The owner of a construction company purchased a cement mixer truck for $160,000 and made a down payment of $45,000. The remaining balance was financed for 10 years at an annual interest rate of 7.25% compounded monthly. Find the monthly payment (in dollars).

The owner of a construction company purchased a cement mixer truck for $160,000 and made a down payment of $45,000. The remaining balance was financed for 10 years at an annual interest rate of 7.25% compounded monthly. Find the monthly payment (in dollars).

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Q: You have agreed to pay off an $8,000 car loan with 24 monthly payments of $400 each. Use the simple…

A: Formula used: To find the interest rate in simple interest:…

Q: In 6 years Harry and Sally would like to have $24,000.00 for a dow use. How much should they deposit…

A: In this question, the monthly payment is to be calculated using the formula. M1-1+i-ni=A

Q: Juan purchases an annuity for 4140 dollars that will make 17 annual payments, the first to come in…

Q: What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the…

A: I solved with detailed analysis

Q: 2.7

Q: Lynn needs to borrow $5500 for cosmetic surgery. She obtains a loan from her grandmother for 48…

A: Given: Lynn borrows a loan for cosmetic surgery of $5500 at simple interest rate 7.3% for 48 months.

Q: Jenny invests $9,000 at 8% compounded annually in an annuity. How long until Jenny has $18,000

Q: You purchased 500 shares of stock six years ago at $21.25 and incurred brokerage fees of $345. You…

A: The objective of this question is to calculate the rate of return on an investment in stocks. The…

Q: George puts his bonus of $4,200 into an account earning 7.5% compounded monthly. How long will it…

A: Given: Initial amount = 4200 rate of interest = 7.5 monthly Final amount = 5000 Now, we need to…

Q: Jayden just graduated from college and owes $19,400 on his student loans. The bank charges an annual…

Q: Steven wants to buy a new couch priced at $558 and agrees to pay for it over two years with a…

Q: Morgan loaned $3,100 to Rolf at a simple interest rate of 0.65% per month. What was the term of the…

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: Berno deposits $30,000 into an account paying 3.25% annual interest, compounded quarterly. How much…

Q: Alexander loaned $70,000 to a small business at 4.18% compounded monthly for 1 year and 6 months.…

A: Alexander loaned to a small business at compounded monthly for year and months.We have to find…

Q: Find the exact interest on a loan of $6,000 at 8% annually for 70 days.

A: Given, a loan of $6,000 at 8% annually for 70 days.To find the exact interest on a loan.

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: From the given data loan amount (P.V.) = $295,298rate of interest = 4.908 % = Monthly interest…

Q: Wayne was late in making a $3,500 payment to Dora. If Dora accepted a payment of $3,801.75 and…

Q: Commute Time to Work The average commute to work (one way) is 25 minutes according to the 2005…

Q: Jodie deposited $10,000 into an account paying 6.5% interest, compounded quarterly. She needs to…

A: Let's say it will take t years to make the down payment

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…

Q: Steven wants to buy a new couch priced at $705 and agrees to pay for it over two years with a…

Q: interest

A: we know that simple interest formula simple interest =P×R×T100where P is principal amountR is…

Q: Jeremy has a credit card with an unpaid balance of $1,210. If he is charged an interest rate of…

A: The objective of this question is to calculate the finance charge for the month on Jeremy's credit…

Q: Bertha invests $10,000 for 8 years which results in an account balance of $24,759.63. What was her…

A: Given Bertha invested $10,000 for 8 years which resulted in an account balance of $24,759.63.

Q: A couple buys a condo for $310,000. After a 20% down payment, they take outa 30-year mortgage at 7%…

Q: Find the amount of money owed at the end of 5 years if $60,000 is borrowed at 7% per year compounded…

A: Here we have to find amount of money at the end of 5 years if money borrowed is $60, 000 at 7% rate…

Q: Nancy deposited $950 into an account that pays 5.41% annual interest compounded annually. When she…

Q: Hannah is buying a house in Prince Edward Island. She paid $45000 cash when she bought the house and…

Question

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.

Unlock instant AI solutions

Tap the button
to generate a solution

Click the button to generate
a solution

SEE SOLUTION

Similar questions

Omar has decided to finance a $25,000 car at 8% interest compounded monthly for 10 years. Determine Omar's monthly payment, to the nearest cent.
If you bought a sofa for $900 at 12% interest and agreed to pay it off over a 2 year period, how much would your monthly payment be?
You deposited $900 into a savings account paying 2% compounded quarterly. Two years later, you deposited $400 into the same account. One year after that, you withdrew $200. How much money was in the account after another 3 years?
Taylor took out a student loan for $69,000 and agreed to pay it off with monthly payments over 4 years at 5.9% interest rate compounded monthly. This made her monthly payments $1617.31. How much will Taylor end up paying in interest?
Jim financed the purchase of a new car. If the loan had an annual rate of 3.25% compounded annually and he had to make monthly payments of $600 for 8 years, what was the cost of the car?
Find the new balance for $1,000 left on deposit for 6 months at 4% interest compounded quarterly.
Craig decides to purchase a property that has been valued at $560,000. He has $90,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments.
Ashley purchased a car for $16,500. She put 10% down and financed the remaining 90% of the purchase price over 48 months at 1.9% APR compounded monthly. Find the total she paid for her car to the nearest cent.
Find the interest paid on a loan of $2,100 for three years at a simple interest rate of 12% per year.
katy took out a loan for $12,000 over 3 years. if her tiotoal repayments amounted to $18750. calculate the interest charged and the flat rate of interest pert anum
Bill deposited $8100 with his credit union in an account paying 6% compounded semi annually. Find the compound amount and the interest in eight years.
Find the amount of simple interest on a loan of $3,500 at 9 1/2% interest for 14 years.