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.Jessica borrows $1,000.00 from a credit card company at 25% annually for two years. Determine Jessica’s monthly payment. Show your work.Janet borrows $3500 from a credit card company at 22.5% annually for 3 years. Determine Janet’s monthly payment. Show your work.
- Yusra has a term loan that she still owes $11,138.67. The annual interest rate on this loan is 4.22% this month she is making payment 34. Her monthly payment is $413.25 how much will her balance be after she makes this months paymentJennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35Phyllis borrowed $1,000 at 2% APR for six months. Use the simple interest formula to calculate the total amount of interest Phyllis will pay if she pays $200 two months into the loan and the rest at six months.
- Janet borrows $3800 from a credit card company at 24.5% annually for 3 years. Determine Janet's monthly payment.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?Theresa borrowed $7258.00 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $265.00 each. If the payments are due at the end of each month and interest is 4% coumpunded monthly, how long will Theresa have to make monthly payments? State your answer in years and months (from 0 to 11 months). theresa will have to make payments for _____ year(s) and ______ month(s)
- Natalia will owe $6,050 to repay a personal loan she took out to go on vacation. The loan was for a term of 10 months at 5.2% ordinary interest. What was the original amount of her loan?Justin is financing $169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the principal owed at the end of the second month. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.Jane took out a loan from the bank today for X. She plans to repay this loan by making payments of $520.00 per month for a certain amount of time. If the interest rate on the loan is 1.12 percent per month, she makes her first $520.00 payment later today, and she makes her final monthly payment of $520.00 in 7 months, then what is X, the amount of the loan? O An amount less than $3,501.00 or an anmount greater than $4,238.00 O An amount equal to or greater than $3,501.00 but less than $3,739.00 O An amount equal to or greater than $3,739.00 but less than $3,980.00 O An amount equal to or greater than $3,980.00 but less than $4,081.00 O An amount equal to or greater than $4,081.00 but less than $4,238.00
