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Carlee takes out an installment loan to finance the purchase of a pickup truck costing $34,250. Her loan requires a 33.33% down payment and equal monthly payments of $892 for 28 months. Calculate the total deferred payment price.
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- Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,700. Her loan requires a 25% down payment and equal monthly payments of $285.00 for 60 months. Calculate the total deferred payment price (in $).Karolyn takes out an installment loan to finance the purchase of a violin costing $18,750. Her loan requires a 10.625% down payment and equal monthly payments of $365 for 48 months. Calculate the total deferred payment price.Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $179.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.
- Helen is buying a $12,375 car with a $3,000 down payment, followed by 36 months of $325. The down payment is made immediately, and the monthly payments are due at the end of each month. What nominal annual interest rate is Helen paying? What effective interest rate?While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end payments of $290 for the next 5 years and 7 months. She was charged an interest rate of 4% compounded semi-annually for the entire term.a. What was the purchase price of the car?Round to the nearest centb. What was the total amount of interest paid over the term?Franki finances a motor home for $44,700 by taking out an installment loan for 36 months. The payments were $1,764.31 per month and the total finance charge was $18,815.16. After 25 months, Franki decided to pay off the loan. After calculating the finance charge rebate, find the loan payoff amount.
- Helen is buying a $12,375 car with a $3000 down payment, followed by 36 monthly payments of $325 each. The down payment is paid immediately, and the monthly payments are due at the end of each month. What nominal annual interest rate is Helen paying? What effective interest rate?The Fly-by-Night finance company advertises a “bargain 6%plan” for financing the purchase of automobiles. To the amount of the loan being financed, 6% is added for each year money is owed. This total is then divided by the number of months over which the payments are to be made, and the result is the amount of the monthly payments. For example, a woman purchases a $10,000 automobile under this plan and makes an initial cash payment of $2,500. She wishes to pay the $7,500 balance in 24 monthly payments: What effective annual rate of interest does she actually pay?Jill Walsh purchases a bedroom set for a cash price of $3,920. The down payment is $392, and the monthly installment payment is $176 for 24 months. Find (a) the amount financed, (b) the finance charge, and (c) the deferred payment price.
- Karen takes an 6-year car loan of $45,000 at 2.34%, compounded monthly. If the payments are done at the end of each month, (a) make a partial amortization schedule for the first 6 payments and (b) Find the interest portion, principal portion and principal balance after four years of payments......Rose, recently purchased a new automobile for $25,000. She made a $5,000 down payment and financed the balance over 48 months using a loan with a 12 percent annual nominal rate of interest. What are her monthly payments?Scott finances a Jet Ski for $4,600 by taking out an installment loan for 48 months. The payments are $153.33 per month and the total finance charge is $2,759.84. After 36 months, Scott decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find his loan payoff.
