You wish to finance the purchase of a boat home for $38,300. A finance company offers an APR of 10.5% on a 24-month installment loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment. O $1,184.11 $1,244.86 O $1,776.16 $1,867.28

Q: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…

A: Short term loan: Short-term loans are borrowed funds used to fulfill immediate liquidity demands,…

Q: If you borrow $3,600 to buy a car at 12% per year compounded monthly, to be repaid over the next…

A: Answer Borrowing amount = $3,600 Interest rate = 12% per year  Interest rate monthly = 1%  Time…

Q: ou have $8,800 to buy a bc he number of months:

A: Answer : Amount = $8800 Principal = $250 rate = 2.4% Month = ?

Q: Use the information for the question(s) below. You are in the process of purchasing a new automobile…

A: Loan: It represents the amount borrower from the lender by the borrower. The principal amount of…

Q: On their website, they describe the terms of a $2600 installment loan at an effective APR of 139.13%…

A: Loan is the type of debt instrument which is usually for long-term with the pre-defined interest…

Q: Calculate the monthly payment by using the loan amortization table:  (Round your answer to the…

A: Annuity: An annuity is defined as a series of payments, whether received or made, that are equal and…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: Cash Price = $6000 Down payment = 15% Interest rate = 13.5 / 12 = 1.125% Number of payment = 30

Q: Business loan The owner of a small business decides to fi- nance a new computer by borrowing $3000…

A: Borrowing = 3000 Time Period = 2 years ×12 = 24 Months  Interest Rate = 7.5%/12 = 0.625%

Q: What is the Effective Annual interest Rate (EAR) of the following car loan?. The loan amount is…

A: Calculation of Effective Annual Rate By using Rate function of Excel=RATE(nper,pmt,pv)wherenper is…

Q: EZ Pay Loans will lend you $100 today with repayment of $117.50 due in 1 month. Determine the…

A: Given Information : Present Value of loan : $ 100 Future Value : $ 117.50 Time : 1 month

Q: A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 17 days.…

A: Given, Payday loan company charges fee = $25 Payday loan amount = $550 Duration = 17 days

Q: With respect to using traditional lending rules to determine how much of a mortgage a borrower…

A: Since you have posted multiple questions, we will answer the first one for you. If you want a…

Q: onsider a credit card with a balance of $8500 and an APR of 14.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear off a…

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

A: APR: APR stands for annual percentage rate. which means the annual percentage rate on purchases.…

Q: marillo National Bank offers you a 60-month, 0.139 APR (monthly compounding) auto loan. If you…

A: Loans are paid by monthly payments and these monthly payments carry the payment for interest and…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: Add on Interest loan is a type of where the total amount of principal and interest is used to…

Q: Car loan An automobile dealer offers customers no-down- payment 3-year loans at an interest rate of…

A: given, A=$500 r=10% n= 3 years m=12

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Given, Monthly payment is $1773.60 Annual tax is $6,513 Annual insurance is $2,186

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) New-car financing…

A: Loan amount (P) = $ 12850 Annual interest rate = 2.8% Monthly interest rate (R) = 2.80%/12 =…

Q: ou want to purchase an automobile for $31,074 . The dealer offers you​ 0% financing for 48 months or…

A: If we opt for 0% financing then the interest cost will be zero and we can defer the payment over the…

Q: If you lend $3000 to a friend for 15 months at 8% annual simple interest, find the future value of…

A: Futre value of loan is calculated as follws:-FV= A+IwhereFV= future value of loanA= Amount of loan I…

Q: You can afford a $350 per month car payment. You've found a 5 year loan at 6% interest. How big of a…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: You purchase a vehicle for $25,000 at an 8% APR.  Your loan term is 72 months.  After one year of…

A: Compute the monthly interest rate, using the equation as shown below: Monthly rate=Annual rate12…

Q: A bank offers a home buyer a 30-year loan at 6% per year. If the home buyer borrows $140,000 from…

A: Solution:-When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Erindale Bank offers you a $58,000, four-year term loan at 7.0% annual Interest. What will your…

A: To calculate the annual loan payment, we can use the formula for the present value of an annuity:…

Q: You borrow $800 from a payday lending company and pay $40 interest for one month.   What is the…

A: Future Value is that amount which includes the principal & interest on that amount. It is paid…

Q: alculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: You pay a visit to your local payday loan company and you need to borrow £1000 for 1 week. They…

A: weekly Amount borrowed = £1000 Finance charge rate = 10% Number of week in a year = n = 52.1429

Q: Purchase price: $21,000 Down payment: $4,000 Interest rate: 3.9% Loan length: 36 months Car value at…

A: Total Amount of monthly payments made  at the end of the loan term = Monthly Payment * Length of…

Q: ase a used sports utility vehicle costing $30,000 by taking out a 9% add-on installment loan. The…

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Q: A friend agreed to lend you money today. You must repay your friend by making payments of $30 per…

A: To solve this problem, first, find the total payment and the present value of the annuity due. Then,…

Q: Monthly payment of loan b, rounded to the nearest cent

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Q: A local car dealer offers a customer a 3-year car loan of $15,000 using “add-on” interest.The first…

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Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

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Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: Purchase price = $711 Down payment = 0.10 or 10% Amount financed = Purchase price * (1 - Down…

Q: A borrower has two alternatives for a loan: (1) issue a $630,000, 75-day, 6% note or (2) issue a…

A: Interest expense is the cost incurred for borrowing the fund. Interest is calculated on the…

Q: ind the interest on the following loan. $1400 at 5.5% for 3 months Only typed solution.

A:

Q: Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a…

A: Add on interest method of calculation is one in which the monthly payment is calculated by dividing…

Q: Amount Number of Financed Payments $6,400 36 APR tA 13% $ Table Factor to Finance Charge Monthly…

A: An amortization schedule, is a table that shows the breakdown of each periodic payment made towards…

Q: To buy a car, you borrow $25,000 with a term of three years at an APR of 6.5%. What is your monthly…

A: Using the Pmt function in excel

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) New-car financing…

A: In the given problem we need to compute the monthly payment for the loan from following details:…

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.