Suppose you want to buy a Car. You have taken a loan of $25000 from a bank. You will pay monthly and lasts 48 months. (the annual percentage rate, i=12% ), (Draw the Cashflow) , then Compute: (a) The monthly payment. (b)After the 20 th payment, you want to pay off the remaining loan in a lump sum amount. What is the required amount of this lump sum?  Ans. ($658.35, $16008.73)

Q: William purchased $17,000 worth of equipment by making a $3500 downpayment and promising to pay the…

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Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

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Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at  5 1/4…

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Q: $350,000 is borrowed to purchase a house and land package, to be repaid with equal monthly…

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A: NOTE: Refresh your page if you can't see any equations. . here we have L=8000 r=9%=0.09 n=12 for…

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Q: A radio commercial for a loan company states: "You only pay 35¢ a day for each $500 borrowed." If…

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Q: Principal: $11,200.00 Interest Rate: 5.0% Date borrowed: 10/25/2023 Date Repaid: 2/13/2024  Days…

A: Time in days:Date borrowed: 10/25/2023Date repaid: 2/13/2024Using the given dates, we can calculate…

Q: The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's…

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Q: he total cost, find the down payment. C. Assuming that Mary finances the remaining cost

A: a. The sales tax is determined as, S=0.0725×9500=$688.75. The total cost is the sum of purchase…

Q: The monthly payments on a 10-year loan of $20,000 at 6.6% interest are $228.11. (a) What is the…

A: It is given that, the monthly payments on a 10-year loan of $20,000 at 6.6% interest are $228.11.…

Q: Calculate the account balance and the annual percentage yield (APY) in the following situation. (…

A: Here we use the formula of compund interest to find the account balance after one year.

Q: Compute the monthly payments for each add-on interest loan. The amount of the loan is $1300. The…

A: Addon interest also known as simple interest formula is given by the equation; A=P1+rt100 Where A is…

Q: Hank made payments of $105 per month at the end of each month for 30 years to purchase a piece of…

A: given payment $105 per month FV=$98310 t=30 years  =30×12 month  =360 month claim- (1) find the…

Q: you would like to have $20,000 saved in 4 years. you decide to make payments at the end of each…

A: The formula for annuity is given by A=p1+rknk-1rk.  Here, A is the final amount received at the end.…

Q: The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's…

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Q: A company borrowed $7,700,000 from a bank.The company repaid the loan after 3  years with a single…

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Q: Donny has paid $15,000 for a retirement annuity from which he will receive $2.063 at the end of…

A: Donny has paid $15,000 for a retirement annuity from which he will receive $2,063 at the end of…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: For solving this given problem:

Q: Principal: $15,500 Interest rate: 6% Compounded quarterly Calculate the effective rate (APY) of…

A: Compound interest formula A=P1+rnnt We are given where rn is APY P=$15500r=6%=0.06n=4t=1