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- Hazel has taken out a 40,000 loan that requires quarterly payments of $2300 over over five years. What is the APR for this loan how do I answer this using the TVM functionIvan is looking to purchase a home that costs $ 160,000. The interest rate is currently at 3.7%. Use the monthly payment formula below to find Ivan's monthly mortgage payment for the next 30 years. M = P)(1+)¹²t (1+)12t_1 Emilio's savings account had a balance of $621.96 at the end of July. During August, he made three savings account deposits of $83.11, $52.89, and $307.84 and one withdrawal of $129.00. At the end of August his account earned $11.50 in interest. Will Emilio meet his savings account goal of $1,000 by September 1st?Phyllis borrowed $1,000 at 2% APR for six months. Use the simple interest formula to calculate the total amount of interest Phyllis will pay if she pays $200 two months into the loan and the rest at six months.
- o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31Caroline borrowed $1,500.00 at 9.00% p.a. She wants to settle this loan with 2 equal payments, one in 5 months and another in 16 months. Determine the size of the payments using 'now' as the focal date.Erica has just purchased a new personality from I Spy a New You, LLC for $1250. She put exactly 25% down and financed the rest for 10 years at 21% APR. She financed _________.The monthly loan payment is_______.She paid_______ interest and________principal at the end of month 2, leaving an outstanding balance of___________. Fill in blanks with solutions without rounding.
- Skylar bought a $270,000.00 house, paying 10% down, and financing the rest at 3% interest for 15 years. A. What is the monthly payment? Skylar has a payment of a month $________. B. How much interest will be paid over the life of the loan? Skylar will pay $_______ in interest over the life of the loan.Elana and Wiyot borrowed $41,000 at 8.54% compounded monthly as a second mortgage loan against their current home. Repayment amount is $4,800 at the end of every six months a. How many payments are required to repay the loan!Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35
- Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years atthe university, Sandy accumulated $12,000 in student loans. She asks for your help in determining the amount ofthe quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interestrate is 8%. Payments begin in three months.Required:Determine Sandy’s quarterly loan payment.Yagoda borrows $2,150.00 which she will repay with level weekly payments over 10 years. The interest rate is i(12) = 8.750%. What is the outstanding balance on the loan just after 453 payments? a. $349.45. O b. $373.01. O c. $392.64. O d. $325.89. O e. $298.40.Devin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest cent