QUESTION 2 You borrow $12,000 from your bank to help pay for some emergency home repairs. This loan is paid back by making quarterly payments of $1100 for a total of 3 years. What is total amount of interest paid on this loan?

Q: Find the principal which amounts to $5,500 at simple interest in 5 years at 2% per annum

A: The formula for Simple interest is SI=P×R×T100, where P is the principal amount, R is the rate of…

Q: If you have been hired at an annual salary of $23000 and expect to recieve annual increases of 5%.…

A: Solution

Q: Mr. A borrows P 12,000.00 with interest at 6% for two years from Mr. B. What should Mr. B accept in…

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Q: Your uncle still wouldn't help you after you found your new job. The bills are right this month, so…

A: Solution:- Your uncle still wouldn't help you after you found your new job. The bills are right this…

Q: What are Jeffery's monthly

A: Given: Jeffery Wei received a 6-year non-subsidized student loan of $31,000 at an annual interest…

Q: What is the total cost of a house you purchased with $20,000 as a down payment and monthly payments…

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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: Calculate the simple interest due on a 45-day loan of P1,600 if the interest rate is 9%

A: Concept: Here we shall use the formula for simple interest: SI=P×r×t100 Here P is the principal, r…

Q: loan of P200000 is to be repaid in full after 3years.If the interest rate is 8percent per annum.how…

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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: Find the cost of purchasing an annuity that pays $25,000 per year for 20 years. The interest rate is…

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Q: What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the…

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Q: If $800 is borrowed and the interest after 6 months is $72, what is the annual interest rate for a…

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Q: Suppose you deposited ​$40 per month into a savings plan for 5 years and at the end of that period…

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Q: find the lump sum deposited today that will yield the same amount as monthly paymenst of  $100 with…

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Q: If you were to lend Rs. 1,500,000 for five years and charged 19%. Calculate your return in each…

A: Note: It is assumed that the charged amount is the simple interest. The simple interest, I, is…

Q: Perry took out a payday loan for $1350 that charged a $55 fee. If the loan matures in 1 week, what…

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Q: Suppose that you borrow ​$3000.00 from a friend and promise to pay back ​$4755.00 in 3 years.…

A: It is given that the principal is 3000, balance is 4755 and time is 3 years. The formula to evaluate…

Q: What is the rebate fraction of a 42 month loan paid off after the 16th payment

A: We know that, Rebate fraction= sum of digits for number of payments remaining / sum of digits for…

Q: The rebate offer is $3800, and you can obtain a car loan at your local bank for the balance at 3.78%…

A: Let E be the monthly payment , P be the principal amount , r is the rate of interest and n is the…

Q: Mr. Cruz obtained a 16-year mortgagee for 3,592,974. If this monthly payment is 17,520 how much is…

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Q: How much is the cash value of the car if the interest used is 12% monthly?

A: Given:monthly payment =17,000 Interest rate=12% Formula used: PV annuity=P×1-1+I-nI

Q: 4. A student took out a simple interest loan for $2800 for two years at a rate of 6% to purchase a…

A: The simple interest formula is: A=P(1+rt)