A student graduates from college with 48000 in student loans with a 5.5% annual simple interest rate. To reduce his debt beginning next month,  he will pay 800 per month towards the loan. after his first payment how much will he still owe?

Q: On September 1, 2018, you bought a used car for $37,000. You paid $2,000 down and financed the…

A: From the given information first monthl payment on the loan is calculated and then using the monthl…

Q: Jeffery received a 6 year non subsidized student loan of 32,000$ at an annual interest rate of 5.1%.…

A: Loan Amount is $32,000 Annual Interest rate is 5.1% Loan payment will start after 4 year Loan Type…

Q: A person needs ​$18,000 immediately as a down payment on a new home. Suppose that she can borrow…

A: Continuously compounded interest rate refers to the interest rate that is calculated on the…

Q: Taylor Swift, a college student of USEP decides to get a student loan amounting to $4,000 with an…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: You have a student loan of $35,000. The bank charges 6% interest annually. You decide to pay the…

A: Dear student as the question provided loan amount, annul rate of interest and monthly payment and…

Q: a) Nancy takes a personal loan and will repay the loan by 6 quarterly deposits of $5,000 starting in…

A: Loan and its repayments: A loan taken is repaid either in periodic fixed/variable instalments over…

Q: A woman wants to borrow $10,742 in order to buy a car. She wants to repay the loan by monthly…

A: Formula EMI = PV/[1-(1+R)-N]/R Where EMI - Equal monthly instalment  PV - Loan amount i.e. $10,742 R…

Q: A bank offers a home buyer a 20 year mortgage at 6% per year. if the home buyer borrows $200,000…

A: Present Value of annuity refers to the present value of all the future payments of and series of…

Q: A student graduates from college with a 58000 student loan, with an 8.8% annual simple interest…

A: Simple interest: It is the amount of interest that is computed by multiplying the interest rate with…

Q: How much will he have to repay?

A: Simple interest means interest on principle amount. Principle = $3000 Interest rate = 5.5% Period =…

Q: A man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that…

A: To calculate the simple interest rate we will use the below formula   Interest rate = [(A-P)/P]/T…

Q: Garret just closed a new loan on his 4-unit apartment as follows: Initial loan amount, $1,000,000,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Assume you graduate from college with ​$32,000 in student loans. If your interest rate is fixed at…

A: given, P = $32000 r=4.9% m =12 (monthly compounding) n = 10 year

Q: A student plans to deposit P1,500 in a bank now and another P3,000 for the next two years. If he…

A: Amount left can be calculated using the formula of the future value.

Q: When you purchase your car, you take out a five-year annual-payment loan with an interest rate of…

A: Here we will first have to determine the amount of loan taken. We are provided with annual payments,…

Q: Jeffrey Wei received a 6 year non-subsidized student loan of $30,000 at an annual interest rate of…

A: Present Value = $30,000 Interest Rate = 5.9% Time Period= 6 Years Loan Start after 4 Years

Q: A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest…

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

Q: 1. Nelson wants to buy a car that costs $42,000. He has arranged to borrow the total purchase price…

A: Using the PMT function in excel

Q: A college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan…

A: Time period is 5 years Borrowed amount is $5,000 Amount to be paid is $7012.76 To Find: Nominal…

Q: Suppose that you take out a federal direct loan on September 1 before your senior year for $7500…

A: Grace period is the period in which the borrower is not required to pay the interest on loan. In…

Q: A student plan to deposit P1, 500 in the bank now and another P3, 000 for the next 2 years. If he…

A: Year Deposit Interest Balance 1. 1500 150 1650 2. 3000 165 + 300 5115 3. 3000 511.5 + 300…

Q: Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later…

A: Interest rate is the rate of interest earned/paid on an investment/loan. The interest will be paid…

Q: Greg Brown borrowed $100,000 to purchase a house. He agreed to repay the loan with equal monthly…

A: Installment amount is the number of periodic payments necessary to repay a loan.…

Q: John wants to borrow 75,800 from a bank payable in 3 years and 9 months. if the bank charges 9.5%…

A: Note:  It is assumed that the loan is given on a simple interest rate basis. Simple Interest refers…

Q: You have an outstanding student loan with required payments of $825 per month for the 42 months. The…

A: Monthly payment refers to the equal payments that are required to be paid by the borrower to the…

Q: "Assume you graduate with $31,300 in student loans with an interest rate of 5.25% compounded…

A: The loan amount consists present value of all future payments.It is given that,Loan amount is…

Q: Assume that you have purchased a new car and after your down payment, you borrowed $10,000 from a…

A: Monthly payment can be calculated using the present vale of annuity formula. Present value of…

Q: To pay for your education, you've taken out $18,000 in student loans. If you make monthly payments…

A: Loan Amount = $18,000 Time Period = 10 Years Interest Rate = 3% compounded monthly

Q: James signed up for a 5-year loan on a sum of $10,000, with a 10% annual interest rate. The loan is…

A: A loan is a financial agreement between two parties wherein one party lends funds to another party.…

Q: and you cannot cancel on the due date, so you must cancel with a delay of 25 days, it is requested:…

A: Interest is the fee paid to a lender for using the funds. It is the compensation paid to an investor…

Q: Samuel Ng received a 3-year subsidized student loan of $15,000 at an annual interest rate of 4%.…

A: Given that: Loan Amount (A)= $15000 Time(t)= 3 years Number of payments per year (n)= 12 Annual…

Q: William wants to borrow $42,000.00 today to purchase a car, which bank's lending option will allow…

A: Present Value of annuity formula is used to check if the loan present value of periodic payments.…

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 $30,000 from your dad for college and you agree to pay him back at 14% interest per…

A: GIVEN, LOAN (P)= $30,000 RATE(R) =14% MONTHLY INSTALLMENT(A)= $750 FREQUENCY OF COMPOUNDING (M) =12

Q: Derrick recently graduated. He owes $17,525 in student loans with APR of 4.6% compounded monthly. He…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%.…

A: Computation of monthly loan payments:

Q: You want to buy a $120,000 house, and you apply for a mortgage loan. The bank requires a 20% down…

A: Monthly Payment refers to the payment that is to be paid monthly for a specific period of time to…

Q: Suppose you get a student loan for $8,000, and your payments are deferred until after you graduate,…

A: Present value of Annuity  is the current value of payments made over a specified period of time at a…

Q: A student graduates from college with $49,000 in student loans with a 6.8​% annual simple interest…

A: Loan is the amount which is borrowed from other sources for a specific period and will be paid with…

Q: Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to…

A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

Q: You get a student loan of $20,000 with an annual interest rate of 6% where you make a payment once a…

A: The question is based on the concept of Financial Management. Annuity refers to the series of equal…

Q: William wants to borrow $42,000.00 today to purchase a car, which bank's lending option will allow…

A: Because you have posted multiple questions, we will answer the first question nly , for the…

Q: A chiropractic student receives a 10-year PLUS Loan for $50,000 to complete the last 2 years of the…

A: Loan (L) = $50000 n = 10 years = 120 months r = 5.48% per annum = 0.45667% per month Let the monthly…

Q: kyle has a $15,000 in college debt when he graduates. he will pay it back with regular monthly…

A: Given: Present value =PV = $15,000 Monthly payment = PMT = $283.07 Years = 5 Periods = NPER = 5*12 =…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Given information : Deposits 2500 Interest rate 5.50% Time period (years) 14 The given…

Q: You borrowed $600,000 from a bank at an interest rate of 70% compounded quarterly to purchase a new…

A: A loan is an amount borrowed by one person from another person at a pre-determined interest rate.…

Q: To rent an apartment, Nick has to pay the first month of rent plus the last month of rent and a…

A: Under the cash advancement on the credit card system, the borrower is able to borrow money and has…