To purchase s11,700 worth of lab equipment for her business, Jenny made a down payment of s1600 and took out a business loan for the rest. After 2 years of paying monthly payments of s447.65, she finally paid off the loan. (a) What was the total amount Jenny ended up paying for the equipment (including the down payment and monthly payments)? ? (b) How much interest did Jenny pay on the loan?
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- To pay for a $22,300 truck, Jina made a down payment of $4900 and took out a loan for the rest. On the loan, she paid monthly payments of $312.67 for 5 years. (a) What was the total amount Jina ended up paying for the truck (including the down payment and monthly payments)? $ (b) How much interest did Jina pay on the loan?To purchase $13,600 worth of lab equipment for his business, Omar made a down payment of $1200 and took out a business loan for the rest. After 3 years of paying monthly payments of $377.24, he finally paid off the loan. (a) What was the total amount Omar ended up paying for the equipment (including the down payment and monthly payments)? (b) How much interest did Omar pay on the loan?To purchase $14,300 worth of restaurant equipment for her business, Kala made a down payment of $1700 and took out a business loan for the rest. After 3 years of paying monthly payments of $383.33, she finally paid off the loan. 1. What was the total amount Kala ended up paying for the equipment (including the down payment and monthly payments)? 2. How much interest did Kala pay on the loan?
- To purchase $13,500 worth of restaurant equipment for her business, Maya made a down payment of $1500 and took out a business loan for the rest. After 3 years of paying monthly payments of $365.07, she finally paid off the loan. (a) What was the total amount Maya ended up paying for the equipment (including the down payment and monthly payments)? $ (b) How much interest did Maya pay on the loan?A woman decides to purchase a $23000 car, and makes down payment of $3500. She arranges to borrow the remainder from a bank that will charge her 4.5% interest. She will make monthly payments for 4 years. a. Find her monthly payment amount b. determine the total amount she would pay for the car and the total amount of interest paidWhile buying a new car, Melissa made a down payment of $1,200.00 and agreed to make month-end payments of $300.00 for the next 4 years and 5 months. If she was charged an interest rate of 3.00% compounded quarterly for the entire term, answer the following, a. What was the cost of the car when Melissa purchased it? b. What was the total amount of interest paid over the term?
- A couple sold their home. In addition to a cash down payment, they financed the remaining balance for the buyer. The loan will be paid off by monthly payments of $300 for 5 years. The couple decides to sell the loan to a local bank. The bank will buy the loan, based on 1% per month interest. How much will the bank pay the couple for the loan? Select one: O a. 35648.74 O b. 3397.40 O c. 13486.51 O d. 1456.03 O e. 31468.53 You deposit $8000 in year 1, $7500 in year 2, and amounts decreasing by $500 per year through year 10. At an interest rate of 10% per year, determine the annual worth equivalent through year 1 to 10. Select one: O a. 10282.48 O b. 6137.27 O c. 4540.89 O d. 5717.52 O e. 9862.73A couple sold their home. In addition to a cash down payment, they financed the remaining balance for the buyer. The loan will be paid off by monthly payments of $300 for 5 years. The couple decides to sell the loan to a local bank. The bank will buy the loan, based on 1% per month interest. How much will the bank pay the couple for the loan? Select one: O a. 35648.74 O b. 3397.40 O c. 13486.51 O d. 1456.03 O e. 31468.53After making a down payment of $6000 for an automobile, Molly paid $600 per month for 36 months with interest charged at 6% per year compounded monthly on the unpaid balance. 1. How much did Molly pay towards the principal of the loan on the car? (1. Write the formula, fill in the formula, do not solve. 2. Use TVM solver to solve) Work Here: 1. The formula if you had to use it: 2. TVM: N= FV= 1%= P/Y=C/Y= PV= end PMT= Answer Here:
- Stefanie takes out a five year car loan and agrees to pay $500 every month. This scenario shows how money functions as a OA. store of value. B. standard of deferred payment. O c. unit of accounting. D. medium of exchange. APatrick J. just purchased a Zündapp Janus (a model and brand of car) for $4,000. He agreed to pay for the car with monthly payments of $138.80 over a 36-month period. What nominal interest rate is he paying on the loan? What is the effective rate?Yesenia purchased a car for $16,789.23. She obtained a term loan at an interest rate of 3.74%. Her monthly payment is $260.69. Enter in the correct amounts in the following amortization schedule for the 1st month. Round your answers to the nearest penny. Input the dollar sign followed by the number. Do not put a space between the dollar sign and the number. Do not use a comma. Example: $2634.57 Balance After Balance Owed Interest Charge Payment Payment