Joe Levi bought a home in Arlington, Texas, for $125,000. He put down 30% and obtained a mortgage for 30 years at 7.5%. What is the difference in interest cost if he had obtained a mortgage rate of 5.5%?

Q: Corey would like to purchase a new car for $28,000.  How much will his monthly payments be if he…

A: Given that: Principal amount of loan, P=$28000TIme period of loan = 5 yearsRate of interest, r=5.75%

Q: You have agreed to pay off an $8,000 car loan with 24 monthly payments of $400 each. Use the simple…

A: Formula used: To find the interest rate in simple interest:…

Q: Find the interest paid on a loan of ​$2300 for   two years at a simple interest rate of 10​% per…

A: Formula used: Simple interest formula: The formula for calculating the simple interest is I = Prt.…

Q: Nina and Michael have been approved for a $300,000 30-year mortgage with an APR of 5.25%. How much…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: Ben and Jane have been approved for a $320,000 loan, 30-year mortgage with an APR of 4.75%. What…

A:

Q: A man bought his girlfriend a new necklace for $259. Instead of paying cash, he paid $19 down,…

A: Cost of necklace = $259 Down Payment = $19 Amount left to be paid = Cost of necklace - Down Payment…

Q: Nanette buys a $5000 20-year bond that has a coupon rate of 2.5%.If she keeps the bond to…

A: We have to find

Q: What is her monthly payment on a 2005 Jeep priced at $7000 with a 13% interest rate for a 10 year…

A: Given Initial price of jeep P=$7,000Total time t=10 years Monthly interest i=13%

Q: Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline…

A:

Q: If the simple interest on $3,000 for 7 years is $1,050, then what is the interest rate? The rate is…

A: We need to solve it by the basic formula of simple interest.First we need to specify the given…

Q: Steven wants to buy a new couch priced at $558 and agrees to pay for it over two years with a…

A:

Q: A loan of $7,215 was repaid at the end of 11 months. What size repayment check (principal and…

A: The amount of the repayment check was $____

Q: 3. Mocca Blanca invested P45, 000 for 2 years and 8 months and earn P12,450 interest. What was the…

A: Mocca Blanca invested P45, 000  for 2 years and 8 months and earn P12,450 interest . We have to find…

Q: Toni Torres wants to save $1,200 in the next two years to use as a down payment on a new car. If her…

A:

Q: Trevor plans on getting a $222,000 loan for 30 years to purchase a home lender a offers him a 5%…

A:

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

A:

Q: A payday loan company charges a $90 fee for a $600 payday loan that will be repaid in 20 days.…

A:

Q: Mychael wants to buy some new exercise equipment for his home gym for 377,000 financed and in annual…

A:

Q: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

A: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

Q: Mitchell has been given the option of either paying his $800 bill now or settling it for $812 after…

A:

Q: Steven wants to buy a new couch priced at $705 and agrees to pay for it over two years with a…

A:

Q: a car costs $12500 and youre offered a loan that requires $800 down and a monthly payment of 228.29…

A: Monthly payments of 228.29 for 66 months contribute to 228.29*66 = 15067.14   And 800 down payment.…

Q: Kiara is expected to settle a loan by paying $8,500. What amount should she pay if she decides to…

A: The given data is: To settle a loan by paying P=$8,500 Interest rate r=3.50% ( compounded monthly)…

Q: Imelda took a loan of Php950,000 from a financial institution to purchase a TV set. If the the…

A: Formula of compound interest: A=P1+rnnt where, A= Final amount P= Initial amount r= rate of interest…

Q: Sammy wants to buy a new stereo priced at $413. He enters into an agreement to pay $20 a month for…

A:

Q: Jenn borrowed $900 from her sister at a simple interest rate of 1.5%. If Jenn will pay back her loan…

A:

Q: Sammy wants to buy a new stereo priced at $436. He enters into an agreement to pay $21 a month for…

