Calculate the loan amount on a purchase having a cash price of $47,900 with a down payment of $7,400. Loan Amount = $
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A: Amount financed = Purchase price * (1 - Downpayment %)
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A: Given information: Cost of vehicle : RM 20,000 Down payment : 10% Interest expense : RM 2,270.92
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- Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?A motor vehicle which costs RM20,000 was bought on credit terms, with payment of 10% as deposit to be made immediately and the balance to be paid in one lump sum 6 months later. Total interest expense will be RM 2,270.92.(i) With loan amortization schedule, show the total amount be paid for the vehicle.A customer bought a used car for $24,650. The customer’s down payment was $6,000 and the repayment will be $414 per month, for 48 months. What are the following: (Show your calculations) a) Amount financed?b) Total installment price? c) Finance charge?
- A savings and loan charges 2.075 points for a home buyer to obtain a loan of $255,000. To calculate the discount points, what value should be multiplied by the loan amount? Also, calculate the discount points.A motor vehicle which costs RM20,000 was bought on credit terms, with payment of 10% as deposit to be made immediately and the balance to be paid in one lump sum 6 months later. (i) Calculate the total amount of interest expense if the compound interest rate is 2% per month. (ii) With loan amortization schedule, show the total amount be paid for the vehicle.Suppose that a purchase is made with a credit of $27,000 that is settled with 9 monthly installments with charges of 12% simple annual on unpaid balances. Find the size of each payment assuming they are equal, and the interest
- A man loans $10,000, part at 6% annual interest and the rest at 11%. The annual total income from the loan is $625. Determine the following: The amount of each loan. Explain the concepts/principles that were considered and the factors that affected the condition of item (a)ture or false is the add-on method is used to calculate a finance charge of $150.80 on a $2,200 loan, the amount to be repaid is $2,200.(c) A motor vehicle which costs RM20,000 was bought on credit terms, with payment of 10% as deposit to be made immediately and the balance to be paid in one lump sum 6 months later. (i) Calculate the total amount of interest expense if the compound interest rate is 2% per month.(ii) With loan amortization schedule, show the total amount be paid for the vehicle
- Find the interest earned on an investment of $10,000 into a money market account that pays a simple interest rate of 1.75% over a 39 wk period.Find the amount owed on an investment of $10,000 into a money market account that pays a simple interest rate of 1.75% over a 39 wk periodCalculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $2,600 0 $ $188.69 18 $ $