You are considering the purchase of new living room furniture that costs $1,140. The store will allow you to make weekly payments of $25.12 for one year to pay off he loan. What is the EAR of this arrangment? Multiple Choice 27.39% 29.41% 32.99% 31.42%
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- - please answer in excel and show work please The manager of Steve's Audio has approved Daisy's application for 24 months of credit with maximum monthly payments of $65. If the annual percentage rate (APR) is 15.8 percent, what is the maximum initial purchase that Daisy can buy on credit? Multiple Choice $1538.25 $1,330.12 $ 890.99 $980.99 $1, 434.672. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and financing at 7.75% simple interest for 3 years. Answer each of the following questions separately, showing all your work to reach each answer. A. Which option will result in smaller total finance charge? What will that total finance charge be? B. Which option will result in the smaller monthly payment? What will that monthly payment be? C. They decide to defer any purchases and invest in a savings account a $2400 bonus that Maria will be getting from work. The rate is 1.5% interest compounded every month. How much interest will they earn in 3 years? D. They decide to defer any purchases and loan the $2400 bonus to a needy relative at 3% simple interest per year. How long will the term of the loan need to be if…2.They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and financing at 7.75% simple interest for 3 years. Answer each of the following questions separately, showing all your work to reach each answer. A. Which option will result in smaller total finance charge? What will that total finance charge be? B. Which option will result in the smaller monthly payment? What will that monthly payment be? C. They decide to defer any purchases and invest in a savings account a $2400 bonus that Maria will be getting from work. The rate is 1.5% interest compounded every month. How much interest will they earn in 3 years? D. They decide to defer any purchases and loan the $2400bonus to a needy relative at 3% simple interest per year. How long will the term of the…
- You want to purchase a new motorcycle that costs $27,400. The most you can pay each month is $635 over the life of the 48-month loan. What is the highest APR that you could afford? Multiple Choice C O C 6.08% 4.40% 5.53% 4.91% 5.32%Find the amount of the down payment (rounded to the nearest hundred dollars) necessary for the buyer to afford the monthly payments for the described home. (Use this table to calculate your answer.) Monthly salary of $1,680, with monthly bills of $235; $89,000 home with a 30-year 9% loan Need Help? Read It Watch ItSomeone needs to borrow $13,000 to buy a car and the person has determined that monthly payments of $250 are affordable. The bank offers a 4-year loan at 8% APR, a 5-year loan at 8.5%, or a 6-year loan at 9% APR. Which loan best meets the person's needs? Explain. Question content area bottom Part 1 Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The third loan best meets the person's needs because the monthly payment of $ enter your response here is less than the maximum budgeted amount of $ per month. B. The first loan best meets the person's needs because the monthly payment of $ enter your response
- Calculating required down payment on home purchase. How much would you have to put down on a house with an appraised value of 105,000 when the lender required an 80 percent loan-to-value ratio?A new homeowner is purchasing a living room set for $2,590 and must decide between two monthly installment financing offers.Offer 1: $200 down payment, remaining balanced financed at a 24.90% interest rate for 3 years.Offer 2: $425 down payment, remaining balanced financed at a 22.90% interest rate for 4 years.Part A: What is the total cost of offer 1? Explain which technology you used to solve and each step of your process. Part B: What is the total cost of offer 2? Explain which technology you used to solve and each step of your process.Part C: Which financing offer should the new homeowner choose?Hi please answer 2b. You decide to take advantage of the store’s payment plan. The payment plan’s terms are as follows: 18 equal monthly payments, 6% interest, compounded monthly. a) What is the total cost that you will end up paying for the Chromebook? b) What will your monthly payment be?
- Required: a to d. Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $55,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? e. What is the savings in interest cost between 3.50% and 5%? f. If Harriet uses 30 years instead of 25 for both 5% and 3.50%, what is the difference in interest? Complete this question by entering your answers in the tabs below. Required A to Required E Required F D Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $55,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? Note: Do not round intermediate calculations. Round your answers to the nearest cent. Monthly payment Total cost of interest a. 25 Years, 5% b. 25 Years, 4.5% c. 25 Years, 4% d. 25 Years, 3.5%You are interested in purchasing a new home for $200,000, but you need to save 20% of the price to get a convential loan. If you open a bank account with an APR of 9%, how much would you need to put in monthly in order to purchase the home in 5 years if intrest accrues monthly? $532 $1130 $338 $892● When might you want to compute the number of periods? ● Suppose you want to buy some new furniture for your family room. You currently have $500, and the furniture you want costs $600. If you can earn 6%, how long will you have to wait if you don't add any additional money?