How much should Cristy pay today to clear her loan?     Select one: a. $5384.26 b. $2554.13 c. none d. $5777.30

Q: Yvette purchased a car and she obtained an 7 year term loan with an annual interest rate of 3.12%.…

A: An amortization schedule of a loan provides the breakdown of the monthly payments into their…

Q: Judy Martinez, owner of Judy's Fashions,received a $12,000 tax refund. She depositedthe money in…

A: Bank is a financial institution which accepts the deposit of the customers and provides loans to the…

Q: Carol Jones, a single person, has an annual income of $32,200. The principal and interest payment on…

A: SolutionGiven thatAnnual income of carlo jones=$32,000Loan amount =$25000 30 year at 8%Annual…

Q: Jane requested a loan from a bank amounting to P186,980 to continue her small business. But she only…

A: A loan is an arrangement in which borrower receives money from the lender which is to be repaid…

Q: Jane requested a loan from a bank amounting to P405,630 to contin her small business. But she only…

A: Interest is an additional amount charged on the amount. It can be income and expense. For the lender…

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: Greg owes two debt payments – a payment of $5316 that was due in 13 months ago and a payment of…

A: The date at which values of all payments are calculated by compounding past and discounting future…

Q: What was Patrick’s monthly payment?

A: Re-payment of loan is a combination of principal loan amount and interest amount.  Loan is paid as…

Q: Jason Bradley purchased a $77,000 home at 8.5% for 30 years with a down payment of $15,000. His…

A: Escrow Account contains the amount deposited by the borrower or buyer of the asset to show the…

Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…

A: Monthly payment can be calculated using the formula of the present value of annuity. Present value…

Q: Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her…

A: In the given question, the amount is to be paid quarterly. Therefore, the effective rate to be used…

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: Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4 years she…

A: The future value function can be used to determine the future value of a sum at a given discount…

Q: Joan borrowed $18,000.00 to buy a car. She repaid $4700.00 three months later and $8300.00 nine…

A: If enough funds are not available with a person for a transaction, then the person can avail credit.…

Q: In the current year, Sanchez paid interest of $30,000 on a $1,000,000 principal home mortgage. He…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : It is…

Q: Salma borrowed $600from a bank for 2 years and was charged simple interest. The total interest that…

A: The annual interest rate on the loan is calculated using the simple interest formula given as below:…

Q: The Engs just purchased a home in Port Moody for $1,200,000. They made a down payment of 30% and…

A: Solution- Ordinary annuity is the PMT which are made at the end of the period.

Q: Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments…

A: Given: Particulars Amount Cost of house 188686 Down payment 36866 Years 15 Interest rate…

Q: On April 1, year 1, Mary borrowed $220,000 to refinance the original mortgage on her principal…

A: A home mortgage loan indicates the loan secured against a property, generally residential property…

Q: katy took out a loan for $12000 over 3 years, if her total loan repayments amounted to $18750,…

A: Given Loan amount = $12000 Loan repayment = $18750

Q: Suzanne opens a line of credit at a local bank, and immediately borrows 1510 dollars. 5 months…

A: Line of credit is a type of bank account which allows business to borrow a certain amount of money…

Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…

A: The concept of the time value of money states that the same amount of money is worth more today than…

Q: Jane requested a loan from a bank amounting to P405,630 to continue her small business. But she only…

A: Given: Maturity Value "M" = P405630 Proceeds = 83.84%*P405630 = P340080.192 Number of years = 12…

Q: Roman paid $68,800 as a down payment towards an apartment purchase and receive nortgage from a bank…

A: Loans are paid by monthly equal amounts of payments and these equal payments carry the payment for…

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: Allison purchased a house for $350,000. She made a downpayment of 30% of the value of the house and…

A: Given: Particulars Amount Cost of house $350,000 Down payment 30% Interest rate 6.50%…

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

A: 1) Computation:

Q: Albert purchased a house for $1,500,000 fifteen years ago. He put 30% down and financed the balance…

A:

Q: Mrs Angngad acquired a loan of P50000 from a credit union that charges interest of 16% compounded…

A: Loan amount = P 50,000 Annual interest rate = 16% Quarterly interest rate = 16%/4 = 4% Annual period…

Q: Peggy made a down payment of $400 toward the purchase of new furniture. To pay the balance of the…

A: Purchase price of the furniture is present value of monthly payments plus down payments

Q: Madison initially borrowed $8,200 from TD Canada Trust at 3.45% compounded semi- annually. After 2…

A:

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: Jane requested a loan from the bank amounting to 312,870 to continue her small business. But she…

A: Requested loan amount is 312,870 Loan amount is 84.68% of requested amount Time period is 8 years…

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: On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.98 million by paying…

A: Total interest expense deductible is calculated by multiplying interest expense by the ratio of…

Q: A family took out a 6-year, 12 percent loan from a lending institution for P 4,000. After six years,…

A: operative note Given, Amount borrowed 4000 Period 6 years Rate 12%

Q: Marcy borrowed P1M in a bank that charged 18% compounded monthly and agreed to make monthly payments…

A: Monthly Compounding: It is the interest of interest to the principal sum of a loan or deposit and…

Q: Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month…

A: Borrowed amount = P150,000 Time period = 2 years Rate = 6%

Q: .Interest rate per month,%? 2.Amount paid at the end of 3 years. 3.Amount to be paid at the end of 5…

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

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: Lauren purchased a car for $53,000; she paid $13250 as a down payment and financed the balance…

A: The loan amount would be the difference between the car price and the down payment.  Total Interest…

Q: Huai takes out a  $3700  student loan at  6.7%  to help him with  2  years of community college.…

A: Loan-1 Loan amount is $3,700 Interest rate is 6.7% Loan-2 Loan amount is $11,900 Interest rate 7.1%…

Q: Erica borrowed money from Charles an amount of 58,744 and promise to pay at the end of second and…

A:

Q: Uncle Ben borrowed 10,000 at 12% interest and paid $2,000 per annum for the last 4 years. What does…

A: The simple interest rate is the interest rate where the interest is determined only on the principal…

Q: Tytos borrowed $16500 to pay for the wedding of his daughter, Genna. Tytos repair the loan after 3…

A: Given: Borrowed = $16,500 Years =3 Repaid = $19,224

Q: On March 31, year 1, Mary borrowed $300,000 to buy her principal residence. Mary paid 3 points to…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Carl borrowed P101,466 from his friend to pay for remodeling work on his house. He repaid the loan…

A: Loan amount (L) = P 101466 Duration (n) = 20 months 12 days = 20.4 months Simple interest rate (r) =…

Q: Huai takes out a $3300 student loan at 6.6% to help him with 2 years of community college. After…

A: Consider the following student loan: • First he takes out a loan of $3300. • The interest rate for…

Q: Helen purchased a house for $350,000. She made a downpayment of 15% of the value of the house and…

A: (a) Computation of size of monthly payment is calculated with the help of following formula: Where,…

Q: mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the…

A: Loan is referred as the amount of fund is given to a party in exchange of repayment of principal…