Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.)   %

Q: Richard Miyashiro purchased a condominium and obtained a 20-year loan of $194,000 at an annual…

A: Richard Miyashiro purchased a condominium and obtained a 20-year loan of $194,000 at an annual…

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: Brett borrowed $16,000 at 7.2% interest to buy a car. It is a 8-year loan. Find the monthly…

A:

Q: If you paid $56 to a loan company for the use of $1, 401 for 118 days, what annual rate of interest…

A: Compound interest formula:    I = Prt        Where           I =Interest           P = Principal…

Q: Bill Seeker bought a boat costing $8000 with $2500 down, the balance plus add-on interest to be paid…

A:

Q: Omar wants to take out a loan to buy a car for $16,000. The interest rate is 2.55% per year and the…

A:

Q: Wayne Pinski wishes to buy a stove and a refrigerator from an appliance dealer. The cost of the two…

A: Consider that the combined price of the two items is, $2800 down payment is  $700 Therefore, the…

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

A:

Q: Wayne Pinski wishes to buy a stove and a refrigerator from an appliance dealer. The cost of the two…

A: Total cost of stove and refrigerator is $2800 down payment is $600. So remaining cost to be paid is…

Q: Your electric bill is $128. You are charged 12% simple interest for late payments. How much do you…

A: Solution-: Given: Amount of  electric bill is $128. Rate of simple interest =12% . How much do you…

Q: Angela Montery has a five year car loan for a jeep wrangler at an annual interest rate of 6.9% and a…

A: We can use this formula to calculate the payoff amount, A = D1-1+r100n-Rr100n Where D is the monthly…

Q: Suppose that you decide to buy a car for $25,767, including taxes and license fees. You saved $8000…

A: a)The cost of buying a car is $25,767 of which $8000 is saved as the down-payment.Therefore, the…

Q: Carlos Menton purchases a new laptop computer from Knox Computer Solutions for $1499. If the sales…

A: Given: Purchase price = $1499 Sales tax rate = 4.25% r = 8.4% = 0.084 t = 3  n = 12 Formula Used:…

Q: Consider a 30-year fixed-rate home loan of $525,500 with an interest rate of 3.75%. What is the…

A: We have to find the interest of given amount. The solution is following.

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

A:

Q: Tony's Towing borrows $17,250, at 7.5% interest, for 320 days. If the bank uses the exact interest…

A: Since , formula to find simple interest is I=Prt where, I is interest amount            P is…