Scott Peter's bank granted him a single-payment loan of $3,250 to pay a repair bill. He agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of the loan? Select one: a. $3,211.09

Q: George was required to repay a loan that matured to $4,550 on August 14, 2015

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Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

Q: Iris Chung has a 15-year mortgage loan at an annual interest rate of 7.5%. After making payments of…

A: To determine the loan payoff value.

Q: Aniyah borrowed $82,000, on a 120-day 4% note. After 50 days, Aniyah made an initial payment of…

A:

Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a…

A: find explanation below

Q: Melissa Hernandez received an 8-year subsidized student loan of $25,000 at an annual interest rate…

A: We have given the amount of loan, the annual interest rate and the time period

Q: What is the mortgage amount for a house showing closing costs for a purchase of $212,000 requiring a…

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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: A loan for $5,000 with a simple annual interest rate of 20% was made on September 13th and was due…

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Q: estimate this montly payment. loan: 62.500; 30 years; 6.32%

A: To estimate the monthly payment for a loan, we can use the formula for calculating the monthly…

Q: On September 26, 2010, Eric received $5,000 from his father. He settled this amount on March 6, 2011…

A: Given that on September  Eric received from his father. He settled this amount on March with…

Q: Find the new balance, assuming that the bank charges 1.5% per month on the unpaid balance. Previous…

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Q: Robert borrowed a certain amount of money for 666 days at an annual simple interest rate of 5.3%. If…

A: Step: - 1 Here, A is maturity value, P is principal, R= interest rate, T=time Step:- 2 P = $2890

Q: Lindsay borrowed a certain amount of money for 4 years at an annual simple interest rate of 5.2%. If…

A: Given:   Lindsay borrowed a certain amount of money for 4 years at an annual simple interest rate of…

Q: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

A: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

Q: Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for…

A: We know,  APR = 2Nr/N-1

Q: Rodrigo is planning on buying a new home. The total amount he needs to borrow is $385,538. The…

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Q: Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of $1,000 on February…

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Q: You have a $70,000  reducing balance loan at 7.5% per year. Monthly repayments are 850. What is the…

A: To calculate the total interest paid by the end of the second month on a reducing balance loan, we…

Q: Julius takes out a loan of $8,500, at 9.5% simple interest, for 3 months. What is the maturity value…

A: Interest , I=PRT100where P is the principalR is the rateT is time in yearsMaturity value =Amount…

Q: Shannon finances her new car with a $9,900 auto loan. The loan has a 5-year term at a fixed annual…

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Q: Use 15.5% interest to findthe payment for the following loan. Purchase price, $4,195; down payment,…

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Q: You take out a 7-yr car loan for $25,000 with a 7.5% APR. The fixed monthly payment is $383.46. How…

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Q: Sandra buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan…

A: Here, Car price= $18,600 Down payment=0.15 Annual rate= 6.25% Number of months= 5*12= 60 months