Ask questions and get helpful responses.
Ask a New Question
  1. Questions

mathematics

Mr. Mueller took a loan of $4200 and arranged to repay the loan with 3 equal
payments of $X at the end of 4, 8, and 12 months respectively. If the lender charges
a rate j12 = 12%, then what is the value of each payment ($X)?
A. $1515.20 B. $1290.30
C. $1719.02 D. $1764.77
E. $1400.00

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩
j

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    Janet Home went to Citizen Bank. She borrowed $7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back

  2. 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

  3. Math/Finance

    Jasmine is taking out a small business loan for her floral shop. She plans to apply for a $30,000 loan with a 5-year term and a 3.75% interest rate. She is unsure of her expected monthly profits, so she wants to know the benefit

  4. Math

    This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $108,123

  1. Math

    You need $200,000 to buy a new home. The bank offers a choice of a 30-year loan at an APR of 8% or a 15-year loan at 7.5%. Assume the closing costs are the same for both loans. a) Compare the monthly payments for these two loan

  2. MATH

    Jasmine is taking out a small business loan for her floral shop. She plans to apply for a $30,000 loan with a 5-year term and a 3.75% interest rate. She is unsure of her expected monthly profits, so she wants to know the benefit

  3. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $38,500, and the monthly payments are $690. If the loan will be paid off over the next 69 months, what is the APR of the loan?

  4. business math

    Janet Home went to Citizens Bank. She borrowed $7,000 at a rate of 8 percent. The date of the loan was Sept 20. Janet hoped to repay the loan on Jan.20. Assuming the loan is based on ordinary interest, Janet will pay back interest

  1. math

    Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a, compounded monthly. How much would Vanna have saved if she had obtained a

  2. Math

    - Anurag is buying a house for $100,000 and needs a mortgage loan. Bank A wants him to repay the loan in 240 months with monthly payment of $600.72. Bank B wants him to repay the loan in 360 months with a monthly payment of

  3. math

    Janet Home went to Citizen Bank. she borrowed $7000 at a rate of 8%. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back how much

  4. Math

    Expand Your Knowledge: Negative Binomial Distribution Suppose you have binomial trials for which the probability of success on each trial is p and the probability of failure is q= 1-p. Let k be a fixed whole number greater than or

Still need help? You can ask a new question.