Ursula wants to buy a $21,000 used car. She has savings of​ $2,000 plus an​ $800 trade-in. She wants her monthly payments to be about $302. Which of the following loans offers monthly payments closest to $302​?   A. 6​% APR for 60 months   B. 6​% APR for 72 months   C. 6​% APR for 36 months   D. 6​% APR for 48 months   Please use BA II where applicable.

Q: Anna is buying a house that is selling for $265,000. To obtain a mortgage, she is required to make a…

A: Mortgage refers to amount of loan for purchase of house, land or real estate. The working is shown…

Q: swer part a,b,c of this textbook question about the Application of Time Value of Money to Mortgages.…

A: Mortgage loans are paid in equal monthly installments and these carry the payment for the mortgage…

Q: ds to borrow $5000 to pay for NHL season tickets for her family. She can borrow from the credit…

A: The annual percentage rate (APR) is the total cost of a loan to a borrower, including fees which is…

Q: Katherine Hunt is evaluating her debt safety ratio. Her monthly take-home pay is $3,160. Each month,…

A: The safety ratio, often used in personal finance and investment, is a financial metric that assesses…

Q: When preparing for a business trip to China, Kaylee Putbrese borrow for a simple discount note at 5%…

A: A simple discount, also known as a bank discount, is a financial concept that refers to the interest…

Q: Tina Mier must pay a $5,000 furniture bill. A finance company will loan Tina $5,000 for 8 months at…

A: Interest=Rate×Principal×Time×1100

Q: Bea Fehr requires a personal loan to purchase appliances that cost S5000. She meets with the loan…

A: Cost of Equipment is  $5,000 Time period of loan is 3 years Interest rate of Institution- A is 934%…

Q: Sarah graduated from college with $29000 in student loan debt. The annual rate on her loans is 6…

A: Calculate the total interest paid over 5 years:Total interest paid over 5 years = Principal *…

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her…

A: Introduction: Installment: Its a method of payment paying monthly , semi annually , annually etc.

Q: Carissa wishes to borrow $280,000. Lender A qualifies her for a rate of 4.59% over a 30-year term,…

A: Borrowing = 280,000 Lender A Rate = 4.59% N = 30 years Lender B Rate = 3.29% N = 20 years

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9%   To Find: Minimum Payment…

Q: Rayleene is getting a loan to buy a used car from a seller. The price of the car is $8200.00. She…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she…

A: Payments made = $108.50 for 10 times Original Loan = $1000 Interest Amount = Total Payment made -…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

Q: 6. Nita is preparing to go on a trip and determined she needs to bring $ 7,600. How much must she…

A: Amount to bring7600Simple Discount note6.50%Tenure, days90

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she…

A: The formula for calculating simple interest Simple Interest(I) = P*r*t Where, I = Interest Amount P…

Q: Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and…

A: Amount owed = 5232.25 Interest Cost = 1.75% per month

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: WORKING AND EXPLANATION

Q: Jodi takes out a loan to buy a car for $29,000. If her monthly payment is $500 and the annual…

A: Using finance we need to find the NPER FIND NPERRATE = 8%/12PMT = 500PV =-29000FV =0 We will get…

Q: For the best terms on a loan or credit card, you need a credit score above 720. To achieve this,…

A: Add On Interest MethodThe add-on interest method is a way of calculating interest on a loan by…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: Heather McIntosh recently purchased a home for $175,000. She put $22,500 down and took out a 25-year…

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

Q: Mrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised to repay…

A: Simple Interest = P * R * TWhere P = PrincipalR = Rate of Interest T = Time

Q: A woman uses a loan program for small businesses to obtain a loan to help expand her vending machine…

A: Loan amount = $20,000Interest rate = 1.3%

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

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: eanna went to a bank and obtained a personal loan with an interes mpounded bi-weekly. If the bank…

A: Effective interest is interest taking into account the effect of compounding.

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Here, APR is 9%

Q: you are trying to build credit by using a credit card, each time you make a purchase with the credit…

A:

Q: , Jane borrows an amount of money L. She repays it in 360 equal monthly payments at the end of each…

A: A loan is a contract where a party forwards the money to another party on the promise of repayment…

Q: Molly’s total loan amount is $24,495. Using the image, how much would her monthly payments be? How…

A: Meaning 0% APR : An 0% APR offer means that you won't have to pay interest on your purchases for a…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.