Callie calculates the monthly payment is $578.92 for a 30 year $255.00 mortgage with a 3% rate. With as little calculation as possible explain why Callie's answer is incorrect

Q: Marcel Thiessen purchased a home for $208,200 and obtained a 15-year, fixed-rate mortgage at 7%…

A: Marcel Thiessen purchased a home for $208,200 and obtained a 15-year, fixed-rate mortgage at 7%…

Q: The cost to purchase the house that Bainters are considering is $195,000 but the Bainters plan to…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: Nina and Michael have been approved for a $300,000 30-year mortgage with an APR of 5.25%. How much…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: The ordinary simple interest charged after 130 days on a loan of P 10,200 is P575. Find the interest…

A: Given: P=10,200I=575R=?T=130  days

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

A:

Q: Lupé made a down payment of $6000 toward the purchase of a new car. To pay the balance of the…

A: Let C = the cash price of the carLet A = the cost of the loanThe loan was done after the down…

Q: Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline…

A:

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

A: Consider the provide question, Given, P = $32,000 Annual interest rate = 5.3% We first find the…

Q: Consider a 30-year fixed-rate home loan of $411,500 with an interest rate of 4.375%. What is the…

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Q: Gina buys her first house for $250,000 at 5% APR with a 30-year mortgage.a. Find her monthly…

A: a) It is given that, Gina buys house for $250000 at 5% APR with a 30-year mortgage. Here Principal…

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

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Q: Jane needs to pay for car repairs and, to do so, decides to pawn her bicycle. The pawn broker…

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

Q: Melissa Hernandez received an 8-year subsidized student loan of $29,000 at an annual interest rate…

A: It is given that Melissa received an 8-year loan of $29,000 at an annual interest rate of 4.5%.

Q: 4. Joe buys a new laptop for $675 and pays for it over two years with 3.% simple annual interest.…

A:

Q: Yu-Feng Liang bought a used car for $8000. He made a down payment of $1000 and paid off the balance…

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Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $650,000 for…

A:

Q: Jeffery Wei received a 7-year non-subsidized student loan of $30,000 at an annual interest rate of…

A: Solution: The objective is to find Jeffery's monthly loan payments for this loan after he graduates…

Q: Lupé made a down payment of $6000 toward the purchase of a new car. To pay the balance of the…

A:

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: Salim wants to remodel his game room in 8 years. He estimates the cost to be $15238. Find the…

A: Consider the given information, The future value is FV=$15238, the time is 8 years and the rate is…

Q: PETER PAID 50,000 IN 2.5 YEARS. HE BORROW P40,000 what is the simple interest?

A: In total Peter paid = P50000  Time to pay back = 2.5 years Peter borrowed = P40000

Q: Kiara is expected to settle a loan by paying $8,500. What amount should she pay if she decides to…

A: The given data is: To settle a loan by paying P=$8,500 Interest rate r=3.50% ( compounded monthly)…

Q: Jeffery Wei received a 6-year non-subsidized student loan of $31,000 at an annual interest rate of…

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Q: Alan decides to buy a home. He takes out a mortgage of $400,000 with an interest rate of 4.6%.…

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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: Salim wants to remodel his game room in 5 years. He estimates the cost to be $16166. Find the…

A: Given data set: Rate of interest = 3% Time period = Annuity term= 5 years Type of annuity= Ordinary…

Q: The new balance of a charge account is $145.00. The minimum payment is $30.00. If the interest rate…

A: Step:-1 Given new balance is $145.00 Minimum payment is $30.00 Left balance to be paid =…

Q: Curtis bought a condominium for $319 000 and made a down payment of $64 000. The annual interest…

A:

Q: Lupé made a down payment of $7000 toward the purchase of a new car. To pay the balance of the…

A: Lupé made a down payment of $7000   She has secured a loan from her bank at the rate of 7%/year…

Q: Marcel Thiessen purchased a home for $204,300 and obtained a 15-year, fixed-rate mortgage at 8%…

A: Solve the following

Q: Marcel Thiessen purchased a home for $202,900 and obtained a 15-year, fixed-rate mortgage at 8%…

A: Given: The price of the home is $202,900. The loan period (t) is 15 years. The annual interest (r)…

Q: payday loan store charges $50 for a one-month loan of $180. What annual interest rate is this…

A:

Q: Jeffery Wei received a 7-year non-subsidized student loan of $33,000 at an annual interest rate of…

A: Since it is a non-subsidized loan, interest would accrue during the 4 years Jeffery is in college.…

Q: rt D: Home Depot sells a $1850 gas grill on the installment plan. The installment agreement includes…

A: The selling price of gas grill is $1850.  Installment agreement includes 20% down payment and 12…

Q: A loan company charges $50 interest for a one month loan of $1000. Find the annual interest rate…

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Q: luis mahia purchases a porsche boxster for $45,600 and finances the entire amount at an annual…

A: Given Luis mahia purchases a porsche Boxster for  $45600 and finance the entire amount at an annual…

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

A:

Q: You will have a 350,000 mortgage for 30 years at the rate of 2.39%. What will your monthly payment…

A: We will find out the required monthly payment.

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $512,000 home…

A:

Q: The principal is $3,000,000. Mortgage payments are paid monthly. Compare the mortgage payments for a…

A: Since we know the principal value is 3000000, we can say that the present value for both the…

Q: Luis Mahla purchases a Porsche Boxster for $43,800 and finances the entire amount at an annual…

A: Total cost = p.p + sales tax + license fee

Q: You want to buy a $231,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Given: down payment=5% and we take 30 year lone for the rest.

Q: How much will you pay on interest if you buy a $217k home on 3.5% interest with monthly payments on…

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Q: Jeffery Wei received a 7-year non-subsidized student loan of $30,000 at an annual interest rate of…

A: Given: Loan Amount=$30,000 Annual interest rate=i=5.4%=0.054 Finance period=7 years Loan is non…

Q: Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline…

A: The amount of loan she took P1 =  $30,000  The current loan amount balance P2 = $56,000   Percentage…

Q: Find the monthly payment of the loan. Purchase Price      Down Payment      Finance Charge   #of…

A:

Q: Jeffery Wei received a 7-year non-subsidized student loan of $32,000 at an annual interest rate of…

A:

Q: You want to buy a $157,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: # Given principal amount p=157000  Time =30 year & rate of interest r=5.55%  Then to find…

Q: Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $52,000,000. If…

A: Given Total cost =$52000000 After putting 30% down

Q: Melissa Hernandez received an 8-year subsidized student loan of $28,000 at an annual interest rate…

A: