Sandra borrows $25, 000 from her parents to help pay college expenses. She agrees to repay the loan with 3% interest convertible monthly after graduation. The parents agree not to charge interest until Sandra begins work, at which time she will make end-of-month pay- ments of $500 until the loan is repaid. What is the amount of the drop payment that Sandra will make in the last month of loan ?
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- Current Attempt in Progress After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $740 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 6.0 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) Amount Alysha would need to have right now $Question Help The Adeeva's gross monthly income is $6300. They have 18 remaining payments of $230 on a new car. They are applying for a 20-year, $172,000 mortgage at 6.5%. The taxes and insurance on the house are $360 per month. The bank will only approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income. Click here for table of Monthly Payments a) Determine 28% of the Adeeva's adjusted monthly income. (Round to the nearest cent.) TO b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance. et e cart 1 $6 (Round to the nearest cent.) c) Do they qualify for this mortgage? No O Yes14. Nadia takes out a loan of $150,000 to purchase an apartment. The loan is being charged a yearly interest rate of 2.5% applied monthly. Nadia is paying off the loan by making monthly payments of $500.00. (a) How much of Nadia's first payment goes towards paying interest and how much of it goes towards reducing the initial $150,000 loan amount? Show how you found your answers (b) Did Nadia reduce the loan amount she owed more in the first payment or the second payment? Justify.
- ETo purchase a car, Sarah took out a 60-month loan for $33,000 with a 7.6% annual interest Erate. After making 45 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is19. Stacy makes monthly payments of $450 to pay off her student loan. Due to unem- ployment, she defaulted on her last two payments. If she wants to get out of arrears, what amount should she pay for her next payment? Assume the defaulted payments are compounded monthly at a rate of 4%. 20 Cetro0 1.61500Q. Sarah and Joshua each use their credit cards to buy holiday packages to Adelaide. The cost of the package is $1700 for each person. a) The charge on Sarah’s credit card is 0.9% compound interest per month on the unpaid balance. It has no interest-free period. Sarah pays $800 after one month and another $500 the next month. How much does she still owe on her credit card? b) The charge on Joshua’s credit card is interest-free in the first month and 1.4% compound interest per month on any unpaid balance. Joshua pays $800 after one month and another $500 the next month. How much does he still owe on his credit card? Write detailed solutions.
- Problem 1 Michelle borrows $7, 200 from her father to buy a used car. She repays him after9 months, at an annual simple interest rate of 6.2%. Find the total amount she repays. PlEASE GIVE FULL SOLUTIONPART B: BORROWING MONEY Serena is going to college to study nursing. She estimates that she will need $35,000 to cover her three-year program. Her costs include living expenses, food, tuition, books and school supplies. She estimates that she will be able to save $12,500 from her summer job to help pay for college. She will borrow the remaining money for 5 years, compounded monthly at 3.8%. a) How much money will Serena be borrowing from the bank? (KN-2) b) What will Serena's monthly payments be? (AP-3) PV PMT FV Rate 3.8% Periods Compounding Monthly c) How much interest does she pay on the loan? (AP-2) = = = = = PART C: SAVING FOR THE FUTURE You and your best friend have decided that you are going to go an African Safari once you have graduated from college. You estimate that this trip of a lifetime will cost $12,000. You decide that you will start investing for your trip now. You will be investing money for 4 years in account with an interest rate of 6.15% compounded quarterly. a)…a. Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount of the annual payment necessary? $fill in the blank 1 b. Joan wants to borrow some money from the bank to start a small business. Joan can afford to pay off the loan in 15 annual installments of $9,500. The bank charges an annual interest rate of 12%. If Joan makes the first payment one year from the date of the loan, how much can Joan borrow? $fill in the blank 2
- Question Completion Status: QUESTION 1 Bobby took out a loan of $1200 at 4.5% compounded semiannually and paid it off after 4 months. How much did he have to pay to retire the loan? QUESTION 2 How much must you pay now to the nearest dollar for a certificate of deposit that earns 4% annually compounded monthly if it will be warth $10,000 in 5 years? QUESTION 3 Marge wants to accumulate $2500 for a down payment on a car. If she wants to be able to buy the car in 6 months when she gets a raise, how much should she put each month into an account earning 0.25% per month to achieve her gaol? Round to the nearest penny if needed. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All AnswersQ. Jayden borrows $10500 from his grandmother for 4 years. Jayden’s grandmother gives Jayden a simple annual interest loan at 4.5% interest. How much will Jayden need to repay grandma in interest? How much in total will Jayden pay? Answer it only using Excel spreadsheet showing all formula. I will really upvote. Thanks Please don't give me answer without using ExcelQuestion 6: Chetan is purchasing a home for $670,000. RBC has approved his loan application for a 25- year fixed rate loan at 5% annual interest. If Chetan pays 10% of the purchase price as down payment, calculate his monthly mortgage payment. If his annual property taxes are $1,560 and his annual homeowner's insurance is $720, calculate the total PITI payment for his loan.