Jack borrows $28,163 to pay for a car. The loan carries an annual rate of 5.7% and he wants to be debt free in 7 years by making biweekly payments (26 per year). How much interest will he pay on this loan? Round your answer to the nearest dollar.
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- William borrows $22,000 to buy a car. He will repay the loan through 4 years of equal monthly payments and an annualized interest rate of 4.3%. Think about payment #32 of the loan obligation. How much of this payment will be principal? Enter your answer as a positive number (in dollars), and round to the nearest dollar.George borrows $43,000 to buy a car. He will repay the loan through 4 years of equal monthly payments and an annualized interest rate of 3.9%. Think about payment #44 of the loan obligation. How much of this payment will be interest? Enter your answer as a positive number (in dollars), and round to the nearest dollar.Jack borrows $29,217 to pay for a car. The loan carries an annual rate of 4.8% and he wants to be debt free in 6 years by making biweekly payments (26 per year). How much interest will he pay on this loan?
- Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?Todd is able to pay $360 a month for 6 years to finance a car purchase. a. If the interest rate is 6 percent compounded monthly, how much can Todd afford to borrow to buy a car? b. What is the effective annual rate of Todd's loan?A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $600 per month towards the loan. After his first payment, how much will he owe on the loan? After his first payment, he will still owe $ (Round to the nearest cent as needed.) on his loan.
- Milo borrows $5.000 from an institution that charges 8.5% interest per year. How much more will Milo have to pay in interest if he chooses to pay the loan in 3 years instead of 2 years?Theo wants to take out a loan. He takes out a loan for 15000 dollars at 3,7% quarterly interest, compounded quarterly. The loan is for a period of 5 years with end of the quarter payments of 824,97 dollars a) How much does Theo still owe after 3 years. b) After 3 years, how much of Theo's next payment will actually go towards paying off the loan? How much is paid in interest for this payment?2. Alex needs to repay a $ 8500 debt. His bank offers personal loans with terms from one to five years at 8.9% per year, compounded monthly. a) Determine Alex's monthly payment for a five-year term. Use formula and show your work. ( gag. b) Calculate the total interest paid on the loan if he makes monthly payment. c) Determine Alex's payment if he chooses to make bi-weekly and weekly payments. Use TVM Advanced Calculator and fill up the blank. Bi-weekly Weekly TVM Advanced Calculator TVM Advanced Calculator Mode *End O Beginning Mode End Beginning Present Value PV Present Value PV Payments PMT Payments PMT
- Bob purchases a car for $28,000. He makes $640 a month payments for 36 months on a 6.9% interest loan. What is his balloon payment?Determine whether each scenario below is a savings/investments question or a loans question. 1. Sabrina finances a $21,999 car at 4.25% APR over 5 years. If she makes a down payment for $5,000, how much will she end up paying in interest for the car? 2. Alejandro deposits $1,500 into an investment account with an APR of 2.25% compounded monthly. How much does Alejandro need to put into his account each month in order to have $5,000 in 3 years to purchase a car in cash? 3. Amy wants to buy a house for $150,000. She doesn't have enough yet for a 20% down payment. If she puts $2,000 into the account now and $500 every month, how long will it take for her to have enough for a 20% down payment to buy this house? 4. Arnie paid $500 for his $1,200 laptop. If he finances the rest at 6.75% over 24 months, how much money will he end up paying in total for this laptop?Jonathon wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the best deal he can get on a loan is 9% for 48 months. What will his payments be? What is the total interest over the life of the loan?