Huan accepted an in-store loan on a computer she just purchased. The monthly payment is $64.53 on the $2,000 computer with a 12% APR for 3 years. Determine the portion of the monthly payment that will go towards interest and principal for the first two months.

Q: Karen takes an 8-year car loan of $50,000 at 2.14%, compounded monthly. If the payments are done at…

A: Monthly Compounding Loan Amount = 50,000 Time Period of loan = 8 years or 96 months Interest rate =…

Q: Samantha made regular, equal deposits into savings accounts at the end of every month for three…

A: Annuity is a no. of finite payments which are equal size and made in equal time periods. Person…

Q: Jim Hopper plans to place his money in a certificate of deposit that matures in three months. The…

A: A certificate of deposit is a fixed income instrument issued by banks and credit unions. Interest…

Q: While buying a new car, David made a down payment of $800 and agreed to month-end payments of $280…

A: The loans are paid by the equal monthly installments that carry the payment for interest and payment…

Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: Given: Hot tub cost = $5,070 Down payment = $1,300 Finance = 24 months Payments each month = $179.77

Q: Bryan received a loan of $42,000 from the bank at 3.25% compounded monthly. If she had to repay $350…

A: Given that: Interest rate r = 3.25% per year = 0.2708% per month Period n =3 year= 36 months…

Q: Leslie borrowed $25,000 at a rate of 6% compounded monthly (j12) for a term of 10 years. Calculate…

A: The loan is repaid in equal monthly instalments. Each instalment has interest and a portion of the…

Q: While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of…

A: Down payment (D) = $900 Month end payment (m) = $240 Monthly period of repayment (p) = 56 (i.e. 4…

Q: Elin purchased a used car for $15,000. She wrote a check for $3000 as a down payment for the car and…

A: Equated monthly installment or EMI is referred to as the amount that are paid in monthly basis…

Q: Justin is financing S169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the…

A: Using excel pmt function

Q: Angelica Riordan received a four year non-subsidized student loan of $15,000 at an annual interest…

A: Equated monthly payments It is a monthly fixed payment given by the borrower to the lender on the…

Q: Melissa Hernandez received an 8-year subsidized student loan of $24,000 at an annual interest rate…

A: Present Value of the Loan (pv) = $24,000Interest Rate (rate) = 4.1%Time Period of Interest not Paid…

Q: ) the interest refund

A: When we buy goods on an installment basis we have to pay the purchase price in installments at…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

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

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,500. Her…

A: Introduction: Installment: Its a method of payment paying monthly , semi annually , annually etc.

Q: her own business. She intends to pay back the loan with a series of $2,000 payments at the beginning…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment…

A: Given: Particulars Amount Cost of hot tub $5,030 Down payment $1,300 Payments $173.77…

Q: Isabelle makes deposits of $365 monthly (at the end of each month) into an account that pays 1.5%…

A: Annuity refers to series of equalized payments that are either made at start or end of specific…

Q: Melissa Hernandez received an 8 year subsidized student loan of $26,000 at an annual interest rate…

A: The loan has been paid after completing one year of graduation, so first, compute the future value…

Q: Mary Jones recently obtained an equipment loan from a local bank. Theloan is for $15,000 with a…

A: Given information: Loan amount is $15,000 Nominal interest rate is 11% Loan repayment in 1 year

Q: Charmaine has just purchased an apartment at a price of $10 million. She made a down- payment of $4…

A: Loan amount (L) = $6 million n = 15 years = 180 months r = 3% per annum = 0.25% per month Let M =…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: A loan is a debt amount borrowed by a person at an interest rate. A borrower of a loan is required…

Q: Yolanda deposited $1,600 at the end of each six months for 2 years in a savings account. If the…

A: Future value (FV) refers to the sum value of current assets of the company which is evaluated at a…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The APR is used for representing the interest rate paid on the outstanding loan balance. It takes…

Q: Brian received a loan of $30,000 at 6.75% compounded monthly. She had to make payments at the end of…

A: monthly payment formula=p×rm1-1+rm-m×n where, P=principal r=rate of interest m=frequency of…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $623 per month…

A: FUTURE VALUE OF ANNUITY IS THE GROUP OF RECUURING CASHFLOW COMPOUNDED TO FUTURE DATE. GIVE, A= $623…

Q: A woman went to the Beneficial Loan Company and borrowed $10,000. She must pay $323.53 at the end of…

A: EAR or Effective annual rate is  yearly rate computed after taking into account all the compounding…

Q: Sam's family has decided that they will start depositing $100 at the end of every month into a…

A: Monthly Deposit = 100 End of month deposits Time Period =  3 years or 36 months Interest Rate = 4.6%…

Q: Jenna bought a new car for $⁢39,000. She paid a 10% down payment and financed the remaining balance…

A: Monthly mortgage payment: The monthly mortgage payment is the repayment of a mortgage loan by paying…

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: Diane Wallace bought a​ living-room suite on​ credit, signing an installment contract with a finance…

A: Principal amount refers to the amount of money that is borrowed from the lender and is also the…

Q: You will be in graduate school for the next two years. You borrowed some money from the bank for…

A: Monthly Payment  $   950.00 Monthly payment increase by 2% Time period  5 Beginning of payment…

Q: Barbara makes four consecutive annual deposits of $2,000 in a savings account that pays interest at…

A: The question gives the following information:

Q: Franki finances a motor home for $44,700 by taking out an installment loan for 36 months. The…

A: Loan carry interest rate that are to be paid by monthly payment.

Q: Doris purchased a Steinway concert piano for $132,000 with a down payment of 25%, and a loan for the…

A: Cost of piano is $132,000 Down payment is 25% Equal Monthly Payment is $1,650 Interest rate…

Q: Samuel Ng received a 3-year subsidized student loan of $15,000 at an annual interest rate of 4%.…

A: Given that: Loan Amount (A)= $15000 Time(t)= 3 years Number of payments per year (n)= 12 Annual…

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

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: For 12 years, at the beginning of every month, Elsa deposits $200 into a savings account. Once the…

A: The cumulative value of an investment is the entire amount it now possesses, including the money…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Monthly payments interest rate is calculated by excel function RATE, where the inputs are: pv:…

Q: Theresa borrowed $7258.00 compounded monthly to help finance her education. She contracted to repay…

A: Given:

Q: Virginia Osterman bought a television set on a 12-month installment plan that included a $39.00…

A: Given: Finance charge = $39.00 Monthly Payment = $54 Here, Total number of installments = 12 Settled…

Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Last January, Robyn bought a laptop worth Php 48,000 on loan. To pay off th made monthly payments of…

A: In this we need to calculate the the present value of loan paid and than find out the monthly…

Q: Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%.…

A: Computation of monthly loan payments:

Q: Angelica Riordan received a five-year non-subsidize student loan of $19,000 at an annual interest…

A:

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,900. Her…

A: Deferred payment price - these are the payments that are partially or wholly postponed for financial…

Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…

A:

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.