Todd Gunderson is making monthly payments on a loan for a motorcycle that carries a rate of 7.5% interest. The balance on November 12 is $3,119.54 and he makes a payment of $300 on December 15.  On January 10 he made a payment of $350.  What is the remaining balance on this loan after making the two payments?

Q: Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance…

A: > Given data:> Calculation of  APR as follows below:> APR = ((Amount paid / Loan amount ) /…

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A: Certificate of deposit refers to a savings account that pays a fixed rate of interest for a definite…

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A: in this we to calculate present value FACTOR and than find out period required.

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A: Using excel pmt function

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Q: Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance

A:

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A: Part 2: Explanation:Step 1: Calculate the interest charged for November:\[ \text{Interest} =…

Q: Corey received a $36,750 loan from a bank that was charging interest at 3.50% compounded…

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Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his…

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A: Effective Annual Interest Rate (EAR), also known as the annual equivalent rate (AER) or annual…

Q: On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance.…

A: Balance before Payment Amount paid Interest paid Principal repaid Balance After Payment…

Q: the amount financed the finance charge The deferred payment price.

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Q: On March 15th Ron went to the bank to borrow $3,000 at 8.5% interest. Ron plans to repay the loan…

A: Ordinary interest is an interest that is computed on the basis of a 360-day year instead of a…

Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…

A: Adjustment Journal Entry for Interest Payment An expense for the firm that occurs during a fiscal…

Q: Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current…

A: Prime rate = 3.5%Interest rate = Prime rate + 2.75% = 3.5% + 2.75% = 6.25%Balance Owing = $13250one…

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A: It can be calculated using=NPER(rate,pmt,pv,[fv],[type])Rate The interest rate for the loan.Nper…

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A:

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Q: Payment Balance Date Annual before Interest Transaction Rate Number Interest Accrued of Days Charged…

A: Annual Interest rate 6.5%Payment = 2500Initial Balance = 13750

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A: The given problem can be solved using RATE function in excel. RATE function computes interest rate…

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A: To find the amount of the regular quarterly payment, X, we can follow these steps:1: Calculate the…

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A: Note: Since nothing is mentioned here regarding the nature of interest, we will assume it to be…

Q: Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Tim Houston purchased a wall unit for $2,400. He made a $800 down payment and financed the balance…

A: Step 1 APR The annual percentage rate is the rate that investors receive on deposits and that…

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A: Beginning balance (B0) = $1132 Days from Oct 10 to Nov 10 = 32 Purchase on Oct 17 (P1) = $900 Days…

Q: Kevin Devlin's credit card company determines his minimum monthly payment by taking 1.25 % of any…

A: Interest charges indicate the additional rate charged by the lender over the principle amount.