You purchase a new car for $19,500. If you borrow $19,500 for 5 years with an interest rate of 5% how much interest will you owe the bank after 5 years?

Q: ou have $5,000 on a credit card that charges 16% interest rate. If you want to pay off the credit…

A: To calculate the amount need to pay each month to repay the amount.

Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: You have $3,500 on a credit card that charges a 13% interest rate. If you want to pay off the credit…

A: Credit amount Rate of interest Time period  year

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: You owe $2300 on a credit card with 21% APR if you pay $80 a month, how long will it take you to pay…

A: Formula for the loan amortization is  A=Pi(1+i)n(1+i)n-1 where A=periodic payment P=loan amount…

Q: borrows $6,500, at  6 1 2%  interest, for 150 days. If the bank uses the ordinary interest method,…

A:

Q: Based on the value of the​ guitar, the pawnbroker loans you $960 One month​ later, you get the…

A: Effective Annual Interest Rate CalculationFormula:Effective Annual Interest Rate (EAR) = (1 + (i /…

Q: Find the simple interest and total amount if you borrow $8000 at 12% for 3 years.

A:

Q: You have $400,000 saved for retirement. Your account earns 10% interest. How much will you be able…

A: Value(P) = $400,000  Interest (r) = 10%  = 0.10 Time (t)= 15 years  Payout annuity :  P = PMT * (1-(…

Q: You take a loan from your local bank. Determine the interest that is accrued on $7000 for five years…

A:

Q: Hector's second option for purchasing his $24,000 car is a loan with 4.5% interest over four years.…

A: Hector purchasing his car is a loan with  interest over four years.The aim is to find out how much…

Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A:

Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

A:

Q: If you purchase a $600 item and pay for it with monthly installments for 2 years, the monthly…

A:

Q: Find the simple interest of $1,000 borrowed at 6% for 4 years.

A: Given: The principal amount = $1000. The rate of interest = 6%. The time =4 years.

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

A: