Omar wants to take out a loan to buy a car for $16,000. The interest rate is 2.55% per year and the loan term is 6 years. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator Loan amount: $ Loan term: Interest rate: Calculate years % Monthly payment: (a) Find the monthly payment. (b) Find the total amount to repay the loan. (c) Find the total amount of interest that will be paid. $0 X

Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

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

A:

Q: Find the interest on the following loan. $5386 at 6%; loan made on August 11 and due December 16 The…

A: We have to Find the interest on the following plan $5386 at 6%,loan made on August 11 and due on…

Q: Matt bought a boat for $15,000. This is a simple interest loan at 5.5% for 10 years. What is the…

A:

Q: Brooke found US$90 in his attic and sold it to a bank that charged him a commission of 0.85%. How…

A: Brooke will recieve C $117.41Explanation:

Q: Find the monthly payment for the loan. Used car financing for $600,000 for 25 months at 11.75%.…

A: here we have to find the monthly payment for the loan. PV (present value of car) = $600,000 n(number…

Q: Use this table to find the monthly mortgage payments, when necessary. Roberto has a mortgage of…

A:

Q: Using the simple interest​ formula, determine the number of months until $1527.00 will earn $91.62…

A:

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

A:

Q: Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed…

A: To calculate the monthly principal and interest payment for a mortgage,  using the standard formula…

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: This installment loan is being paid off early, and it is our task to calculate the rebate fraction,…

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: From the given data loan amount (P.V.) = ​$295,298rate of interest  = 4.908 % = Monthly interest…

Q: Jackie took out a $9000.00 personal loan with a 4.5% interest rate that she will pay back in 3…

A:

Q: The total interest on a discounted loan is $40. If Bob received $480 into his bank account, what is…

A:

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: interest

A: we know that simple interest formula simple interest =P×R×T100where P is principal amountR is…

Q: Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for…

A: We know,  APR = 2Nr/N-1

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: Manuel purchases a house and gets a 30-year mortgage for $175,000 at 4% APR. In addition to the…

A:

Q: For a three year bond of $2,600 at a simple interest rate of 10% per year, find the semiannual…

A:

Q: For a home mortgage of $150,000 at 6% interest for 30 years, find the followin a. Monthly payment.…

A: Given principal (p)= $150,000 Rate of interest (r)= 6%  Time in years (t)= 30 30 years = 30 × 12=…