What is the payoff on Angela's loan? (Round your answer to two decimal places.)

Q: While buying a new car, David made a down payment of $800 and agreed to month-end payments of $280…

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Q: Bernie purchased a riding lawn mower for $1,320. The store offered him a 3-year add-on loan at an…

A: Computation:

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A: Calculation of Payoff of the Loan:The payoff of the loan is $13,492.89Excel Spreadsheet:

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A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.1% and a…

A: In this question we require to compute the payoff on Angela's loan after 3 years from below details:…

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A: Loan borrowed: loan is $5,258.53

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Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a…

A: The computation of payoff of the loan is as follows:

Q: Inez wants to borrow $2100 to start a small business.  She has found a bank that offers a 7% add on…

A: Calculation of Monthly Payment:The monthly payment is $47.25.Excel Spreadsheet:

Q: Jacqueline received a $30,950 loan from a bank that was charging interest at 4.50% compounded…

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A: Given that, Cost of car = $25,500 Number of instalments = 7 Interest rate = 8%

Q: Suzanne opens a line of credit at a local bank, and immediately borrows 1510 dollars. 5 months…

A: Line of credit is a type of bank account which allows business to borrow a certain amount of money…

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Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.7% and a…

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A: Purchase Price of Car = 24750 Two loan options evaluated below

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Q: what is the highest price he can afford to pay for a car?

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A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A:

Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a…

A: Data given: N=5 year Interest rate = 5.7% PMT= $595.50 After 3 years, Angela decides to purchase a…

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A: Compound interest is also interest on interest that is the interest which is accumulated on the…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.