Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php1,000 and financed the rest 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.

Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: Given: Hot tub cost = $5,070 Down payment = $1,300 Finance = 24 months Payments each month = $179.77

Q: Liam had an extension built onto his home. He financed it for 48 months with a loan at 4.9% APR. His…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Mae purchased a home for ₱4,570,000 and obtained a 20-year loan with an annual interest rate of…

A: Given Information : Cost of home = 4,570,000 pesos Period of loan = 20 years Annual interest rate =…

Q: Gregorio bought a car with funds borrowed from a commercial bank. He intends to repay the note with…

A: Par value (FV) = P750,000 Discount rate (r) = 12% Period (d) = 270 days

Q: Anna received a loan of $29,000 at 4.5% compounded semi-annually. He had to make payments at the end…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: Brett purchased a machine for $22,500 for his company. He paid 5.00% of this amount as a down…

A: An amortization schedule is created to understand the breakdown of the loan payments and to find out…

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

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

Q: omplete amo

A: fixed Monthly payment = P*R* ((1+r)^n)/((1+r)^n-1) P= Loan amount R= 5.90%/12= 0.4916% N= 12*0.5= 6…

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: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The Annual percentage rate(APR) is the percentage rate that shows the interest rate calculates on…

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: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

Q: John Doeber borrowed $125,000 to buy a house. His loan cost was 11% and he promised to repay the…

A: Step 1: Given data :Loan amount (P): $125,000Annual interest rate (r): 11%Amortization period (n):…

Q: Hange Zoe borrowed money to upgrade their battle equipment of Survey Corps in the lending company in…

A: First obligation (L1) = P 225000 after 1 year r1 = 10% Second obligation (L2) = P 320000 after 2…

Q: On April 8, Manuel borrowed $700.00 from his uncle at 5.6% per annum calculated on the daily…

A: In installment loan system, repayment schedule is constructed that show balance of amount due after…

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: 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: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Loans are paid back in fixed periodic payments.   The amount of the periodic payments depends on the…

Q: Mary bought an electric oven listed as RM 3500 cash through an installment plan which she paid RM…

A: Answer:- a Computation of total interest charged:-  Cost of oven                  = RM3500 Less:-…

Q: Erica has just purchased a new personality from I Spy a New You, LLC for $1250. She put exactly 25%…

A: Using excel PMT function

Q: To vacation with his family, Mr. Velasco obtains a loan of $60,000 to be paid in 7 monthly…

A: Let's create an amortization table for Mr. Velasco's loan. Here are the details:Loan amount:…

Q: Casey secured a 5-year car loan at 6.20% compounded annually that required him to make payments of…

A: Present Value represents the value of a future amount in today's dollars, taking into account…

Q: Gregory purchased a house for $350,000. He made a down payment of 30.00% of the value of the house…

A: Mortgage  A legal agreement between the borrower and a bank in which the bank will take ownership of…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The APR is used for representing the interest rate paid on the outstanding loan balance. It takes…

Q: 4 years. His Monthly loan was 23.03. What was the monthly payments and what was the total interest…

A: Loans are to be paid by the monthly payments that carry the payment for interest and payment for…

Q: Phillip purchased a machine for $20,000 for his company. He paid 5.00% of this amount as a down…

A:

Q: Casey purchased a machine for $28,500 for his company. He paid 5% of this amount as a down payment…

A: A loan is a contract between two parties where money is exchanged on the promise of future repayment…

Q: Kween Yazmine's mother borrowed Php35,000 to fix their car. The bank charges 5% interest for two…

A: Borrowed amount (PV) = Php 35,000 Interest rate (r) = 5% Period (n) = 2 Years

Q: Wyatt signs a note for a discounted loan agreeing to pay $4,100 in 6 months at a discount rate of…

A: Loan amount = $4,100 Discount rate = 0.13 Period of loan = 6 months Amount of discount = ? Amount of…

Q: krystof took out a personal loan for $3, 569.74 with monthly payments for 5 years. The interest rate…

A: Here,LoanAmount is $3,569.74Time Period is 5 yearsInterest Rate is 11.39%Compounding Period is…

Q: After earning a BS Electrical Engineering degree, Jess decided to start his own business. His rich,…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Monthly payments interest rate is calculated by excel function RATE, where the inputs are: pv:…