how much did Tiffany borrow?

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $20,000 in student…

A: To know period we have to calculating present value FACTOR annuity and depending on value and…

Q: Charles buys a used car by paying GH¢1500 down and GH¢182.50 a month for 3 years. a. what was the…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: Heather took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%. The…

A: To calculate the loan amount we will use the below formula   Loan amount = I/(r*t) Where I -…

Q: YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84%…

A: Time Period of loan = 7 years or 84 months Interest Rate = 3.84%/12 = 0.32% per month Balance due…

Q: Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she…

A: Payments made = $108.50 for 10 times Original Loan = $1000 Interest Amount = Total Payment made -…

Q: Leo wants to have $6500 to buy furniture when he moves into an apartment in 3 years. He invested…

A: The future value is the future worth of the amount that will be paid or received at future.

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 60 months…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 48 months…

A: MONTHLY PAYMENT FORMULA: PMT=P×rm1-1+rm-nwhere,p = loan amountr = APRm = frequency of compoundingn =…

Q: Grandma Riley wants to help Scott while he's in college by giving him a S220 monthly allowance for 5…

A: Time Value of Money:The time value of money is the idea that the value of money received today will…

Q: (a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to…

A: Part-A Borrowed Amount is $5000 Time period is 2 years Interest rate is 7% Per annum To Find:…

Q: Chris bought a new car for $12,500. He made a $3,000 down payment and financed the rest at an annual…

A: Loan is an amount that is paid by the lender to the borrower for the certain period of time. The…

Q: To pay for a  $22,300  truck, Jina made a down payment of  $4900  and took out a loan for the rest.…

A: As per the information provided : Jina to pay $22,300 for a truck. She made a down payment of $4,900…

Q: Akbar bought a car on loan and pays the simple interest at 5% amounting to RO 3,000 per annum for 5…

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

Q: Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the…

A: In a discounted loan, the borrower does not make any interest payments. He receives the loan at a…

Q: Nina borrowed money on 31 August and agreed to pay back the loan on 2 November of the same year. If…

A: Solution- Loan taken by Nina=R5000 Date=31st August Rate of Discount=18% Date of Repayment=2nd…

Q: Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate…

A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…

Q: May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments…

A: Given,  The total number of months the payment has been made = 35 Total payment made so far =…

Q: (a) Heather borrowed $5000 from her grandmother as a down payment on her first car. She promised to…

A: calculation of above requirement are as follows

Q: Sixteen Months after borrowing money, Ronron Cayabyab Pays an interest of ₱8,426. How much did he…

A: Simple compound interest calculation is a technique for calculating the portion of interest paid to…

Q: Raia purchases a new car for $32,000 and finances it with a 6-year simple interest loan at a rate of…

A: Formula Monthly payment  = PV/[1-(1+R)-N]/R Where PV - Loan amount i.e. $32,000 R - Monthly interest…

Q: A woman deposited $10,000 into an account at her credit union. The money was left on deposit for 10…

A: Investment = 10,000 Total Time Period= 10 years First 5 years, 9% interest compounded monthly,…

Q: 4 years. His Monthly loan was 23.03. What was the monthly payments and what was the total interest…

A: Loans are to be paid by the monthly payments that carry the payment for interest and payment for…

Q: Joan Hart borrowed $9,800 to travel to France to see her son Dick. Joan’s loan was to be paid in 50…

A: A loan rebate signifies the amount saved by paying a loan early. The amount is generally saved from…

Q: Michelle wants to borrow $4,500. Bank A will lend Michelle the money at a simple annual interest…

A: Formula: Interest amount = PTR / 100 P = Principal  T = Time period R = Rate of interest.

Q: Mariah applied for a loan in a bank that gave 10, 000 pesos monthly payment for 2 years. The first…

A: The present value of an annuity is the current value of the future payments that are calculated…

Q: Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay…

A: Banker's discount is the discount amount calculated on the future value of payable.

