Peg plans to have laser eye surgery. The total cost of $2500 will be paid with a 48-month installment loan with an APR of 4.5%. Determine Peg's total finance charge.
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Peg plans to have laser eye surgery. The total cost of $2500 will be paid with a 48-month installment loan with an APR of 4.5%. Determine Peg's total finance charge.
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- You take out an installment loan to purchase a sailplane costing $34,200. You make a down payment of $8,600 and finance the balance by making monthly payments of $1,156.72 for 24 months. Use the APR formula to find the APR.You consider financing the purchase of a new $159,900 sports car from a local luxury car dealership. The loan specifications establish a three-year term and a 9.2 percent APR. The buyer is required to make monthly payments starting immediately after approval. What is the expected payment of this loan?Alexa takes out a loan of 94,000 at an annual effective discount rate of 6%. The loan is to be repaid with annual payments of 10,000. The first payment is due 4 years after the loan is taken out. Calculate the amount of the drop payment. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answwer.
- Erie General Hospital wants to purchase a new blood analyzing device today. Its local bank is willing to lend it the money to buy the device at a 2% monthly rate. The loan payments will start at the end of the month and will be $3,100 per month for the next 24 months. The purchase price of the device is___________.You attend college and have 2 loans: A SUBSIDIZED loan for $40,000 with 3.88% APR, and anUNSUBSIDIZED loan for $28,000 with 4.06% APR. You plan to elect standard repayment. Calculate yourtotal monthly payment for both loans.The Fly-by-Night finance company advertises a “bargain 6%plan” for financing the purchase of automobiles. To the amount of the loan being financed, 6% is added for each year money is owed. This total is then divided by the number of months over which the payments are to be made, and the result is the amount of the monthly payments. For example, a woman purchases a $10,000 automobile under this plan and makes an initial cash payment of $2,500. She wishes to pay the $7,500 balance in 24 monthly payments: What effective annual rate of interest does she actually pay?
- ou plan to purchase a car that costs $42,100. You deposit a down payment of $4,000 and finance the remaining amount over a period of 5 years. Your quoted annual rate is 9.30% compounded monthly Create a single-variable data table in Excel highlighting the monthly payment as a function of the length of the car loan. The table should indicate monthly payment figures for a loan term of a minimum of 2 years and a maximum of 7 years.A computer chip designer purchased a car for $59,476.47, which includes sales tax and registration. The designer obtains a 5-year loan for the total amount at an annual interest rate of 6.3% compounded monthly. The designer will make monthly payments. The payments calculation for this type of loan uses the formula for the present value of which type of annuity? Given the formula for the payment amount of annuity where PMT is the payment amount in dollars, PV is the present value in dollars, n is the number of payments, and i is the interest rate per period. PMT= ? Determin the following values. PV= $ n= i= What is the designer’s monthly payment? (Round your answer to the nearest cent.)A chiropractic student receives a 10-year PLUS Loan for $50,000 to complete the last 2 years of the program. If the interest rate of the loan is 5.48% and the student begins repaying the loan 2 years after graduation, what will the student's monthly payments be (in dollars)? (Assume the loan has a deferred payment plan. Round your answer to the nearest cent.)
- Suppose that you decide to borrow $35,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at 6% Installment Loan B: five-year loan at 9%. Find the monthly payments and the total interest for Loan A. Find the monthly payments and the total interest for Loan B. Compare the monthly payments and total interest for the two loans. Use this formula to find the monthly payments:After starting your full-time job out of college, you decide to buy a new car for $85,000. Create a complete amortization table in excel for this car loan: You make 84 equal end-of-month payments. The discount rate is 6.5 percent compounded quarterly. How much would you owe after the 75 th payment? Please show both regualr and formula format of the spreadsheet.The manager of Steve’s Audio has approved Daisy’s application for 24 months of credit at maximum monthly payments of $45. If the annual percentage rate (APR) is 19.2 percent, what is the maximum initial purchase that Daisy can buy on credit? Can the calculator and excel solution be provided?