Use the following amortization chart: Selling price of home: $98,000 Down payment: $6,000 Principal (loan): $92,000 Rate of interest: 6.0% Years: 30 Payment per $1,000: $6.00 Monthly mortgage payment: $552 What is the cost of Interest? (Do not round intermediate calculations. Round your answer to the nearest cent.) Total cost of interest: ??

Q: You want to buy a $24,000 car. The company is offering a 2% interest rate for 36 months (3 years).…

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Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

Q: You want to buy a car. The loan amount will be $28,000. The company is offering a 2% interest rate…

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Q: Find the monthly payment for the loan. Used car financing for $600,000 for 25 months at 11.75%.…

A: here we have to find the monthly payment for the loan. PV (present value of car) = $600,000 n(number…

Q: Consider a student loan of $15,000 at a fixed APR of 6% for 15 years. a. Calculate the monthly…

A: 1) a) Amount borrowed = $67,000, Annual Interest rate = 4%, the number of payments per year is 12…

Q: Find the mortgage payment for a 15 year loan of 224,900$ at an annual interest rate of 8.05%. Round…

A: Given Pmt=Mortgage payment P=loan amounts=$224900 r=rate per period=0.0805 n=number of payment=15

Q: Estimate the annual percentage rate for the add on loan using the given number of payments and…

A: Given n=42 and r=5.9% We have to estimate the annual percentage rate for the add on loan by using…

Q: Omar wants to take out a loan to buy a car for $16,000. The interest rate is 2.55% per year and the…

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Q: You want to buy a $21,000 car. The company is offering a 3% interest rate for 60 months (5 years).…

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Q: Gina buys her first house for $250,000 at 5% APR with a 30-year mortgage.a. Find her monthly…

A: a) It is given that, Gina buys house for $250000 at 5% APR with a 30-year mortgage. Here Principal…

Q: Use the simple interest formula to determine the missing value. p= ?, r= 4%, t= 3 months, i = $16 p=…

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Q: The owner of a hot dog stand receives a loan of $4,750 at 6.25% for 9 months. Find the amount of…

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Q: You have a $70,000  reducing balance loan at 7.5% per year. Monthly repayments are 850. What is the…

A: To calculate the total interest paid by the end of the second month on a reducing balance loan, we…

Q: What price should you be willing to pay for the following bond? 5 year $5000 bond; interest at 3.5%

A: Recall the following fact.

Q: Angela Montery has a five year car loan for a jeep wrangler at an annual interest rate of 6.9% and a…

A: We can use this formula to calculate the payoff amount, A = D1-1+r100n-Rr100n Where D is the monthly…

Q: You owe $16,000 on student loans at an interest rate of 4.15% compounded monthly. You want to pay…

A: The monthly payment is calculated using the formula: Monthly Payment=Loan amount×i1-(1+i)-n. Here, i…

Q: You want to buy a $13,000 car. The company is offering a 4% interest rate for 48 months (4 years).…

A: Where,PVA = Present value of the annuityA = Monthly paymenti = Monthly interest rate in decimal…

Q: Nathan plans to repay a loan of $60 000 at 5.1% per year by making equal annual payme Should Nathan…

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Q: Divya has a 30-year mortgage for $248,000 with a 3.8% fixed annual interest rate. What is the total…

A: Basic simple interest problem of algebra. Here option (C) is correct the solution is provided below

Q: You need a home loan of $65,000 after your down payment. How much will your monthly house payment be…

A: Given, Principal amount of the loan(P) = $65,000 Monthly interest rate(i) = 5.25100×12 = 0.004375…

Q: Calculate the loan amount on a purchase having a cash price of $885,000 with a 13% down payment.…

A: Total cash price = $885,000 Down payment = 13%