E-Loan, an online lending service, recently offered 36-month auto loans at 3.9% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $262, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?

Q: For the car loan described, give the following information. A car dealer will sell you the $30,950…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

Q: You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: E-Loan, an online lending​ service, recently offered 48​-month auto loans at 4.2% compounded monthly…

A: A loan is an agreement between two parties where one party borrows a sum of money in return for a…

Q: For the car loan described, give the following information. A car dealer will sell you a used car…

A: Note: As per Bartleby guidelines,If a question with multiple sub-parts are posted,  first 3…

Q: On their website, they describe the terms of a $2600 installment loan at an effective APR of 139.13%…

A: Loan is the type of debt instrument which is usually for long-term with the pre-defined interest…

Q: E-Loan, an online lending service, recently offered 36-month auto loans at 3.9% compounded monthly…

A: Annuity refers to series of annual payment which is paid or received at start or end of specific…

Q: You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make…

A: Solution Given Amount to be borrowed $44965 Monthly payments $1140 Number of period…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

Q: City Loans wants to earn an effective annual return on its consumer loans of 18.9 percent per year.…

A: Given information: Effective annual rate : 18.9% Compounding : Daily  Note: Since the calculator…

Q: Bowflex’s television ads say you can get a Treadclimber that sells for $10,000 for 4 annual payments…

A: Rate of return is the rate that an investor expects to receive annually as the reward for investing…

Q: E-Loan, an online lending service, recently offered 60-month auto loans at 3.9% compounded monthly…

A: The monthly payment that ban be afforded by borrower is $523. Hence, the monthly payment for the…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: First Bank offers you a car loan at an annual rate of 10% compounded monthly. What effective annual…

A: Effective annual interest rate is the rate of interest actually earned due to compounding of…

Q: Round House Furniture offers credit to its customers at a rate of 1.15 percent per month. What is…

A: Effective rate of interest is the equivalent interest rate which is determined by considering the…

Q: Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect…

A: Given:   Loan Amount $100,000 Interest Rate 13% Interest Type Simple Interest To compute:…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Here, APR is 9%

Q: Big Dom’s Pawn Shop charges an interest rate of 20 percent per month on loans to its customers. Like…

A: APR = given monthly rate * 12 months

Q: First bank offers you a car loan at an annual interest rate of 10% compounded monthly. What…

A:

Q: You have recently seen a credit card advertisement that states that the annual percentage rate is…

A: The effective annual rate can be calculated as per the formula of EAR

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A:

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A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Your credit card charges an APR of 29% on your balance. Interest is compounded on a daily basis, 365…

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Q: Use the Buying a Car information above to answer this question. The rebate offer is $3500, and you…

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A: Formula:

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A: In add on interest method principal amount and interest amount are calculated separately.

Q: A department store has offered you a credit card that charges interest at 1.75% per month compounded…

A: Computation:

Q: Big Dom’s Pawn Shop charges an interest rate of 26 percent per month on loans to its customers. Like…

A: APR refers to the annual percentage rate which is the annual rate of return obtain on an investment…

Q: You are purchasing a new car for $27,600. The dealership offers you three options: • 0% financing: 0…

A: Car Price = $27,600 Time Period(Months) = 48 Interest Rate = 0% Down Payment = $0

Q: Big Dom's Pawn Shop charges an interest rate of 25.5 percent per month on loans to its customers.…

A: APR refers to the annual percentage return it is calculated by multiplying the periodic rate to the…

Q: What is the simple interest rate ?

A: Loan is a contract between lender and borrower where lender provide funds to borrower for definite…

Q: For the car loan described, give the following information. A newspaper advertisement offers a…

A: No down payment means that the borrower is not required to pay any amount to the lender as initial…

Q: A car dealer is advertising a loan with monthly payments and a 9.9 percent nominal rate. What is the…

A: In the above question we need to compute the EAR i.e. Effective annual rate from below information:…

Q: You agree to make payments on student loans. Starting on the 8th month, 11 payments will be for…

A: Monthly Payment for 11 Months  $                673.59 Time Period 11 Monthly Payment for 32…

Q: You decided to purchase a new appliance by borrowing $1,500 using Home Credit Product Loan which…

A: Loan is a value which is borrowed from external sources for a certain period. This amount is repaid…

Q: For the car loan described, give the following information. A car dealer will sell you the $30,350…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: You purchased an appliance in a certain appliance center worth P35,000 using your credit card. The…

A: The question is related to Amortization Schedule. The detals ar given.

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Q: You plan on purchasing a car for $28,500. The car dealer tells you that if you finance it through…

A: Here,

Q: interest installment loan from his credit union. The purchase price was $1,950. The credit union…

A: The minimum monthly payment on a revolving credit account is the minimal amount a customer may pay…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Given:

Q: The manager of Steve’s Audio has approved Daisy’s application for 24 months of credit at maximum…

A: To open the "PV function" window - MS-Excel --> Formulas --> Financials --> PV.

Q: You currently have two loans outstanding: a car loan and a student loan. The  car loan requires that…

A: In this question equal payment is paid monthly in future. So we have to find present value of loan.

Q: Which one of the following bank accounts will you choose for a savings account? Bank A: An account…

A: When choosing a bank account for savings we choose the bank that offers highest EFF.  EFF = (1 +…

Q: a) Will credit cards help? The average undergraduate student leaves college with a diploma and…

A: a) Yes, Credit Cards will help as long as we are paying the interest amount on time and principal…

Q: You owe $3,000 on your credit card with a 24% APR. What would be the minimum payment amount if your…

A: APR= 24% Monthly Interest = 24% /2  Amount = $3000 minimum per month  Payment = 3000*5%…

Q: Pay it back Credit is a payday loan company that offers quick, short term loans using the borrower's…

A: Annual percentage rate (APR) refers to the annual cost of funds borrowed. The Annual percentage rate…

Q: Your local pawn shop loans money at an annual rate of 23 percent and compounds interest weekly. What…

A: Formulas: Actual annual rate of interest = (1 + Weekly rate)^No. of weeks - 1 Note: Number of weeks…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.