You borrow some money on a mortgage loan. Your monthly payments are $750 to start with, on a loan with a 30-year amortization and monthly payments. Your rate is 4% per year, compounded monthly. How much money did you borrow on this loan? O $138,750 O $187,500 O $123,766 O $157,096 O $225,000

Q: You deposit $3,000 into a savings plan at the end of each year for three years. The interest rate is…

A: We have deposit amount is P=$3,000 Rate of interest = 5% = 0.05 Time = 3 years. Now, the value of…

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: Find the lump sum deposited today that will yield the same total amount as payments of $6,000 at the…

A:

Q: James receives $6497 at the end of every month for 4 years and 3 months for money that he loaned to…

A: Please check the answer in next step

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: You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an…

A: To calculate the cash price of the RV, we need to determine the present value of the loan and add…

Q: A principal amount of $1,300 is placed in a savings account with an annual interest rate of 5.95%…

A: Given that, the principal amount of  is placed in a savings account with an annual interest rate of…

Q: You take out a loan to purchase a car for $7600. The bank offers you 3.8%, compounded monthly for 4…

A: Interest = $ 26525.22

Q: You put $500 into an account paying 2% compounded monthly. What size can you withdraw at the…

A:

Q: You borrow $2,000 from Gougo's , a well-known loan consolidation outfit . The loan is an…

A:

Q: xander received a $22,950 loan from a bank that was charging interest at 4.25% compounded…

A: The loan amortization formula iswhere A is the period payment, P is the loan amount, i is the…

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: Shannon finances her new car with a $9,900 auto loan. The loan has a 5-year term at a fixed annual…

A:

Q: Jessica had a loan of $142,000 and made payments of $4,000 at the end of every month to settle it.…

A: In this question, we will use the compound interest formula.

Q: you would like to have $20,000 saved in 4 years. you decide to make payments at the end of each…

A: The formula for annuity is given by A=p1+rknk-1rk.  Here, A is the final amount received at the end.…

Q: The rebate offer is $3800, and you can obtain a car loan at your local bank for the balance at 3.78%…

A: Let E be the monthly payment , P be the principal amount , r is the rate of interest and n is the…

Q: Brent Pickett borrowed $5000 from his brother Dave. He agreed to repay the money at the end of 2…

A:

Q: While buying a new car, Kristen made a down payment of $1,200 and agreed to make month-end payments…

A: Answerthe purchase price of the carAns a =》$14,635.70 total amount of interest paid over the termAns…

Q: Toby takes a one year loan from the bank for $50,000. The bank charges a nominal interest rate of…

A: Given,

Q: A principal amount of $14,390 is placed in a savings account with an annual interest rate of 3.13%…

A: The compound interest formula is:Where,  is the principal, is the annual rate of interest,  is the…

Q: Use the​ add-on method to determine the monthly payment for a ​$9,000loan at 6​% interest for three…

A: