A truck costing $119,000 is paid off in monthly installments over four years with 6.2​% APR. After three years the owner wishes to sell the truck. What is the closest amount from the following list that he needs to pay on his loan before he can sell the​ truck?   A. $45,589   B. $26,051   C. $32,564   D. $39,077

Q: A Dodge truck is purchased for $39,000 paying $5,000 down and the remainder in equal monthly…

A: Purchase price=$39,000 Down payment=$5,000 Principal loan amount=$39,000-$5,000=$34,000 No. of…

Q: A pottery factory purchases a continuous belt conveyor kiln for $68,000.  A 6.3% APR loan with…

A: The formula to calculate loan term is given below:

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A: Answer- correct Option is b) P 729,940.50.

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A: The Annual Percentage Rate(APR) of the loan can be calculated using the RATE function in Excel.

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A: given, p=$114,000 r=6.3% m=12 n=4

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A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

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A: given,  pv=$48,000 r=6.2%=6.2%12 pmt=$428.13​,

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A: Determine the Present value (P).

Q: Please answer the attached.

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A: A loan amortization is used present monthly PMTs, interest repaid, and principal repaid.

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A: Therefore, the principal amount paid in month 2 is $378.19.

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A: Note : As per our guidelines, we can only answer three subparts at once. Please post other parts…

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.