payment per period can…

Q: o help open up a jewelry store, Kaitlin borrowed money from her credit union. She took out a…

A: Time value of money is used to calculate the monthly instalments, rate of interest, total amount to…

Q: Shelley borrowed $1022.00 from the Merchant Bank at 8.6% per annum calculated on the monthly unpaid…

A: The loan repayment will consists of the interest payment and principal payment. If the loan is…

Q: Kyle received a loan of $8,000 at 4.32% compounded semi-annually from a credit union to use as…

A: Loan:A loan is an amount of money given by one party typically a financial institution to another…

Q: on for 6 years and was charged om borrowed money from a simple interest at an annual rate of 8%. The…

A: Simple Interest can be calculated using the formula given below Simple Interest = (Principle x Rate…

Q: On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance.…

A: Balance before Payment Amount paid Interest paid Principal repaid Balance After Payment…

Q: Angela's Riunning Store borrowed S12,000 ón June Ist át å sifmple repay the loan with payments of…

A: Loan repayment schedule is the schedule made for making the payment including the information such…

Q: the amount financed the finance charge The deferred payment price.

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6…

A: Loan is a value which is borrowed from the external sources like banks for a particular period and…

Q: On July 3, Sherri signed a 3-month, $12,000 simple interest loan earning . Find the maturity date,…

A: Given, The loan amount is $12,000 Term is 3 months Interest is 12.5%

Q: Carla borrowed $1,250 from the Royal Bank at 8.78% per annum calculated on the monthly unpaid…

A: Loan = 1250 Interest Rate = 8.78%/12 per month Monthly Payment = 180

Q: eila borrowed PhP 60,000 with an interest of 3% from her collegue on January 15 and then she agreed…

A: Simple interest is the interest calculated on the principal portion of a loan.

Q: Leona Jefferson purchased a home and obtained a 20-year loan of $436,750 at an annual interest rate…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property which itself…

Q: Elin purchased a used car for $10,500. She wrote a check for $2,500 as a down payment for the car…

A: The long-term loan that was obtained from the lender is being repaid in monthly mortgage…

Q: il 1, the home mortgage balance was $226, 000 for the home owned by Susan Thomas. The interest rate…

A:

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.