A new furniture set costs $ 2100. If you make a down payment of $ 300 and finance the rest at a rate of 11.2% for 18 months, find the monthly payments on your loan. How much will you have paid in interest over the course of the loan? Repayment amount = Interest paid

Q: A computer with software costs $2,941, and Catherine Stevens has agreed to pay a 17% per year…

A: Given,   Cash price of computer = $ 2,941 Rate per 18 months = 0.17/12 * 18 = 25.5%

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Q: You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent.…

A: Loan amount (PV) = $30000 Interest rate = 12% Monthly interest rate (r) = 12%/12 = 1% Period = 10…

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Q: monthly payment amount be

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Q: You borrow $5,000 and have to pay $5,300 six months later. Calculate the effective annual rate of…

A: Interest Paid = $5300 -$5000 Interest Paid =$300 Interest Rate =$300/$5000 Interest Rate = 6%…

Q: A new furniture set costs $ 2800. If you make a down payment of $ 300 and finance the rest at a rate…

A: Furniture cost = $2800 Down payment = $300 Loan amount (P) = $2800 - $300 = $2500 Monthly interest…

Q: rate

A: Introduction: Simple interest can be defined as interest which is computed from the principal loan…

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Q: house costs $350,000. You pay a 15% down payment and mortise the rest with equal monthly payments…

A: Given: Cost of house = $350,000 Down payment = 15% Years = 20 years Interest rate = 8.4%

Q: A $40,000 new car loan is taken out with the terms 12% APR for 48 months. How much are monthly…

A: New car loan = $40,000 APR = 12% Time period = 48 Months

Q: The total purchase price of a new home entertainment system is $14,260. If the down payment is $2900…

A: Value of system = $14,260 Down payment = $2900 Loan amount (P) = $14,260 - $2,900 = $11,360 Monthly…

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A: The question gives the following information:

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A: Annual Percentage Rate(APR) is nothing but the rate of interest charged to borrower and it will be…

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A: Monthly installment (M) = 8500 Down payment (D) = 115000 n = 48 months r = 12% per annum = 1% per…

Q: If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every…

A: Here we will use the concept of time value of money. As per the concept of time value of money the…

Q: A new furniture set costs $ 2900. If you make a down payment of $ 400 and finance the rest at a rate…

A: Cost of furniture = $ 2900 Down payment = $ 400 Mortgage amount (PV) = 2900-400 = $ 2500 Interest…

Q: A local finance company will loan $15,000 to a homeowner. It is to be repaid in 36 monthly payments…

A: Loan Amount (Present Value) = 15,000 Future Value = 0 (Loan repaid in monthly installments with no…

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A: Purchase Price = 1900 Down Payment = 400 Loan Amount = Purchase Price - Down Payment Loan Amount =…

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A: It is given that Price of Raw material – P 10,000 Frequency – every 15 days Discount – 2%, if paid…

Q: A machine can be leased for four years at $1000 per month payable at the beginning of each month.…

A: present value of annuity formula: PVA =A×1-11+rmm×nrmwhere,A=annuityr=ratem=frequencyn=years present…

Q: Your financed a $35,000 kitchen renovation project with 5.25% add-on interest installment loan for…

A: Add-on interest is the method used to calculate the total interest to be paid on a loan by adding…

Q: A person needs $20,000 immediately as a down payment on a new home. Suppose that she can borrow this…

A: Loan amount (PV) = $ 20,000 Annual interest rate = 10% Number of compounding per year = 6 Effective…

Q: If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Suppose you buy an appliance costing ​$2350 at a store charging 13​% ​add-on interest, you make a…

A: Computation of principal amount:

Q: A new furniture set costs $ 2700. If you make a down payment of $ 300 and finance the rest at a rate…

A: The amount of repayment is the number of installments multiply by the installment amount. and the…

Q: The total purchase price of a new home entertainment system is $14,260. If the down payment is…

A: Monthly paymnet = ( Amount financed + Overall Interest ) / Duration

Q: You have taken out a 60-month, $26,000 car loan with an APR of 6%, compounded monthly. The monthly…

A: Loan Amortization Schedule gives the information of your loan and how you'll repay it. The payment…

Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

A: some borrowers who take installment loan wishes sometimes to prepay installments, so they are…

Q: A $2,000 furniture can be financed by paying $50 per month for 4 years. What is the annual nominal…

A: Nominal Interest Rate:It is the rate of interest which calculates before taking inflation. It…

Q: A person needs ​$17,700 immediately as a down payment on a new home. Suppose that she can borrow…

A: Borrowing Amount = 17,700 Semi Annual Installments Time Period = 20 semi annual periods Interest…

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A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Every 15 days a company receives P10,000 worth of raw materials from its suppliers. The credit terms…

A: Number of raw materials worth P 10000 received in a year = 360/15 = 24 2/15, net 30 credit terms…

Q: You expect that you will need to replace your furnace in 4 years at a cost of $16,716. How much must…

A: Given months = 30 cost = 16716 APR = 2.91%

Q: How many monthly payments are required to repay a loan of $12,000 with an interest rate of ¾% per…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: The price for a building was $ 125,000. How many months will it take to pay for the building if $…

A: given, price of building=$125000 advance=$25000 A=$1000 per month rate=9% m=12

Q: you have 23,000 car loan with 6% apr, compounded monthly. the loan is for five years. when you make…

A: The question gives the following information:

Q: A new furniture set costs $ 2100. If you make a down payment of $ 700 and finance the rest at a rate…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…