QUESTION 7 Almond just bought a new cracker. To pay for the cracker, the company took out a loan that requires Almond to pay the bank a special payment of $5,439.00 in 3 months and also pay the bank regular payments of $2,135.00 each month forever. The interest rate on the loan is 1.21 percent per month and the first monthly payment of $2,135.00 will be paid in 1 month. What was the price of the cracker? O $181,005 20 (plus or minus 3 dollars) O $181,092.53 (plus or minus 3 dollars) O $170,446.20 (plus or minus 3 dollars) O $181,820.26 (plus or minus 3 dollars) O none of the answors are within 3 dollars of the correct answer QUESTION A The new annual cash

Q: An apartment is sold cash at 500,000$. By installment you pay 20% of the apartment cash price as…

A: Given data :- cash price of apartment =500,000$ monthly payment = 7000$ Total number of month for…

Q: A loan of 16800 dollars is to be repaid in annual installments of 2000 dollars, the first due in one…

A: Given

Q: What would the monthly payment be on a purchase of $10,000 car at a 5.9% fixed annual interest rate…

A: Formula for the ordinary annuity is  FV=R1+in-1i where R is the regular deposit, i is the periodic…

Q: What lump sum of money must be deposited into a bank account at the present time so that ​$6,600 per…

A: Given that $6,600 per year can be withdrawn for 7  years, with the first withdrawal to start four…

Q: If the Principal amount is P72,500, the interest rate is 8% and the time is 3 years, the amount of…

A:

Q: Ms. Sherlyn borrowed $50000 for six years at 12% annual interest rate compounded monthly. If both…

A: Problems related to compound interest with the given data

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: Suppose you want to buy a new car that costs $32,600. You have no cash – only your old car, which is…

A: The given data is: The price of the new car is $36,600 The price of the old car is $4000 The…

Q: 3) Harry had an unpaid balance of $1780.89 on his credit card statement at the beginning of…

A: According to the given information, it is required to find the finance charges and the new balance…

Q: If an amount of $1735 is borrowed at a simple-interest rate of 4% for 6 years. Then the…

A: As we know that the expression for the simple interest is:   Simple Interest=PRT   Where,…

Q: If $7,000 is borrowed and repaid with four quarterly payments of $600 during the first year and four…

A: Concept: A branch of mathematics which deals with symbols and the rules for manipulating those…

Q: Find the interest paid on a 30-year mortgage of $350,000 at an APR of   6%.

A: Given, interest paid on a 30-year mortgage of $350,000 at an APR of   6%.

Q: Suppose you borrow $500 from a payday loan company and you agree to pay back $550 in three months.…

A: Suppose you borrow $500 from a payday loan company and you agree top ay back $550 in three months.…

Q: minimum

A: The mortgage formula is given by: M=P.r1+rn1+rn-1, where it is given that P=$175,000, r=0.04512 and…

Q: Mitchell has been given the option of either paying his $800 bill now or settling it for $812 after…

A:

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

A:

Q: Your rich aunty loans you $40000, for the down payment on a house, at a simple interest of 2% (the…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: A loan payment of $1255 was due 42 days ago and another payment of $2744 is due 45 days from now.…

A: Use formula of payments to solve this problem.

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. c. If you pay…

A: Given that, loan amount P=$175,000, monthly payment PMT= $975, Interest rate r=4.5% and frequency of…

Q: What is the present value of a $100 perpetuity deferred for 10 years if the interest rate is 6% ?

A: We have to find the present value Annual cash flow =$100Interest rate = 6Present value…

Q: 1. Enrique takes out a student loan to pay for his college tuition this year. Find the interest on…

A:

Q: Suppose that 10 years ago you bought a home for $120,000, paying 10% as a down payment, and…

A:

Q: If you buy a computer directly from the manufacturer for $3,297 and agree to repay it in 60 equal…

A:

Q: If an amount of $1650 is borrowed at a simple-interest rate of 4% for 5 years. Then the…

A: Given Principal=P=$1650  Rate=R=4% Time=T=5years

Q: Suppose a bank offers you a 5.1% interest rate on a 25-year mortgage to be paid back with monthly…

A:

Q: If you borrow 1500 dollars from a lending agent for 13 weeks and in the end you have to pay back…

A: Formula r = (1/t)(A/P - 1) r = simple interest rate = ? P = principal amount =1500 A = P+ I  = 1650…

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)