Question 2The cash price for a bike is $240. Peter bought it on payment plan over a one yearperiod. A deposit of $60 was paid and 12% p.a. simple interest was charged.a. Calculate the actual interest charged.b. Calculate the total amount to be repaid.c. Calculate the amount of each monthly repayment.

From the given information we find the solution.

Answered: Question 2 The cash price for a bike is…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Justin received an invoice for $4,000 that had payment terms of 2/10 n/30. He made a partial payment of $2,400 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made. Round to the nearest cent
Find the new balance, assuming that the bank charges 1% per month on the unpaid balance. 2 Previous Balance $300 Payment $20 New Purchases $80 STEP 1: Find the unpaid balance after the payment is made on the previous balance. $ 270 X STEP 2: Calculate the amount of charge incurred by the unpaid balance. $4.05 STEP 3: Find the new balance. $ 354.05
Solve for Compound Interest and Amount.......6 month.....Principal $15,000........Rate 6%......Compound Semiannual
Is? 15 8. Natalie recently purchased her first home for $166 000. Calculate the amount of Natalie's mortgage if she decided to make a 15% down payment and mortgage the rest. a. $157 700 b. $144 348 c. $190 900 d. $141 100
Toby takes a one year loan from the bank for $50,000. The bank charges a nominal interest rate of 8.75% per annum. The total amount Toby will have to pay to the bank after a year will be $____.
Consider a 30-year fixed-rate home loan of $515,500 with an interest rate of 3.75%. What is the total amount of interest paid? (Round your answer to the nearest cent.) $
For the given corporate bond, whose annual simple interest rate is provided, find the semiannual simple interest payment and the total interest earned over the life of the bond. Assume 365 days in a year. $4600 Company A, 30-year bond, 5.188% The semiannual interest on the corporate bond is $ (Round to the nearest cent as needed.)
Caleb received an invoice for $5,000 that had payment terms of 4/15 n/30. He made a partial payment of $2,500 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made.
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
For a three year bond of $2,400 at a simple interest rate of 11% per year, find the semiannual interest payment and the total interest earned over the life of the bond. The semiannual interest on the bond is $. (Simplify your answer. Type an integer or a decimal. Round to the nearest cent as needed.) The total interest on the bond is $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent as needed.)
Suppose you obtain a 20-year mortgage loan of $192,000 at an annual interest rate of 7.9%. The annual property tax bill is $973 and the annual fire insurance premium is $498. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)$ _____
Determine the monthly payment if you take out a loan for $160,000 with an annual interest rate of 4.25% and the term of the loan is 20 years.

SEE MORE QUESTIONS

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS

Question 2 The cash price for a bike is $240. Peter bought it on payment plan over a one year period. A deposit of $60 was paid and 12% p.a. simple interest was charged. a. Calculate the actual interest charged. b. Calculate the total amount to be repaid. onthly repayment.