Q: When Maria Acosta bought a car 2 years ago, she borrowed $12,000 for 48 months at 7.2% compounded…

A: Outstanding loan balance is calculated by present value of monthly payments left to be paid. r is…

Q: Some time ago, Marie took out a loan from the bank to purchase an apartment. The terms of the loan…

A: in this we have to find effective interest rate and than find out present value FACTOR.

Q: Frank borrowed $200 from a lender that charged simple interest at an annual rate of 9%. When Frank…

A: Simple interest is the additional amount paid on the amount of principal borrowed for a specific…

Q: Kween Yazmine's mother borrowed Php35,000 to fix their car. The bank charges 5% interest for two…

A: Borrowed amount (PV) = Php 35,000 Interest rate (r) = 5% Period (n) = 2 Years

Q: A woman deposited $10,000 into an account at her credit union. The money was left on deposit for 10…

A: a) at the end of 5 years:F = 10,000 (F/P, ¾%, 60)* = $15,660.00 * i = 9/12 = ¾% n = (12)(5) = 60at…

Q: Heidi deposits $8,000 in a savings account that earns 4.5% compound interest. What is the estimated…

A: Given data; deposit amount = $8000 rate of interest = 4.5% future value = 2 * deposit amount…

Q: Marisol finances a sports car for $27,700 by taking out an installment loan for 36 months. The…

A: Amount financed = $27,700 Number of instalments = 36 Monthly payment = $998.61 Payment made = 21…

Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…

A: The amount of interest paid is calculated as difference of total payments less present value of…

Q: Bob purchases a car for $28,000. He makes $640 a month payments for 36 months on a 6.9% interest…

A: Excel formulas:

Q: To purchase a car, Sarah took out a 60-month loan for $33,000 with a 7.6% annual interest rate.…

A: If a loan is repaid with regular equal payments, each payment consist principal part and interest…

Q: After four years in college, Josie owes $104000 in student loans. The interest rate on the federal…

A: Let the amount in federal loans be "$X" , therefore amount in private bank loans would be…

Q: Cate bought a new car for $25,000. The bank granted her a loan with a simple interest rate of 7%…

A: Using simple interest method, the interest is paid equal during every period.

Q: When Mary had 4 years left in college, she took out a student loan for $15,110. The loan has an…

A: Loan Amount = 15,110 Time Period in college = T = 4 years Time Period for loan repayment = N = 36…

Q: Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of…

A: To calculate amount borrowed when monthly payments are given, present value of annuity formula will…

Q: A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5…

A: Installment is the amount of periodic payments made by the borrower to the lender in order to pay…

Q: Suzanne borrowed a certain amount of money at an annual simple interest rate of 3.4%. If she…

A: The interest amount can be calculated with the help of simple interest function

Q: Ms. Tamper bought a house for $180,000.  She put 20% down and obtained a mortgage loan for the…

A: Given information: Present Value of Mortgaged Loan: =$180,000-$180,000×20%=$144,000 Future Value =…

Q: Sun Jung finances a sofa for $1,125 by taking out an installment loan for 60 months. The payments…

A: Computation:

Q: 1. Renalda has purchased a condominium and received a mortgage loan in the amount of $50,000 for 25…

A: Given: Loan amount = $50,000 Years = 25 Monthly loan payment = $510.55 Interest rate = 11.9%

Q: interest will she pay when she repays her loan on June 15?  2. What is the total amount

A: A loan amount refers to the amount which a person should borrow from the bank or financial…

Q: Eleven months after borrowing money, Dorah pays an interest of ₱2,800. How much did she borrow if…

A: In order to find the principal amount one has to find the yearly interest rate and then principal.

Q: Daryl borrowed $5,440 for 4 years. If the loan's annual simple discount rate was 4.1%, how much did…

A: Amount borrowed (P) = $5,440 Time (T) = 4 years Rate (R) = 4.1% Total amount to be returned =…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.