Question

A recent college graduate buys a new car by borrowing $22,000 at 7.2%, compounded monthly, for 4 years. She decides to pay an extra $20 per payment. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $ How much does she decide to pay each month? (Round your answer to the nearest cent.) $ (b) How many payments (that include the extra $20) will she make? (Round your answer up to the next whole number.) payments (c) How much will she save by paying the extra $20? (Round your answer to the nearest cent.)

Answer #1

Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1400 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.) the answer is $ 928.63
(b) Find the unpaid balance when they begin paying the $1400.
(Round your answer to the nearest cent.) the answer is $
122,411.73
(c) How many payments of $1400 will it take...

A couple who borrow $60,000 for 30 years at 7.2%, compounded
monthly, must make monthly payments of $407.27. (Round your answers
to the nearest cent.)
(a) Find their unpaid balance after 1 year.
(b) During that first year, how much interest do they
pay?

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
Clark and Lana take a 30-year home mortgage of $129,000 at 7.2%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1500 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.)
$
(b) Find the unpaid balance when they begin paying the $1500.
(Round your answer to the nearest cent.)
$
(c)...

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
Clark and Lana take a 30-year home mortgage of $127,000 at 7.8%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1100 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.)
$
(b) Find the unpaid balance when they begin paying the $1100.
(Round your answer to the nearest cent.)
$
(c)...

You have just taken out a car loan for $22,000 with a 5% APR,
compounded monthly. The loan is for 5 years. When you make you
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go towards the
interest? (Note: be careful not to round any intermediate steps
less than six decimal places.)
When you make you first payment, $X will go towards the
principal of the...

A man buys a car for $40,000. If the interest rate on the loan
is 12%, compounded monthly, and if he wants to make monthly
payments of $600 for 60 months, how much must he put down? (Round
your answer to the nearest cent.)

During four years of college, Nolan MacGregor's student loans
are $4000, $3500, $4400, and $5000 for freshman year through senior
year, respectively. Each loan amount gathers interest of 1.9%,
compounded quarterly, while Nolan is in school and 3%, compounded
quarterly, during a 6-month grace period after graduation.
(a) What is the loan balance after the grace period? Assume the
freshman year loan earns 1.9% interest for 3/4 year during the
first year, then for 3 full years until graduation. Make...

A young couple take out a 30-year home mortgage of $145,000.00
at 6.9% compounded monthly. They make their regular monthly payment
for 7 years, then decide to up their monthly payment to
$1,200.00.
a) What is the regular monthly payment? $
b) What is the unpaid balance when they begin paying the
accelerated monthly payment of $1,200.00? $
c) How many monthly payment of $1,200.00 will it take to pay off
the loan? payments d) How much interest will this...

A 22-year old college graduate just got a job in Nashville. She
is considering buying a house with a $150,000
mortgage. The APR is 14% compounded monthly for
her monthly mortgage payments on a 32-year fixed rate
loan. If she can get her FICO score up to 750, the APR
drops to 13.6%. How much in interest cost will she
save over the life of the loan assuming she can increase her FICO
score to 750?
so using the information...

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
During four years of college, Nolan MacGregor's student loans are
$4,000, $3,500, $4,400, and $5,000 for freshman year through senior
year, respectively. Each loan amount gathers interest of 2%,
compounded quarterly, while Nolan is in school and 4%, compounded
quarterly, during a 6-month grace period after graduation.
(a) What is the loan balance (in dollars) after the grace
period? Assume the freshman year loan...

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