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- On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on exact interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answers to the nearest cent.) Loan AmountBraxton used the Quantitative Reasoning Process to create a plan to pay off his credit card loan of $6,520 The in he will be making montthly payments of $120.5 for 6 years. Complete Month 1 of the amortization table below Month Beginning Balance Payment: To Interest Payment: To Principal Ending Balance ??? 21 What is Braxton's Ending Balance for Month 1? (Round your final answer to the nearest cent) S NumberWade Ellis buys a new car for $16,127.42. He puts 10% down and obtains a simple interest amortized loan for the rest at 0.115 interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ _______ 1 $ _______ $ _________ $ _______ $ _______ 2 $ _______ $ _________ $ _______ $ _______
- Patrick 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?Wade Ellis buys a new car for $16,177.57. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest.(c) Prepare an amortization schedule for the first two months of the loan. Payment Number PrincipalPortion InterestPortion Total Payment Balance 0 n/A n/A n/A n/A 1 ? ? ? ? 2 ? ? ? ?Wade Ellis buys a new car for $16,882.14. He puts 10% down and obtains a simple interest amortized loan for the rest at the nearest cent.) (a) Find his monthly payment. X (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Total Payment 0 1 2 LA पण Interest Portion पण A X X पण $ LA Balance 111% interest for four years. (Round your answers to
- Tom took out a $20,000 loan for 146 days and was charged simple interest. The total interest he paid on the loan was $488. As a percentage, what was the annual interest rate of Tom's loan? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas.John Paszel took out a loan for 48 months but paid it in full after 27 months. Find the refund fraction he should use to calculate the amount of his refund. (Type an integer or a simplified fraction.)On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog. The loan carried a rate of 4% and Tristan agreed to pay a maximum of $105 in interest. What is the maturity date of this loan? Assume a 365-day year. Express your answer as month and day.
- Tim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.59 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places)Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.) %Wade Ellis buys a new car for $16,168.37. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2 % interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $