Problem #2. Your neighbor purchased a sailboat for $9,810. He made a downpayment of $2,000 and financed the balance with monthly payments of $380 for 24 months. Show your work for all parts of the problem. (a) What is the finance charge on the loan? (b) Use the APR formula to find what annual percentage rate is being charged on the loan.

Q: William purchased $17,000 worth of equipment by making a $3500 downpayment and promising to pay the…

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Q: A woman purchases a car for $12,000. She pays $3,000 as a down payment and finances the remaining…

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Q: Suppose you see a car with a price of $12,000 that is advertised at $300 per month for 5 years. What…

A: Given: Price of the car=$12000, Payment=$300 per month, time=5 years.

Q: Steve borrowed $300 for 2 months at a simple interest rate of 6% per annum. How much interest does…

A: Simple interest =( principal × rate × time)/100

Q: Lupé made a down payment of $8000 toward the purchase of a new car. To pay the balance of the…

A: Down  payment  = 8000A = 410 X 60 = 24600r = 0.07n = 12 (monthly) t = 2 (compound monthly)

Q: Find the interest refund on a 33-month loan with interest of $2,859 if the loan is paid in full with…

A: Given, Total interest is $2859. Total time of loan is 33 months, loan is paid in full with 11 months…

Q: Jayden just graduated from college and owes $19,400 on his student loans. The bank charges an annual…

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Q: Rosa Burnett needs $7,000 in three years to make the down payment on a new car. How much must she…

A: Given information Future value=$7,000 Rate of interest r=0.5% compounded annually ⇒r=0.5100=0.005…

Q: John wants to retire with $10,000 per month, how much principal is necessary to generate this amount…

A: Use the formula I=Prt100, where P is principal, and r is the rate of interest, t is the time.,…

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: You want to purchase a bond that has a face value of $40,000

A: Given, Face value of the bond: F=40000 Quarterly interest payment: I=40000×8100×14=100×8I=800 Yield…

Q: . Find the size of the payments if money earns 3% compounding quarterly.

A: Given: Helen has borrowed $4000, and agreed to pay it back in two equal payments to be made in 6…

Q: Suppose you have budgeted $ 1025 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Let x be the mortgage amount that offered.

Q: ppose you have budgeted $ 1235 a month towards a mortgage. If you are offered a 30 year mortgage at…

A: Given Monthly payment=$1235 N=30*12=360 R=8.25/12=0.6875%

Q: how expensive of a mortgage can you afford?

A:

Q: major airline is plannin

A: Given that a major airline is planning to purchase new airplanes. It wants to borrow $800 million by…

Q: How much will need to be paid in full on a loan of $2200, at a rate of 4.2% simple interest for 6…

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Q: What is the present value of 1700 dollars to be paid in 5 years, if the effective rate of interest…

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Q: How would I find annual percentage yield? How is this different from the annual interest rate?

A: FIND: Annual percentage yield

Q: Leo needs $30,000 to cover

A:

Q: QUESTION 7. Calculate the monthly payments for Clytemnestra's new Honda. She picks a model that…

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