We want to pay our mortgage in 15 years. The annual interest rate is 6 percent. The bank told us we can afford monthly

Q: After 10 years, you have made 1/3 of the payments. Why isn't 1/3 of the loan balance paid off?

A: We can solve it mathematically and show that after 10 years only a partial principal amount is paid…

Q: Assume the monthly payment of a loan amount of $400,000 is $1450.  How long will it take to retire…

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Q: Determine the value of an account after 10 years if a principal amount of 11000 was deposited with…

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Q: Ann and Tom wants to establish a fund for their grandson's college education. What lump sum must…

A: let they deposit    $ Po P=Po1+rnntP= final amount Po= initial Amount r= intrest raten=number of…

Q: Find the simple interest. Principal           Rate           Time in Months $10000              4%…

A: Given,            Principal           Rate           Time in Months             $10000…

Q: If you borrow $2,400 for 4 years at an annual interest rate of 6%, how much will you pay altogether?

A: Here I am attaching image so that you understand each and every step.

Q: Kathy Crag, the owner of The Fabric Corner, lent $15,000 to Dani Flynn to open her own card shop.…

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Q: Jamerra receive plans on paying the end of 2 yea $450 in interest interest rate on

A: GIVEN  principal P=$ 3000 time t=2 years interest I=$ 450

Q: Matthew wants to set up a sinking fund that will be worth $100,000 after 20 years of monthly…

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Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

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: An investment will pay 5000 dollars at the beginning of 2001, and 3800 dollars at the beginning of…

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Q: If you borrow $29,000 at 8.4% annual simple interest for 11 years, how much must you repay at the…

A: use formula written below

Q: The father has just donated $25,000 to a church. His son would like to donate an equivalent amount,…

A: Given;  Principal =$ 25000 Time = 5 years  Rate = 8.2%.

Q: Consider a credit card with a balance of $7000 and an APR of 15.99%. In order to pay off the balance…

A: Given Amount borrowed =$7000 APR=15.99% Time =3 year

Q: A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one…

A: The formula relates present value(P), future value(F), interest rate(i) and the number of years(n)…

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. b. How much will…

A: Given that, the loan amount is P=$175,000, interest rate r=4.5%, time n=30 years and due is monthly…

Q: You owe $5,000 on your credit card, and you plan to pay it off through monthly payments of $100. If…

A: We use formulas: Simple Interest(SI) = (PRT)/100, where P = Principal Amount, R = Rate and T = Time…

Q: Jane needs to pay for car repairs and, to do so, decides to pawn her bicycle. The pawn broker…

A: The simple interest, I is calculated using the formula, I=Prt , where, P is the principal amount, r…

Q: Suppose you borrow P15,000 and required to pay P15,315 in 4 months to pay off the loan and interest.…

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Q: Niagara Vineyards borrowed $75,000 to update their bottling equipment. They agreed to make payments…

A: Need to find how long company have to make payments

Q: Your car loan payment extends for six years at 8% interest compounded monthly. After how many months…

A: To find the number of months required to pay off half of loan.

Q: You want to build a $100,000 college fund in 18 years by making regular, end-of-month deposits.…

A: A = $ 100,000 Y = 18 APR = 3% n = 12

Q: You buy a house for $250,000, make a 20% down payment, and take out at 30-year mortgage at an annual…

A: Here, House price= $250,000 Down payment= 20% Effective interest rate= 4%

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

A: Given interest rate is 10% and expected monthly income after retirement is $10,000 This monthly…

Q: You take out a $12,000 car loan that has a 3.5% annual simple interest rate. How much money will be…

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Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

A: The principal amount is::

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

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Q: Suppose you want to purchase a $ 165000 house. If you put 20% down and finance the rest in a 25 year…

A: # Given: principal amount p=$165000 20% down payment  25 year mortgage  interest rate r=5.5%  then…

Q: Shannon finances her new car with a $9,900 auto loan. The loan has a 5-year term at a fixed annual…

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Q: If you borrow $600 for 18 months at 8% annual simple interest how much must you repay at the end of…

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Q: Janet’s payments on her $12,500 car are $420 a month for 3 years. Assuming that interest is…

A: Janet’s payments on her $12,500 car are $420 a month for 3 years. P = $12,500, t = 3 years & n =…

Q: You have the option to take out a 30 year mortgage with an APR of 4.9% what will your monthly…

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Q: You want to buy a $13,000 car. The company is offering a 4% interest rate for 48 months (4 years).…

A: Where,PVA = Present value of the annuityA = Monthly paymenti = Monthly interest rate in decimal…

Q: You want to buy a $33,000 car. The company is offering a 4% interest rate for 60 months (5 years).…

A: We have to find Monthly Payment.

Q: payday loan store charges $50 for a one-month loan of $180. What annual interest rate is this…

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Q: You decided to buy a TV set on an installment basis. agree to pay 2, 999 every end of the month,…

A: To find: The amount of payments after 18 months. Given information: A person buy TV set on an…

Q: If you purchase $28,000 in U.S. Treasury Bills with a discount rate of 4.3% for a period of 26…

A: Consider the given information.

Q: What is the maximum amount you can borrow with a 30-year mortgage if you can pay $725 a month and…

A: Note that, here the periodic payment PMT=$725, interest rate i=4.2%=4.212×100=0.0035, and the number…

Q: What is the simple interest paid on $1600 at 3 % for 4 years? Round your answer to the nearest cent.

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Q: You need a 30-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend…

A: The payment made by the investor for the mortgage loan The purchase rate of house worth $250,000 and…

Q: If $1000 is borrowed and the interest after 24 months is $300, what is the annual interest rate for…

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Q: If the simple interest on $1,000 for 10 years is $600, then what is the interest rate? The rate is…

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Q: How much can you barrow to buy a house if you agree to pay $1500 per month for 30 years at 4.5%…

A: In the given question we have to calculate the amount needed to be borrowed of which monthly payment…

Q: You are currently making $70,000 a year after taxes and are interested in maintaining your current…

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Q: Hot Tub Heaven wants to include financing terms in its advertising. If the price of a hot tub is…

A: Annual Percentage Rate: The annual percentage rate is the rate earned on the investment or paid on…

Q: The maturity value of a 50-day loan of $530 is $540. What is the annual simple interest rate (in…

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