Michael took out a personal loan for $6,000 with a monthly payment of $215.33 for 36 months. Determine the finance charge on Michael's loan if he takes all 36 months to pay it off.
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- Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. Determine the finance charge on Rachel's loan if she takes all 36 months to pay it off.Ans ??Justin is financing $169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the principal owed at the end of the second month. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.
- Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6 years. Find the amount of down payment the monthly payment and the total interest jasper will have paid at the end of his loan.Stephen has just purchased a home for $125,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 25% of the purchase price as a down payment. Find the total interest Stephen will pay if he pays the loan on schedule. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The total interest is S. (Round to the nearest cent as needed.)Nikul
- Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months. How much money does Henry receive into his bank account when the loan is drawn down?Bob purchases a car for $28,000. He makes $640 a month payments for 36 months on a 6.9% interest loan. What is his balloon payment?2. Alex needs to repay a $ 8500 debt. His bank offers personal loans with terms from one to five years at 8.9% per year, compounded monthly. a) Determine Alex's monthly payment for a five-year term. Use formula and show your work. ( gag. b) Calculate the total interest paid on the loan if he makes monthly payment. c) Determine Alex's payment if he chooses to make bi-weekly and weekly payments. Use TVM Advanced Calculator and fill up the blank. Bi-weekly Weekly TVM Advanced Calculator TVM Advanced Calculator Mode *End O Beginning Mode End Beginning Present Value PV Present Value PV Payments PMT Payments PMT
- Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.40% p.a. After 18 months Mason decides to pay off his car loan. How much does he owe on the loan?Ans pleaseJessica borrows $1,000.00 from a credit card company at 25% annually for two years. Determine Jessica’s monthly payment. Show your work.