To purchase $13,500 worth of restaurant equipment for her business, Maya made a down payment of $1500 and took out a business loan for the rest. After 3 years of paying monthly payments of $365.07, she finally paid off the loan. (a) What was the total amount Maya ended up paying for the equipment (including the down payment and monthly payments)? ? (b) How much interest did Maya pay on the loan?
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- To purchase $14,300 worth of restaurant equipment for her business, Kala made a down payment of $1700 and took out a business loan for the rest. After 3 years of paying monthly payments of $383.33, she finally paid off the loan. 1. What was the total amount Kala ended up paying for the equipment (including the down payment and monthly payments)? 2. How much interest did Kala pay on the loan?To pay for a $22,300 truck, Jina made a down payment of $4900 and took out a loan for the rest. On the loan, she paid monthly payments of $312.67 for 5 years. (a) What was the total amount Jina ended up paying for the truck (including the down payment and monthly payments)? $ (b) How much interest did Jina pay on the loan?Peggy made a down payment of $400 toward the purchase of new furniture. To pay the balance of the purchase price, she has secured a loan from her bank at 6%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $75.32 at the end of each month for 24 months. What was the purchase price of the furniture
- Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home?Shantel purchased a car for $22,000; she paid $2200 as a down payment and financed the balance amount at 2.9% compounded monthly for 4 years. a) What is the size of payment made at the end of every month to settle the loan? b) What was the amount of interest charged for the entire loan? c) If Shantel pays an additional $200 per month, how many periods will it take to payoff the load? d) If Shantel pays an additional $200 per month, how much interest will be saved?Gg Ali borrowed $21,500 at 5.00% p.a. from his parents to start a business. In 3 months he repaid $4,500 towards the loan, and in 10 months he repaid $4,200. How much would he have to repay his parents at the end of 15 months to clear the outstanding balance? Use the declining balance method to calculate the last payment.
- Matt purchased a car for 22,000 he paid 4400 as a down payment and financed the balance at 3.7% compounded monthly for 5 years, A. What is the size of payment made at the end of every month? B. What was the amount of interest for the entire loan?Sara borrowed funds to buy furniture for her business. Her business paying $200 at the end of each month for four years. The bank charges interest on the loan at 8% compounded monthly. a. What was the cash price of the furniture? b. How much is the cost of financing?In order to start a small business, Samy borrowed RM40, 000 from a bank. The loan is repaid by monthly installment for five years. The interest charged is 5% on the original balance. (a) Determine the monthly payment. (b) Immediately after paying for three years and six months, he decided to pay off the loan. Using the Rule of 78, calculate the amount he has to pay.
- An engineer who was in the business of customizing software for small construction companies repaid a loan that she got 3 years ago at 7% per year simple interest. If the amount she repaid was $35,000, what was the principal amount of the loan?Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $23,000 at a rate of 4.5%/year compounded monthly. Her bank is now charging 6.6%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan. How much less will she have paid in interest payments over the life of the loan by borrowing from the manufacturer instead of her bank?Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $23,000 at a rate of 4.7%/year compounded monthly. Her bank is now charging 6.1%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan. How much less will she have paid in interest payments over the life of the loan by borrowing from the manufacturer instead of her bank? (Round your answers to the nearest cent.) interest paid to manufacturer $ interest paid to bank $ savings $