Karolyn takes out an installment loan to finance the purchase of a violin costing $12,750. Her loan requires a 10.625% down payment and equal monthly payments of $375 for 48 months. Calculate the total deferred payment price. A. $14,104.69 B. $19,354.69 C.$29,395.31 D. $32,104.69
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A: Ans. Total deferred payment is the extra amount paid for availing the finance service.
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A:
Q: the amount financed the finance charge The deferred payment price.
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A:
Q: Calculate the total deferred payment price.
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A: Please refer to the image below.
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- Karolyn takes out an installment loan to finance the purchase of a violin costing $18,750. Her loan requires a 10.625% down payment and equal monthly payments of $365 for 48 months. Calculate the total deferred payment price.Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set costing $79,500. Her loan requires a 22.5% down payment and equal payments of $2,577 for 40 months. What is the amount of the finance charge on this loan? a. $38,180.64 b. $40,295.27 c .$41,467.50 d. $42,950.00Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her loan requires a 25% down payment and equal monthly payments of $281.00 for 60 months. Calculate the total deferred payment price (in $). 6285
- Boyd purchases a snow blower costing $1,742 by taking out a 12.5% add-on installment loan. The loan requires a 35% down payment and equal monthly payments for 2 years. How much is the finance charge on this loan? O $217.75 O $283.08 O $435.50 O $609.70Boyd purchases a snow blower costing $1,752 by taking out a 13.5% add on installment loan. Loan requires a 35% down payment and equal monthly payments for 2 years. How much is the finance charge on this loan? $307.48 $425.15 $391.04 $407.25Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her loan requires a 25% down payment and equal monthly payments of $289.00 for 60 months. Calculate the total deferred payment price (in $). $ Need Help? Read It Watch It Master It
- Alexei finances her purchase of a $900 television. Her one-year loan has a fixed annual interest rate of 2.5%. Which equation correctly calculates Alexei's monthly payment? 12.0.025 М — -12-1 900 1-(1+ ) 0.025 900-0.025 M -12.1 12 12 1- (1+ 0.025 900.0.025 M = -12-1 0.025 12 1-(1+ 12 12.0.025 M -12.1 900 1- 12 1+ 0.025o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31Jacob purchases camping equipment at a cost of $3,450 by taking out an 9% add-on installment loan. The loanrequires a 10% down payment and equal monthly payments for 2 years. How much are Jacob's monthlypayments? Group of answer choices $74.89 $225.15 $152.66 $92.44
- Ada signed a simple discount promissory note for $5,400. The discount rate is 11%, and the term of the note is 6 months. What are Ada's proceeds on the loan? A. $4,411 B. $4,806 C. $4,906 D. $5,1031) Ms. Smith borrowed P125,000 at 11% stated rate of interest and was to pay back the loan in 24 monthly payments. What is her effective rate of interest? A. 10.56% C. 21.12%B. 18.96% D. 22.00% 2) Kenneth's Arrows and Bows borrow P10,000 for one year at 12% interest. What is the effective rate of interest if the loan is discounted?A. < 12.5% C. > 13.5% but < 14.5%B. > 12.5% but < 13.5% D. > 14.5% 3) Koopman's Chickens, Inc. plans to borrow P300,000 from its bank for one year. The rate of interest is 10%, but a compensating balance of 15% is required. What is the effective rate of interest?A. < 11.4% C. > 11.6 % but < 11.8 %B. > 11.4% but < 11.6% D. > 11.8 %Jack Fitzgerald wishes to purchase a used car that has a cash price of $11,000. The installment terms include a down payment of $4,000 and 36 monthly payments of $225. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent? Annual Percentage Rate Table for Monthly Payment Plans. (Finance charge per $100 of amount financed) Number 7.50% 8.00% 8.50% 9.00% 9.50% of Payments 36 11.98 12.81 13.64 14.48 15.32 48 16.06 17.18 18.31 19.45 20.59
