Find the monthly payment for the loan. Purchase Price Down Payment Finance Charge # of Monthly Payments $2600 $600 $240 24 The monthly payment is $ (Round to the nearest cent as needed.)
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A: Answer No of installment = 30 Monthly installment = $77.21 Total amount of 30 installment = $77.21 ×…
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A: GIVEN, PURCHASE PRICE DOWNPAYMENT NUMBER OF MONTHLY PAYMENT AMOUNT FINANCED TOTAL MONTHLY PAYMENT…
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The adjusted balance method is indeed an accounting technique that calculates finance charges on the…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The average balance method used the average balance in a month to calculate the finance charges.…
Q: From this partial advertisement: $123.86 per month for 60 months $5,200 used car cash price $50 down…
A: please like the answer your response matters a) amount financed $5150 5200-50 finance charge…
Q: Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to…
A: Given: Purchase price =$4,195 Down payment = $95 Number of payments = 60 Amount financed = $4,100…
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A: The question is based on the calculation of financial charges on a credit card. The Financial…
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A: given that, loan amount = $351000 annual interest = 4.46% number of payments = 30 years * 12 = 360…
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Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
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A: Information Provided: Balance = $600 Rate = 18% Payment = $550 Term = 10/30 days
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Given information: Balance amount $3,000 Periodic rate is 17% Payment is $2,500
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Q: Dinero Bank offers you a $39,000, 8-year term loan at 7 percent annual interest. Required: What will…
A: Annual loan payment = (Loan amount x r)/[1 - (1 + r)-n]
Q: Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to…
A: Given: Number of payment = 48 Amount financed = 4510 APR =13%
Q: Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to…
A: Given: Number of months = 60 Total monthly payment = $5,884 APR = 15.5%
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A: Loan amount (PV) = $ 130,000 Annual interest rate = 3% Monthly interest rate (r) = 3%/12 = 0.25%…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
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A: Ending balance after 3rd month = $2103.29 Monthly payment (M) = $150 Interest rate (r) = 0.75% per…
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Cash Call is a popular payday loan company offering consumer loans in person or online.On their website, they describe the terms of a $2600 installment loan at an effective APR of 139.13% (compounded monthly). The actual terms of the loan are a principal amount borrowed of $2600 with a $75 origination fee at 135% APR compounded monthly paid back over 47 monthly payments.In your calculations, use Y = 47/12 or 3.916667. PMT= P(APR/n)/[1-(1+APR/n)^(-nY)] a. Calculate the monthly payment for a $2600 loan at 135% APR over 47 months.Monthly Payment: $ _____________b. Compute the total of all payments, not including the $75 loan fee. (Use your rounded answer from part a.)Total Payments: $ _____________c. How much of the total payments (answer to part b) is interest?Interest: $ _____________Use the PMT function in Excel to compute the monthly payment on a $351000 business loan at an annual interest rate of 4.46% over 30 years, where the interest is compounded monthly. Hint: The PMT (Payment) function is entered in Excel as =PMT(Rate, Nper, Pv, Fv, Type). Fv and Type are not necessary. Ignore them. Enter the amount of your monthly payment below. Do not include the dollar sign ($).
- First America Bank’s monthly payment charge on a 48-month, $20,000 loan is $488.26. U.S. Bank’s monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? Months 48 Loan amount $ 20,000.00 First America Bank's monthly payment charge $ 488.26 U.S. Bank's monthly payment fee $ 497.70 Required: Using the information above please answer the following: What would be the finance charge amount with First America bank? What would be the APR for an auto loan with First America bank? What would be the finance charge amount with U.S. bank? What would be the APR for an auto loan with U.S. bank?A student borrows $68,300 at 7.2% compounded monthly. Find the monthly payment and total interest paid over a 15-year payment plan. Question content area bottom Part 1 The payment size is $enter your response here. (Round to the nearest cent.)The following payment plans are offered on the purchase of an appliance. P375 8 monthly payments of P55. P100 cash down and 6 monthly payments of P50. Which payment plan would you choose if interest is 24% annually, compounded monthly, if you are the purchaser? Assume ordinary annuities where applicable Show step by step solution: Manually
- Find the total monthly payment including taxes and insurance. Mortgage $56,400 Interest rate 5%Term of loan 10 years Annual taxes $662 Annual insurance $359 Total monthly payment is $___ (round to nearest cent as needed) Please include equation and steps!The following payment plans are offered on the purchase of an appliance. P375 8 monthly payments of P55. P100 cash down and 6 monthly payments of P50. Which payment plan would you choose if interest is 24% annually, compounded monthly, if you are the purchaser? Assume ordinary annuities where applicable.You get an offer for a credit card that charges 13.99% interest APR, compunded monthly. What effective annual interest rate does this credit card charge? Answer in 2 decimal places
- Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) AMOUNT OF INVOICE : $8,303.00 TERMS OF SALE : 2/10, N/30 PARTIAL PAYMENT: 2,800Use the following rates and payments table. Monthly Rate 1 1 2 % 1% Unpaid balance Up to $500 Over $500 New balance Under $200 Over $200 Minimum payment $10 5% of new balance PreviousBalance NewPurchases $55.10 $35.99 Find the following. (Round your answers to the nearest cent.) (a) the finance charge for the month$ (b) the new balance$ (c) the minimum monthly paymentComplete the following table: (Use Table 15.1.) (Do not round intermediate calculations. Round your answers to the nearest cent.) First Payment Broken Down Into— Selling price Down payment Amount mortgage Rate Years Monthly payment Interest Principal Balance at end of month $221,000 $44,200 7.00 % 15