A: GIVEN: Sammy wants to buy a new stereo priced at $436. He enters into an agreement to pay $21 a…

Q: Perry took out a payday loan for $1350 that charged a $55 fee. If the loan matures in 1 week, what…

A:

Q: Mustafa purchases an annuity due paying 6% quarterly. If his payment is $5901, how much will its…

A:

Q: Mr. Smith buys a television that is listed for $1500. He pays $500 down and pays the balance in 12…

A:

Q: Tom and Linda have been approved for an $185,000, 15-year mortgage with an APR of 5.35%. What will…

A: Since the given term is APR then we have to compute simple interest. The formula for simple interest…

Q: Colleen has an offer to buy a car with a sticker price of $25,900 by paying $460 a month for 72…

A:

Q: Mr. Sun borrowed $15,600 for 54 months at simple interest to pay for a new swimming pool. If Mr. Sun…

A: Given, P=$15600 T=54/12=4.5yrs Rate=R

Q: Gabriella wants to buy a house costing $95,000, and she has $12,000 for the down payment. She can…

A: NOTE: Refresh your page if you can't see any equations. . the cost of the house is $95000 and the…

Q: You buy a house for $280,000 and pay $25,000 down.  The rest is financed for 30 years at 6.5%…

A: Here, Value of House is $280,000 Down Payment is $25,000 Loan Amount (PV) is: Interest Rate (Rate)…

Q: What is her monthly payment on a 2010 Honda Civic priced at $4500 with a 15% interest rate for a 10…

A: formula for EMI is as below :

Q: An investor purchased a 93-day, Government of Canada T-bill that had a simple interest rate of 4.50%…

A: Given problem:- An investor purchased a 93-day, Government of Canada T-bill that had a simple…

Q: If you borrow 1500 dollars from a lending agent for 13 weeks and in the end you have to pay back…

A: Formula r = (1/t)(A/P - 1) r = simple interest rate = ? P = principal amount =1500 A = P+ I  = 1650…

Q: Jim financed the purchase of a new car. If the loan had an annual rate of 3.25% compounded annually…

A: By using formula we solve the given problem as follows :

Q: Jackie has a saving account that promises to increase her balance by 1.5% per year. If she deposits…

A:

Q: How much will you pay on interest if you buy a $217k home on 3.5% interest with monthly payments on…

A:

Q: Marie bought a laboratory equipment with P25 000 down payment plus 18 months monthly payment of P2…

A: Given that, the down payment of the equipment is P25,000, monthly instalment is P2500, duration is…

Q: If Joe Edward earned P1,890.50 in 1 year and 3 months in a mutual fund containing bonds worth…

A: Express the equation for the mutual fund. Future value= Present Value1+r100n Here, r is the rate of…

Q: On May 28, 2020, Amy purchased a Government of Canada T-bill that matures on August 4, 2020. How…

A: Future value is $10,000 Rate of interest 1.35%

Q: The simple interest on a $7,600 loan at 7% per year amounted to $4,788. When did the loan mature?

A: To Determine: The simple interset on a $7600 loan at 7% per year amounted to $4788. When did the…

Q: If I purchased an appliance for $2500 , paid $800 as a down payment and financed the remainder over…

A: Given that loan is of 'add-on interest' typeAdd on interest = Principal *Rate of interest…

Q: You want to make monthly payments of $440, but you don't want a car loan over your head for more…

A: Let the loan amount is P. it is given that monthly payment M is 440. the interest rate is 0.015…

Q: A newspaper advertisement offers a 9000 car for nothing down and 36 easy monthly payments of 302.50…

A: Given ,  A newspaper advertisement offers a $ 9000 car for nothing down and 36 easy monthly payments…

Q: Sammy wants to buy a new stereo priced at $403. He enters into an agreement to pay $21 a month for…

A: Sammy wants to buy a new stereo priced at $403. He enters into an agreement to pay $21 a month for…