yusra has a term loan that she still owes $13,560.36. The annual interest rate on this loan is 3.77%. This month she is making payment 41. Her monthly payment is $437. How much will her balance be after she makes this month's payment?

Q: Bryan received a loan of $42,000 from the bank at 3.25% compounded monthly. If she had to repay $350…

A: Given that: Interest rate r = 3.25% per year = 0.2708% per month Period n =3 year= 36 months…

Q: Fidelio has purchased a condominium for $39,750, of which 80% is to be financed by a mortgage.…

A: given, price = $39,750 loan = 80% p= $39,750 x 0.8 = 31800 pmt = $395.80 rate = 14.3%

Q: Helen recently received a credit card with a nominal interest rate of 21 percent.  With the card,…

A: We can determine the time taken for Helen to repay back the loan by rearranging the PV of ordinary…

Q: Lauren and Serena each have 59-week loans. At the end of their terms, they each repay $3,800.…

A: The major difference between a simple interest rate & a compound rate is that the interest…

Q: Sam takes out a bank loan for $12750 that he will repay with 13 monthly payments at j1 = 5.25%. Sam…

A:

Q: Janet is purchasing a new house for $315,000. Her credit union requires her to make a 20% down…

A: Using Excel PMT function

Q: Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

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

Q: Jacque's total monthly loan payments are 1020 while her gross income is 3939 per month. What is her…

A: The debt service ratio is the ratio that depicts a companies ability to repay its short-term debt…

Q: Dagmar has a 4-year car loan at an annual interest rate of 7.5%. She has made 26 payments of…

A: Total number of payment over the entire duration of loan = Number of years×Number of months in a…

Q: Ali makes the same payment every two months to pay off his $61,600 loan. The loan has an interest…

A: Given: Present Value (Loan Amount )=$61600A=Amount paid every yeari=rate of interest i.e.…

Q: Cynthia is 27 and has 3 years' worth of payments remaining on her student loan. She pays $312.75 a)…

A: Present value of annuity is the sum of the present value of all the cash flow in the future.

Q: Jodi takes out a loan to buy a car for $29,000. If her monthly payment is $500 and the annual…

A: Using finance we need to find the NPER FIND NPERRATE = 8%/12PMT = 500PV =-29000FV =0 We will get…

Q: Abigail received a loan of $41,000 from the bank at 5.75% compounded monthly. If she had to repay…

A: Using Excel

Q: Tabitha had to pay her friend $1,200, 3 months ago and he has to pay $510 in 4 months. If her friend…

A: Present value:A financial concept known as "present value" emphasises the time value of money by…

Q: Anna does not use her credit card for anything else and she pays off the $100 cash advance plus in…

A: Particulars Values Total Cash in advance  $100.00  Interest rate(APR) 18.000% Monthly Payment…

Q: the amount financed the finance charge The deferred payment price.

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: Determine how much is her maximum loanable amount using the Fixed obligation to income ratio. Show…

A: First let us list the formula to calculate the Fixed Obligation to Income Ratio.FOIR = Loan…

Q: annual

A: Introduction: The effective rate can be defined as the usage rate which a borrower would use to pay…

Q: s a gross monthly income of $3,900. She has 15 remaining payments of $189 on a used car. The taxes…

A: TDS is the total debt ratio that is the ratio of the monthly housing payment plus other debt divided…

Q: Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment.…

A: A mortgage is a borrowing taken such that regular payments are made to repay the loan. The…

Q: O $352.28 (plus or minus 1 dollar) O $783.83 (plus or minus 1 dollar) O $360.70 (plus or minus 1…

A: Loan amount=8640Period=9 yearsNumber of payment=n=36Interest rate=9.57Quarterly interest…

Q: 19. Stacy makes monthly payments of $450 to pay off her student loan. Due to unem- ployment, she…

A: Compounding refers to the concept of earning interest on interest. The compounding interest is…

Q: Abigail's calculations show that the total interest owed to Sanjeev on her 3, 700 loan is 177.60. If…

A: Step 1: Step 2: Step 3: Step 4:

Q: Phoebe realizes that she has charged too much on her credit card and has racked up $5,400 in debt.…

A: Credit card debit amount is treated as the debt amount or loan amount which is required to be paid…

Q: Tabitha had to pay her friend $900, 4 months ago and she has to pay $630 in 4 months. If her friend…

A: The present value is the current date value of the annuity that can be determined by discounting the…

Q: Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12…

A: Monthly payment refers to an amount that is paid every month including interest and principal amount…

Q: Nadhirah needs to pay RM168.28 every month for a loan of RM7,000 from XYZ Bank at 7.2% compounded…

A: Given, The monthly payment is RM 168.28 Loan amount is RM 7000 Rate is 7.2% compounded monthly

Q: Jason has a credit card with an APR of 29.5% and a current balance of $13,150.35. He wants to pay it…

A: APR = 29.5% Monthly interest rate (r) = 29.5%/12 = 2.45833333333333% Current balance (PV) = $…

Q: Jenna bought a new car for $⁢28,000. She paid a 20% down payment and financed the remaining balance…

A: A loan refers to a contract between two parties where money is given by one party to the other on…

Q: Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan…

A: The given payments are a form of annuity wherein an equal payment is made at eqaul intervals. The…

Q: Alien Jackson has $2,000 on her credit card which charges a 23% interest rate. If she wants to pay…

A: It is a case of amortization of a loan that is to be paid in 4 years on a monthly basis. To repay…

Q: Bob purchases a car for $28,000. He makes $640 a month payments for 36 months on a 6.9% interest…

A: Excel formulas:

Q: Sonya has a $363,000 mortgage at 3.41% compounded monthly with end of month payments of $3,340.00.…

A: The number of payments period refers to the time for which an investment of any kind or loan payment…

Q: Elana and Wiyot borrowed $41,000 at 8.54% compounded monthly as a second mortgage loan against their…

A: Mortgage loans are very common for purchasing the homes and it make the home purchase very easy…

Q: rianne borrowed $6200 to buy a vehicle to drive to school. She plans to study for 3 years, and then…

A: Loans are paid by fixed equal monthly payments that carry the interest and loan amount.

Q: On April 16, Anthony borrowed$1279 to buy a new laptop. The loan had a simple interest rate of 3.8%…

A: The main source of income for banks or financial institutions is the difference between the interest…

Q: tacey borrowed $300,000 from a bank for buying an apartment three years ago. She has been paying the…

A: Mortgage loans are secured loans in which home is collateral and these are paid by equal monthly…

Q: Karen has a QuikTrip credit card. The card has a balance of $988.62 with an APR of 28.75%. The…

A: The annual percentage rate, often recognized as APR, seems to be the annual interest earned by an…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.