Stacey purchased a car for $58,300; she paid 5% of the cost as a down payment and financed the balance amount at 3.9% compounded quarterly for 5 years. a) What is the size of payment made at the end of every three months to settle the loan? $ 3061.46 b) What was the amount of interest charged? $ Part 2 of 2

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A: (a) Obtain the monthly payment as follows.

Q: Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5%…

A: Consider the given data  cost of home=$165,000down payments=$25,000rate of mortgage r=5%time t=30…

Q: the same account (an

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Q: You want to buy a $195,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

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Q: You want to buy a $236,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

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Q: You want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Down payment = 15%  Present value = 212000- 0.15* 212000  30 years = 30*12 = 360 months

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…

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Q: 2.Consider a student loan of $18,000 with an APR of 6% for 8 years. Find: a) the monthly payment;…

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Q: Your total payment on a 5 year loan, which charged 6% annual simple interest, amounted to $40,160.…

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Q: For a home mortgage of $150,000 at 6% interest for 30 years, find the followin a. Monthly payment.…

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Q: Erica and Guadalupe plan to purchase a home for $241,000. They will pay 20% down and finance the…

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Q: A computer store sells for  $2,200,000 . The buyer made a  30%  down payment and secured a  20…

A: Given that, A computer store sells for $2,200,000. The buyer made a 30% down payment and secured a…