While Mary Corens was a student at the University of Tennessee, she borrowed $14,000 in student loans at an annual interest rate of 11%. If Mary repays $1,800 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number.

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $20,000 in student…

A: To know period we have to calculating present value FACTOR annuity and depending on value and…

Q: A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4…

A: Amortized loan: The method of loan where the borrower makes the periodic payments which include both…

Q: Taylor Swift, a college student of USEP decides to get a student loan amounting to $4,000 with an…

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

Q: Cynthia is 27 and has 3 years' worth of payments remaining on her student loan. She pays $312.75 a)…

A: Present value of annuity is the sum of the present value of all the cash flow in the future.

Q: Melissa Hernandez received an 8-year subsidized student loan of $24,000 at an annual interest rate…

A: Present Value of the Loan (pv) = $24,000Interest Rate (rate) = 4.1%Time Period of Interest not Paid…

Q: o help open up a jewelry store, Kaitlin borrowed money from her credit union. She took out a…

A: Time value of money is used to calculate the monthly instalments, rate of interest, total amount to…

Q: Peter has $10,000 that he can deposit in any three savings accounts for a 3- year period. Bank A…

A: Deposit = 10,000 Time Period of Deposits = 3 years   Bank A Annual Compounding Interest Rate = 4% N…

Q: If Rochelle obtained a business loan of $205,000.00 at 4.67% compounded semi-annually, how much…

A: Business loan = $205,000.00 Interest Rate = 4.67% compounded semi-annually Time Period = 30 Years

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

A: The periodic payment is based on the loan amount, the periodic interest rate, and the number of…

Q: Joseph received a loan of $40,000 from the bank at 4.25% compounded monthly. If she had to repay…

A: Mortgage/ Borrowings:  Borrowings are the loans taken by an individual, from banks or non-banking…

Q: Garret just closed a new loan on his 4-unit apartment as follows: Initial loan amount, $1,000,000,…

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

Q: Belle decided to start a new investment account.  She deposits $1,000 into an account that earns…

A: Using excel FV function

Q: f Brian wants to buy a house that cost $100000 the bank agreed to give him 80% of cost at 0.07…

A: Installment is the amount of periodic payments a borrower has to make to its lender in order to pay…

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student…

A: Present Value of annuity refers to the present value of all the future payments of and series of…

Q: Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12%…

A: given, bank loan = $35,000 installment = 5 interest = 12%

Q: Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later…

A: Interest rate is the rate of interest earned/paid on an investment/loan. The interest will be paid…

Q: Melissa Hernandez received an 8 year subsidized student loan of $26,000 at an annual interest rate…

A: The loan has been paid after completing one year of graduation, so first, compute the future value…

Q: A recent college graduate buys a new car by borrowing $24,000 at 8.4%, compounded monthly, for 5…

A:

Q: A recent college graduate buys a new car by borrowing $16,000 at 7.2%, compounded monthly, for 5…

A: Any cashflow of equal instalments can be called as an annuity. A loan with equal repayments at equal…

Q: While in college, Ellen received $40,000 in student loans at 8% interest. She will graduate in June…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: Shantel purchased a car for $22,000; she paid $2200 as a down payment and financed the balance…

A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

Q: A recent college graduate buys a new car by borrowing $18,000 at 6%, compounded monthly, for 4…

A: The following calculations are done in the records of a recent college graduate who has applied for…

Q: Juan took out a $20,000 loan for 146 days and was charged simple interest. The total interest he…

A: We need to use simple interest formula to solve this problem Simple interest =Principal*Rate*Time

Q: Ms. C took a loan of $150,000 at a rate of 7 percent. She can pay equal installments of $25,000 at…

A: The number of years over which she can repay the loan amount can be calculated using the NPER…

Q: While Jack was a student at the University of Georgia she borrowed $12,000in student loans at an…

A: The nper function in excel can be used for the purpose of determining the amount of time required to…

Q: In order to pay his university fees, Feynman borrowed $ 7000 for five months at 5.5 %   Calculate…

A: Simple Interest Charged = Amount Borrowed x Interest Rate x time in months / 12 months

Q: Jeffrey received a $32,950 loan from a bank that was charging interest at 5.75% compounded…

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

Q: LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5%…

A: The total interest spent on loan will be Total interest on loan =Monthly payment*number of periods…

Q: A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He…

A: We need to find the future value at the end of 3 years then use pmt function to calculate equated…

Q: calculate the period required (to the nearest year) to pay off his debt. Expressing the formula and…

A: If we borrow loan, interest is charged by the lender on the outstanding amount of loan at the…

Q: Samuel Ng received a 3-year subsidized student loan of $15,000 at an annual interest rate of 4%.…

A: Given that: Loan Amount (A)= $15000 Time(t)= 3 years Number of payments per year (n)= 12 Annual…

Q: Linda borrowed money from a bank to buy a fishing boat. She took out a personal, amortized loan for…

A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…

Q: Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her…

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: After four years in college, Josie owes $104000 in student loans. The interest rate on the federal…

A: Let the amount in federal loans be "$X" , therefore amount in private bank loans would be…

Q: While Mary Corens was a student at the University of Tennessee, she borrowed $15,000 in student…

A: Using excel NPER function

Q: Irmgard borrowed ¢7 million from her friend at a rate of 21% converted monthly 2 years ago. If no…

A: Loan is a contract between lender and borrower where lender provide funds to borrower for definite…

Q: Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%.…

A: Computation of monthly loan payments:

Q: If a student makes monthly deposits of $1,000 into an account with a nominal annual interest rate of…

A: Monthly deposit = 1,000 Annual Interest Rate  = 4.5% compounded Quarterly, this means monthly…

Q: mount saved on interest

A: Amortized loan refers to the amount of loan which requires regular monthly payments. Every payment…

Q: A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5…

A: Installment is the amount of periodic payments made by the borrower to the lender in order to pay…

Q: Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $9,000…

A: Loan repayment is the process by which loan taken is returned to the lender with applicable interest…

Q: Rita borrowed $4000 from a bank for 5 years and was charged simple interest. The total interest that…

A: Loan amount = $ 4,000 Period = 5 Years Interest amount = $ 1,600

Q: Rebecca Carlson purchases a car for $25,000 and finances her purchase by borrowing the money at 8%…

A: Equated Monthly Installments is one part of the equally divided monthly outgoes to clear off an…

Q: A recent college graduate buys a new car by borrowing $18,000 at 8.4%, compounded monthly, for 5…

A: Borrowing = 18,000 Compounding Monthly, hence we will divide interest by 12 and multiply time period…

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.