You just bought a used car for $3,500 from your cousin. He agreed to let you make payments for 3 years with simple interest at 7 percent. How much interest will you pay?
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- 1. George bought a new car with a 4.1% interest rate for 5 years. The loan is $35,000. What is the monthly payment on the loan? 2. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is the interest portion of the 48th payment? 3. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is the balance after the 48th payment?You lend a friend $13,000, for which your friend will repay you $49,591 at the end of 6 years. What interest rate are you charging your "friend"?You borrow $500 from a family member and agree to pay it back in six months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after six months? How much is the interest? The interest is $ (Round to the nearest dollar.) C
- A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.Joe Levi bought a home in Arlington, Texas, for $132,000. He put down 30% and obtained a mortgage for 30 years at 5.00%. (Use Table 15.1.) a. What is Joe's monthly payment? (Round your intermediate values and final answer to the nearest cent.) Monthly payment b. What is the total interest cost of the loan? (Use 360 days a year. Round your intermediate values and final answer to the nearest cent.) Total interest costWade Ellis buys a new car for $16,759.78. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1 2 % interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$
- You lend a friend $10,000, for which your friend will repay you $15,000 at the end of 5 years. What interest rate are you charging your “friend”?Rosie is buying a car for $25,500; She is Scheduled to make 7 annual instalments. Given an interest rate of 8%, what is the annual payment? (can you also show me the formula that you are using thanks)You decide to do some remodeling in the kitchen. Your parents agree to lend you the money, but you insist on paying them interest. The agreement is that they will lend you $6000.00 at a simple interest rate of 1.5% per year. In how many months will the interest be $360.
- Christopher just borrowed $19,500.00 to buy a used minivan. The terms of the loan require him to make equal monthly payments for 6 years plus an extra payment of $1,610.00 in 6 years. His first monthly payment is due today. If Christopher's regular monthly payment is $340.10, then what is the EAR of his loan? O 10.26% (plus or minus 2 bps) O 9.97% (plus or minus 2 bps) O 10.62% (plus or minus 2 bps) O 9.61% (plus or minus 2 bps) O none of the answers are within 2 bps of the correct answerafter making payments of $917.10 for 6 years on your 30-year loan at 8.3%, you decide to sell your home. what is the loan payoff?Jake just got a $96000 mortgage in order to buy a new home, and he was able to get a 30 year loan at 5.5% interest. Answer the following questions about Jake's loan. (Round your answers to the nearest cent.) What is Jake's monthly payment? $nothing How will Jake pay in total over the lifetime of the loan? $nothing How much interest will Jake pay over the lifetime of the loan? $
