What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the simple interest method? a. $383.33 b. $150 c. $1450 d. $1150

Q: Consider a student loan of $12,500 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: (a) Obtain the monthly payment as follows.

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: Mr. Dan Dapper received a statement from his clothing store showing a finance charge of $2.30 on a…

A: Given Information - Finance charge on previous balance = $2.30 Previous Balance = $100 We have to…

Q: Mr. Dan Dapper received a statement from his clothing store showing a finance charge of $2.10 on a…

A: Solution is given below:-

Q: Steve borrowed $300 for 2 months at a simple interest rate of 6% per annum. How much interest does…

A: Simple interest =( principal × rate × time)/100

Q: Calculate the simple interest due on a 45-day loan of $1600 if the interest rate is 8.7%

A: P=principle=1600r=interest rate=8.7%=0.087t=time=45 day=45365 yearI=interest

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: 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: 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: What is the monthly payment on a 25 year loan of $67,800 if the annual interest rate is 5%?

A: We have Principal loan amount, P = $67,800 Annual interest rate r = 5% = 0.05 Number of monthly…

Q: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given

Q: interest

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

Q: Ellen is looking to purchase a car.  She determines that she can afford a monthly payment of $325.…

A: To determine the cost of car that Marie can afford.

Q: If the interest on a loan amount $3500 for 1 years is $132. Then the rate of interest is O 2.65%…

A:

Q: Solve for Compound Interest and Amount.......6 month.....Principal $15,000........Rate…

A: The given principal amount at the rate  for months compounded semi-annually.The objective is to…

Q: Your total payment on a 5 year loan, which charged 6% annual simple interest, amounted to $40,160.…

A:

Q: $1,250

A: Please refer to the image below

Q: Consider a 30-year fixed-rate home loan of $515,500 with an interest rate of 3.75%. What is the…

A: Let  L, c and n denote the loan amount, the rate of interest per payment and the number of payments.…

Q: Consider a 30-year fixed-rate home loan of $525,500 with an interest rate of 3.75%. What is the…

A: We have to find the interest of given amount. The solution is following.