If you buy a computer directly from the manufacturer for $2,546 and agree to repay it in 48 equal installments at 1.64% interest per month on the unpaid balance,how much are your monthly payments? How much total interest will be paid?

Q: On September 1, 2018, you bought a used car for $37,000. You paid $2,000 down and financed the…

A: From the given information first monthl payment on the loan is calculated and then using the monthl…

Q: A computer with software costs $2,941, and Catherine Stevens has agreed to pay a 17% per year…

A: Given,   Cash price of computer = $ 2,941 Rate per 18 months = 0.17/12 * 18 = 25.5%

Q: What is the size of the payments that must be deposited at the beginning of each 6-month period in…

A: The size of the payment can be computed by using the PMT formula of excel. The values require for…

Q: monthly payment amount be

A: An annuity is the regular payment of an amount at an equal interval. It is a payment of a fixed…

Q: What monthly payment is required to amortize a loan of $50,000 over 12 yr if interest at the rate of…

A: using excel PMT function to calculate the monthly payment =PMT(rate,nper,pv,[fv])

Q: If you buy a stereo set for $600 and agree to pay for it in 18 equal installments at 1% interest per…

A: In the given question we need to compute the amount of monthly payments on a loan of $600

Q: How many payments will you have made when your account balance reaches $15,000?

A: Future Value of Annuity: It is the worth of the recurring cash flows or payments at a certain…

Q: Today you purchase a previously owned Tesla Model 3 for $40,000. You make a down payment of $5,000…

A: Given The purchase price is $40,000 Down payment $5,000 Rate is 0.25% per month payable in 60…

Q: An individual is purchasing a $15,000 automobile, which is to be paid for in 48 monthly installments…

A:

Q: If you have a $15,000 car note with a $450.00 monthly payment, payable over 36 months, what interest…

A: In the given question we need to compute the interest rate from following details: Car note value =…

Q: Suppose a certain manufacturer deposits $3,000 at the beginning of each 3 month period for 6 years…

A: a) The question gives the following information:

Q: A washer-dryer combination can be purchased from a department store by making monthly credit card…

A: Given: Particulars Amount Monthly payment $46.34 Years 3.5 Interest rate 21% Additional…

Q: ur customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590…

A: The time period to pay the loan will depends on the interest rate and compounding of loan and…

Q: A couple who borrow $70,000 for 15 years at 6%, compounded monthly, must make monthly payments of…

A: Given: Monthly payment = $590.70 Loan = $70,000 Years = 15 Interest rate = 6%

Q: One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments…

A: A loan is a debt amount borrowed by one person from another person at a predetermined financial…

Q: An cellphone is for sale at either (a) P15,999 cash or, (b) on terms, P1,499 each month for 12…

A: According to the concept of Time Value of Money, the value of one unit of a currency is worth more…

Q: If you buy a computer directly from the manufacturer for $2,509 and agree to repay it in 60 equal…

A: This is the case of present value of annuity. Annuity is equal stream of cashflow at regular…

Q: You want to buy a new sports car from Muscle Motors for $44,000. The contract is in the form of an…

A: The monthly payment can be calculated with the help of present value of annuity due function.

Q: If you buy a computer directly from the manufacturer for $2.634 and agree to repay it in 36 equal…

A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…

Q: A house that sells for P900,000 can be purchased under terms requiring 100 monthly payments. Assume…

A: Given that;Present value is P900,000Number of periods is 100

Q: A commercial bank will loan your client $99,544 for 5 years to buy a boat. The loan must be repaid…

A: Loan = 99,544 Time Period (N) = 5 years i.e. 60 months Monthly Compounding, number of compounding…

Q: You want to buy a new sports car from Muscle Motors for $79,000. The contract is in the form of a…

A: Price of a new sports car is $79,000 Time period is 48 months Interest rate is 7.3% To Find:…

Q: You buy items costing $800 and finance the cost with a fixed loan installment for 18 months at 5%…

A: As we are told that interest rate charged on the loan is simple and not compounding, moreover we are…

Q: If you take out an $7,900 car loan that calls for 60 monthly payments starting after 1 month at an…

A: Given information: Car loan amount $7,900 Number of periods is 60 monthly payments APR is 12%

Q: What is the size of the payments that must be deposited at the beginning of each 6-month period in…

A: Future value of annuity due = P * [ (1+r)^n  - 1 ] /r  * (1+r) Where, r = rate per period i.e.…

Q: A payday loan company charges a $45 fee for a $550 payday loan that will be repaid in 18 days.…

A: In this question we need to compute the equivalent annual interest rate.

Q: How many months will it take you to pay off a loan of $11,000 at 3% APR compounded monthly if you…

A: Loan = 11000 APR = 3% Monthly Compounding Interest Rate = APR / Number of compounding periods =…

Q: The monthly payment on an 8%, 36-month, add-on loan for $10,000 would be

A: Information Provided: Rate = 8% Time = 36months or 3years Principal = $10,000

Q: Suppose you buy an appliance costing ​$2350 at a store charging 13​% ​add-on interest, you make a…

A: Computation of principal amount:

Q: If you buy a computer directly from the manufacturer for $2,202 and agree to repay it in 48 equal…

A: 1.Calculation of monthly installments 2.Total Interest paid Given  Monthly Interest rate= 1.59%…

Q: A landscape architect accrued $7,876.36 in credit card debt. If the architect makes a monthly…

A: The monthly payment will include payment towards both the principal amount and the interest amount.

Q: You're prepared to make monthly payments of $260, beginning at the end of this month, into an…

A: The number of payments made can be calculated with the help of NPER function of Excel

Q: You receive a car loan of $22,000 and must pay off the loan in 60 monthly installments. If your…

A: The periodic payment for a loan can be found using the PMT Function in excel. PMT = (RATE, NPER, PV,…

Q: 2: An engineer wishes to purchase an $80 ayment of $20 000 and borrowing the remaining $60 000,…

A: In this question payment per month needs to be find out. Loan amount is $60,000 and it is to be paid…

Q: To purchase a used automobile, you borrow $10,000 from Loan Shark Enterprises. They tell you the…

A: The APR is the annualized measure of the costs of borrowing, the APR will increase when the cost of…

Q: Catherine obtained a loan of $40,000 at 4.5% compounded monthly. How long (rounded up to the next…

A: Solution:- When a loan is taken, the borrower is given the option whether to repay it in…

Q: A​ washer-dryer combination can be purchased from a department store by making monthly credit card…

A: For calculation of purchase price we need to use the following formula of annuity due PV of annuity…

Q: If you buy a computer directly from the manufacturer for $2,241 and agree to repay it in 48equal…

A: Using Excel PMT function.

Q: If you borrowed S 15,000 to be repaid in 20 equal quarterly payments and after your 10th payment you…

A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: You want to buy a new sports car from Muscle Motors for $87,000. The contract is in the form of a…

A: Here, To Find: Monthly payment =?

Q: If you buy a computer directly from the manufacturer for $2,825 and agree to repay it in 48 equal…

A: Principal = $ 2825 Number of monthly installments = 48 Monthly interest rate = 1.94%