Loan payments of $1,900 due 95 days ago and $4,350 due today are scheduled to be repaid with a payment of $4,220 in 31 days and the balance in 126 days. If money earns 6% p.a. simple interest, what is the size of the final payment? Use 126 days from today as the focal date. Round to the nearest cent.

Q: Suppose you take out a loan for 180 days in the amount of $11,500 at 14% ordinary interest. After 60…

A: A loan is an amount borrowed by a party in exchange for its repayment along with some interest.

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Q: Suppose you take out a loan for 160 days in the amount of $14,000 at 7% ordinary interest. After 40…

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Q: Suppose you take out a loan for 160 days in the amount of $12,000 at 7% ordinary interest. After 40…

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Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

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Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

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Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

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Q: Suppose you take out a loan for 180 days in the amount of $12,500 at 15% ordinary interest. After 40…

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Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.