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 for $35,000. What is the interest portion of the first 12 payment? 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 last 12 payments?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?Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th ebest deal he can get on a loan is 9% for 48 months a.) what will his payments be? b.)What is the total interest over the life of the loan?
- 5) George wants to purchase a new house that costs $185, 500. The terms of the sale are 10% down payment and the rest to be paid off at a 5.75% interest rate compounded monthly for 30 years. paying $974.28 for his monthly payment b.) how much will george pay in interest for the life of the loanA 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.Assume that you plan to buy a condo 5 years from now, and you need to save for adown payment. You plan to save $2,500 per year (with the first deposit made immediately),and you will deposit the funds in a bank account that pays 4% interest. Howmuch will you have after 5 years? How much will you have if you make the depositsat the end of each year? ($14,082.44, $13,540.81)
- 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.$After you purchase the house, you decide to do some remodeling in the kitchen. You ask your parents if they would lend you money, but you insist on paying them interest. The agreement is that they will lend you $6000.00 at a simple interest rate of 3% per year. Once the interest amounts to $300, you agree to pay them back the $6000 plus the $300 interest. Supoose that the $6000.00 was invested in a savings account that paid 2.5% interest compounded quarterly. How much interest would be earned after 3 years? Be sure to show all of your work.
- Assume that you plan to buy a condo 5 years from now, and you estimatethat you can save $2,500 per year. You plan to deposit the money in a bankaccount that pays 4% interest, and you will make the first deposit at the end ofthe year. How much will you have after 5 years? How much will you have if theinterest rate is increased to 6% or lowered to 3%? ($13,540.81, $14,092.73,$13,272.84)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 answerA couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.88%. Find the monthly payment.$1157 ( This is what I came up with) I cant figure out how many payments if they increase it to 1200? If the couple decides to increase the monthly payment to $1200, find the number of payments.
