BUSINESS MATHS

posted by .

Find the cost of credit in the following loan.
Amount of loan: RM 4,450
Number of payments: 24
Monthly payment: 221.

  • BUSINESS MATHS -

    221 * 24 = 5,304

    5,304 - 4,450 = ?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Algebra

    Suppose A is the amount borrowed, r is the interest rate (in decimal form), and m is the total number of monthly payments. Let w = (r)/(12) Then the formula to determine the monthly payment amount for a loan is given by (Aw)/1-(1)/ …
  2. mathematics

    The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $329.73 Loan balance: $25,000.00 Loan interest rate 10.0% Monthly loan payment: $330.38 Number of payments: 120 Cumulative Payments: $39,644.05 …
  3. Finance

    you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of $35,000 that will require monthly payments. What is the monthly loan payment. And …
  4. Finance

    you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of $35,000 that will require monthly payments. What is the monthly loan payment. And …
  5. Finance

    you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of $35,000 that will require monthly payments. What is the monthly loan payment. And …
  6. Finance

    you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of $35,000 that will require monthly payments. What is the monthly loan payment. And …
  7. real estate finance

    I need to find the mortgage loan amount and can't remember how to do it. The borrowers have a combined gross monthly income of $50,400. Sale price is $190,000 and buyers are able to obtain a 90% conventional FNMA/FHLMC loan at 4 3/4% …
  8. Maths

    Firm has a $500,000 loan with 9% APR (compounded monthly) Loan is 5-yr based on a 15-yr amortization, meaning loan payments will be calculated as if you take 15 years to pay off the loan, but actually must do so in 5 yr. To do this, …
  9. Math

    The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54. Loan Balance: $30,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: $348.33 Number of Payments: 120 Cumulative Payments: $41,798.81 …
  10. Math

    You need to borrow $20,000 to buy a car. You can only afford to make monthly payments of $200. The bank offers 3 choices: 3-year loan at 5%, 4-year loan at 6%, and a 5-year loan at 7%. a) What’s the monthly payment for each loan?

More Similar Questions