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- Dave Krug finances a new automobile by paying $6,500 cash and agreeing to make 40 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile?Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)Tim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.59 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places)
- Carter bought a new car and financed $25,000 to make the purchase. He financed the car for 60 months with an APR of 5.5%. Assuming he made monthly payments, determine the total interest Carter paid over the life of the loan. Round your answer to the nearest cent, if necessary.Blake bought a new car and financed $15,000 to make the purchase. He financed the car for 60 months with an APR of 5.5%. Assuming he made monthly payments, determine the total interest Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.On January 1, 2018, Jimbo Enterprises purchased new equipment for its training center. The equipment cost $220,000. Jimbo paid $25,000 down and is required to pay the rest in semiannual installments for the next 8 years. Jimbo's cost of borrowing is 4%. What is the total amount of interest expense Jimbo will pay over the life of the loan?
- A radio commercial for a loan company : “You only pay 30 cents a day for each $ 500 borrowed.” If you borrow 2,570 for 269 days, what amount will you repay , and what annual interest rate is the company actually charging? (Assume a the 360-day year)While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end payments of $290 for the next 5 years and 7 months. She was charged an interest rate of 4% compounded semi-annually for the entire term.a. What was the purchase price of the car?Round to the nearest centb. What was the total amount of interest paid over the term?While buying a new car, Mitchell made a down payment of $1,000 and agreed to make month-end payments of $240 for the next 4 years and 9 months. He was charged an interest rate of 1% compounded semi-annually for the entire term. a. What was the purchase price of the car? b. What was the total amount of interest paid over the term?
- Miguel Perez of Pamona, California, obtained a two-year installment loan for $1,600 to buy a television set eight months ago. The loan had a 6.9 percent APR and a finance charge of $118.64. His monthly payment is $71.61. Miguel has made eight monthly payments and now wants to pay off the remainder of the loan. What is the dollar amount of the prepayment penalty on this loan? Use the rounded answer from part a in your calculations. Round your answer to the nearest cent.On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest. Required:- Answer the following questions. What is the total amount of interest Jason's Deli earned from the loan to Mark Johnson?Last month, En Bey borrowed P 25,000 at 12% interest rate. He repaid the loan in four installment payments. If he wanted to pay P 6,250 in the following three months and pay the remaining balance on the fourth month, compute the ordinary interest (with 360-day year) using unpaid-balance method.