| Finance Charge | $ 1,932.90 |
Working:
| Loan Amount | $ 5,100.00 | |
| Down payment (5100*15.5%) | $ 790.50 | |
| Installment payment (130.05 *48) | $ 6,242.40 | |
| Total Payment | $ 7,032.90 | |
| Finance Charge | $ 1,932.90 |
Check My Work (3 remaining) Amishi wishes to take out an installment loan to finance the...
Check My Work remaining You purchase a computer system costing 51.950 by taking out an 11% add on interest installment loan. The loan requires a 15 down payment and equal monthly payments for 5 years. How muchare your monthly payments?
7 You wish to finance the purchase of a mini van costing $20,100 by taking out an installment loan. The loan requires a 20% down payment and equal monthly payments of $817.40 for 24 months. What is the amount of the finance charge on this loan?
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Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
Time to repay installment loan Personal Finance Problem - Mia Salto wishes to determine how long it will take to repay a $13,000 loan given that the lender requires her to make annualend-of-year installment payments of $2,946. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 11%? c. How long will it take if she has...
11 Liz purchases a hot tub costing $5,500 by taking out a 13% add-on interest installment loan. The loan requires a 25% down payment and equal monthly payments for 4 years. How much are Liz's monthly payments?
Landon Wallin is an auto mechanic who wishes to start his own business. He will need $3800 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%. a) Determine Landon's finance charge. b) Determine Landon's monthly payment.
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Purchase (Cash) Down Payment Monthly Payment Number of Payments Finance Deferred Payment Price Finance Charge 53.100 154 $258.00
Question Help The unpaid balance of an installment loan is equal to the present value of the remaining payments. The unpaid balance, P, is given by the formula below where PMT is the regular payment amount is the annual interest rate, n is the number of payments per year, and is the number of years remaining in the loan. Complete partsa and b. below PPMT Multiply both sides of the loan payment formula by b. The price of a car...
Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $171.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.
Chapter 11 - Exercise 04 A. You financed a 4-year loan for $20,000 and were charged 9% interest with a 20% down payment. Calculate the amount financed, the finance charge, and the monthly payment. Loan Amount $20,000.00 Interest Rate 9% Down Payment Percent 20% Years for Loan 4 Amount Financed Finance Charge Monthly Payment Directions: a. Enter a formula in Cell B8 to calculate the Amount Financed. b. Enter a formula in Cell B9 to calculate the Finance...