Question

Andres Michael bought a new boat. He took out a loan for $23,840 at 2.25% interest...

Andres Michael bought a new boat. He took out a loan for $23,840 at 2.25% interest for 3 years. He made a $4,560 partial payment at 3 months and another partial payment of $3,050 at 9 months. How much is due at maturity? (Do not round intermediate calculations.

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
on feburary 1st Spencer took out a loan for $3,700 at 3.5% annual interest. the loan...
on feburary 1st Spencer took out a loan for $3,700 at 3.5% annual interest. the loan is due on November 15th. He made a partial payment if $2,500 on June 1st, how much will Spencer owe on November 15?
Sang just took out a loan from the bank for 67,668 dollars. He plans to repay...
Sang just took out a loan from the bank for 67,668 dollars. He plans to repay this loan by making a special payment to the bank of 29,855 dollars in 2 months and by also making equal, regular monthly payments of X. If the interest rate on the loan is 1.35 percent per month, he makes his first regular monthly payment later today, and he makes his last regular monthly payment made in 4 months from today, then what is...
Youssef just took out a loan from the bank for 78,090 dollars. He plans to repay...
Youssef just took out a loan from the bank for 78,090 dollars. He plans to repay this loan by making a special payment to the bank of 19,680 dollars in 2 months and by also making equal, regular monthly payments of X. If the interest rate on the loan is 0.63 percent per month, he makes his first regular monthly payment later today, and he makes his last regular monthly payment made in 4 months from today, then what is...
1) Jens just took out a loan from the bank for 79,702 dollars. He plans to...
1) Jens just took out a loan from the bank for 79,702 dollars. He plans to repay this loan by making a special payment to the bank of 4,130 dollars in 4 years and by also making equal, regular annual payments of X for 8 years. If the interest rate on the loan is 12.57 percent per year and he makes his first regular annual payment in 1 year, then what is X, Jens’s regular annual payment? 2) Theo just...
Skeeter bought a new bass boat for $22,000. He made a $4,000 down payment and financed...
Skeeter bought a new bass boat for $22,000. He made a $4,000 down payment and financed the remainder at 14.5% for two years with monthly payments. Required: a. Prepare a loan amortization schedule for the first three payment periods. b. How much interest will Skeeter pay, assuming he pays the loan off according to schedule? c. How much will he owe immediately after making the thirteenth (13th) payment Daniel is considering an investment that will pay $25,000 per year for...
On April 5, 2015, Janeen Camoct took out an 8% loan for $23,000. The loan is...
On April 5, 2015, Janeen Camoct took out an 8% loan for $23,000. The loan is due March 9, 2016. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina’s terms, however, are exact interest. (Use Days in a year table.) a. What is Sabrina’s difference in interest? (Do not round intermediate calculations. Round your answer to the nearest cent.) Difference $ b. What will she pay on March 9, 2016? (Ignore leap year.) (Do...
Ray Flagg took out a​ 60-month fixed installment loan of​ $12,000 to open a new pet...
Ray Flagg took out a​ 60-month fixed installment loan of​ $12,000 to open a new pet store. He paid no money down and began making monthly payments of ​$221. Ray's business does better than expected and instead of making his 30th ​payment, Ray wishes to repay his loan in full. Determine APR= % How much interest will Ray save by paying off the loan​ early? (Use the actuarial​ method) Interest saved = What is the total amount due to pay...
Bill took out a 7 year loan to buy a car. If the loan carried an...
Bill took out a 7 year loan to buy a car. If the loan carried an annual interest rate of 4.5% and he made monthly payments of $466, how much interest did he pay?
A loan of $1000 is to be paid back, with interest, at the end of 1...
A loan of $1000 is to be paid back, with interest, at the end of 1 year. After 3 months, a partial payment of $300 is made. Use the US Rule to determine the balance due at the end of one year, considering the partial payment. Assume a simple interest rate of 9%.
Joseph bought a boat on 20 installments at 24% interest on 1/1/2020. He agreed to pay...
Joseph bought a boat on 20 installments at 24% interest on 1/1/2020. He agreed to pay $2,000/month from 3/31/2020 for 20 months. What is the price of the boat? (PV of deferred payments)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT