Ben borrowed money from a bank to buy a motorcycle. He took out a personal, amortized loan for $14,000 at an interest rate of 5.6% with monthly payments for a term of 6 years. what is Bens monthly payment. If he pays the monthly payment each month for the full term, find his total amount to repay the loan If Josh pays the monthly payment each month for the full term, find the total amount of interest he will pay.

Q: Jacob already knows that he will have $650,000 when he retires. If he sets up a payout annuity for…

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Q: Andre takes out a student loan for his first year of civil engineering. The loan agreement states…

A: Given query is to find the loan amount.

Q: A newly married couple bought a house for P175,000. They paid 20% down and amortized the rest at…

A: A newly married couple bought a house for P175,000. They paid 20% down payment and amortized the…

Q: Jamie plan to make payments of $9000 into a account on the last day of this and every year until his…

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Q: Kathy Crag, the owner of The Fabric Corner, lent $15,000 to Dani Flynn to open her own card shop.…

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Q: in order to start a small business a student takes out a simple interest loan for $4000 for nine…

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Q: If you lend $3800 to a friend for 15 months at 10% annual simple interest, find the future value of…

A: We know:- Simple interest = PRT ⇒P=initial amount ⇒R=Rate of interest⇒T=Time in years

Q: Ms. Sherlyn borrowed $50000 for six years at 12% annual interest rate compounded monthly. If both…

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Q: Alice charged $800 worth of merchandise one year ago on her credit card, which has an APR of 12%…

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Q: Ms Daisy bought a car. After paying the down payment, the amount of the loan is Php 500,000 with an…

A: As per our guidelines we are only supposed to solve first three parts of multiple questions

Q: Alain Dupre wants to set up a scholarship fund for his school. The annual scholarship payment is to…

A: Given Amount=$2300 Rate of interest=3.3%

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

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Q: Sarah makes $3000 contributions at the end of each half-year to a retirement account for 8 years.…

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Q: Gregory Mines Corporation wishes to purchase a new piece of equipment in 4 years. The estimated…

A: it is known that  number of compounding factor = lengths of time ×4 given length of time = 4 years…

Q: Find the savings plan balance after 12 months with an APR of 2​% and monthly payments of ​$100.

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Q: When Albertina opened her law​ office, she bought ​$13,000 worth of law books and $7400 worth of…

A: Given: Albertina bought $13000 worth of law books and $7400 worth of furniture. She paid $1200 down…

Q: If you lend $3300 to a friend for 15 months at 8% annual simple interest, find the future value of…

A: Given that, Present value, P = $3300 rate, r = 8% annually = 0.08 time, t = 15 months = 15/12 years…

Q: Niagara Vineyards borrowed $75,000 to update their bottling equipment. They agreed to make payments…

A: Need to find how long company have to make payments

Q: Caitlin leased a car for 4 years at a rate of 5.80% compounded monthly. It required her to make…

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Q: After becoming a commercial pilot, Lorna Kao decides to purchase a Cessna 182 for $64,775. Assuming…

A: To answer the following

Q: Janet's parents want her to go to the same college that they did. They decided to pay a lump sum…

A: Lump sum payment(P) is $94000 Rate of interest(R) is 5% compounded semiannual Time(T) in which she…

Q: Calculate the simple interest rate when P=$3,600, I=$160 and t=4 months. Round to the nearest…

A: The simple interest, I is calculated using the formula: I=Prt, where P is the principal amount, r is…

Q: How much could you save for retirement if you chose to invest the money you spend on Starbucks…

A: Cost of 1 cup of coffee is $4.35. Therefore, the total cost of coffee = $4.35×50=$217.5. This is the…

Q: How much could you save for retirement if you chose to invest the money you spend on Starbucks…

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Q: present value of the loan

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Q: Mckenna’s family bought a cottage and now have a mortgage in the amount of $78 000. They will repay…

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Q: You want to buy a $33,000 car. You can make a 10% down payment, and will finance the balance with a…

A: The purchasing price of the car is $33,000. I have paid 10% payment on cash. Then the remaining…

Q: You want to buy a $25,000 car. You can make a 10% down payment, and will finance the balance with a…

A: To find the monthly payments

Q: If you lend $3100 to a friend for 15 months at 8% annual simple interest, find the future value of…

A: P=$3100r=8%⇒r=8100=0.08t =15 months⇒t=1512=1.25  in years   formula: I=Prt

Q: Gallant takes out a 15-year mortgage for $250,000 at 3.6% compounded monthly .a) What are his…

A: given, Gallant takes out a 15-years mortgage for $250,000 at  3.6% compounded monthly. We know that,…

Q: Janet’s payments on her $12,500 car are $420 a month for 3 years. Assuming that interest is…

A: Janet’s payments on her $12,500 car are $420 a month for 3 years. P = $12,500, t = 3 years & n =…

Q: Megan leased a car for 5 years at a rate of 4.80% compounded monthly. It required her to make…

A: Total amount paid after 5 years or 60 months = 665 x 60 = $ 39900 Remaining amount that she can pay…

Q: Leo needs $30,000 to cover

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Q: Mary has agreed to loan Karen $1,125.37 for 5 years at 7%% simple interest. How much will Karen…

A: # Mary will receive the amount when loan is repaid as Mary has agreed to give loan to Karen The…

Q: Ms Daisy bought a car. After paying the down payment, the amount of the loan is Php 500,000 with an…

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Q: You need a 30-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend…

A: The payment made by the investor for the mortgage loan The purchase rate of house worth $250,000 and…

Q: Mark and Natalie want to buy a house selling for $120,000. They will put $20,000 down  as a down…

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Q: You want to buy a $15,000.00 car. You can make a 10% down payment, and will finance the balance with…

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Q: Lynn Ally, owner of a local subway shop, loaned 62,000 to Pete hall to help him open a subway…

A: Given that Lynn Ally, owner of a local subway shop, loaned 62,000 to Pete hall to help him open a…

Q: Sandra buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan…

A: Here, Car price= $18,600 Down payment=0.15 Annual rate= 6.25% Number of months= 5*12= 60 months

Q: How much can you barrow to buy a house if you agree to pay $1500 per month for 30 years at 4.5%…

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Q: by using tables Table 12-1 and Table 12-2. Jennifer Kaufman bought a used Toyota Prius for $18,500.…

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Q: J-ALLEN TECH is offering a television set for $9,000.00 on Hire Purchase. It can be bought by making…

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Q: Bree has accumulated $151,578.48 in her retirement savings plan. She wants to purchase an annuity…

A: Given that, Bree has accumulated $151578.48 in her retirement savings plan. She wants to purchase an…

Q: Jennifer Kaufman bought a used Toyota Prius for $17,500. She made a $4,500 down payment and is…

A: Given original price of Toyota is $17500 and down payment is $4500. Find the equal monthly payments…

Q: Wilfredo bought a new boat for ​$16,200. He paid ​$1,000 for the down payment and financed the…

A: We have to find the monthly payment installment and the total intrest paid on the loan amount .