Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. Determine the finance charge on Rachel's loan if she takes all 36 months to pay it off.
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- Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. Determine the finance charge on Rachel's loan if she takes all 36 months to pay it off.Ans ??mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduationg, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. what the total cost of Mary's student loan?
- Janet borrows $3500 from a credit card company at 22.5% annually for 3 years. Determine Janet’s monthly payment. Show your work.Marisol finances a sports car for $27,500 by taking out an installment loan for 36 months. The payments were $998.61 per month and the total finance charge was $8,449.96 After 21 months, Marisol decided to pay off the loan. After calculating the finance charge rebate, find her loan payoff amount.Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.40% p.a. After 18 months Mason decides to pay off his car loan. How much does he owe on the loan?
- Ashley took out a student loan for $12,544. The loan had annual interest of 6.9%. She graduated five years after getting the loan and began repaying the loan upon graduation. Ashley will make monthly payments for two years after graduation. During the five years she was in school not making payments the loan occurred simple interest. What was her subsidize loan monthly payment an unsubsidized loan monthly payment?YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84% the balance after the 36 payment was $6566.01 and the balance after the 37th payment was $6194.50 what was YVette's monthly payment?Theodora received an 8 year PLUS Loan of $17, 000 to attend law school for her last 2 years. If the current interest rate is 8.62% and she starts her repayments 1 year after graduation, what are her monthly payments (in dollars)? (See Example 5 in this section. Assume the loan has a deferred payment plan.
- Amy earns $5,891 per month. She pays a monthly mortgage of $1,230, a monthly car payment of $195, and a student loan payment of $210 per month. She would like to apply for a credit card but needs to keep her back- end DTI at 40% maximum. What would her maximum monthly credit payment need to be?Hailey starts an IRA (Individual Retirement Account) at the age of 22 to save for retirement. Shedeposits $450 each month. The IRA has an average annual interest rate of 8% compounded monthly.How much money will she have saved when she retires at the age of 65? Round your answer to thenearest cent, if necessary.On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)