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- Kathy borrows $10,000 from the bank. For a four year loan, the bank requires annual end of year payments of $3,223.73. The annual interest rate on the loan isJanet borrows $3500 from a credit card company at 22.5% annually for 3 years. Determine Janet’s monthly payment. Show your work.Carol borrows $30, 000 from the bank. For a six-year loan, the bank requires annual end-of-year payments of $5, 878.05. The annual interest rate on the loan is?
- Janie Curtis borrowed $25,000 from a bank at an interest rate of 12% compounded monthly. This loan is to be repaid in 48 equal monthly installments over four years. Immediately after her 20th payment, Janie desires to pay the remainder of the loan in a single payment. Compute the total amounts she must pay at that time.Janet borrows $3800 from a credit card company at 24.5% annually for 3 years. Determine Janet's monthly payment.Elaine borrows $1,000.00 from a credit card company at 19% annually for two years. Determine Elaine’s monthly payment. $50.41 $52.49 $100 $49.93
- Lydia borrows $2000 from a credit card company at 23% annually for two years. Determine Lydia’s monthly payments.1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?Ms Smith borrows 5000 at 5% annual effective interest, with payments at end of each year. The lender keeps the interest portion and accumulates the principal portion in a fund at 3.5% until loan is paid in full. Ms Smith pays 750 each year until a smaller payment will complete the loan payment. What is the amount of this last payment, including interest?