# a loan of 7.260$ was repaid at the end of 8 months. What size a repayment check ( principal and interest) was written, if an 8% annual rate of interest was charged

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### Real Estate

Smith purchases a home and obtains a $65,000 loan. The principal and interest payments are $8.54 per $1,000. The loan is for 30 years at 9%. How much does Smith pay in total interest over the life of the loan?

### math

The amount of money in an account with continuously compounded interest is given by the formula A = Pert, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the hundredth of a year how long it takes for an amount of money to ...

### Math

Mona takes out a $12,000 student loan to help pay for her first 2 years of college, then 2 years later needs another loan for $14,000 to get her through to graduation. She graduates 4 years and 9 months after acquiring the first loan, and payments are deferred until 6 months ...

### Homework Check

1.)In a(n) _________ , simple interest is added on to the amount borrowed and the total is repaid in equal installments. a.)Monthly installment plan =b.)add on plan c.)Single-payment plan 2.)In a(n) _________ , interest is charged on the unpaid part of the loan, and the loan ...

### college math

A $8700 personal loan at 5.5% compounded monthly is to be repaid over a 4 year term by equal monthly payments. a) calculate the interest and principle component of the 18th payment b) how much interest will be paid in the third year of the loan?

### college math

A $8700 personal loan at 5.5% compounded monthly is to be repaid over a 4 year term by equal monthly payments. a) calculate the interest and principle component of the 18th payment b) how much interest will be paid in the third year of the loan?

### algebra

The formula I=PRT gives the amount of simple interest I earned by principal P at an annual interest rate R over T years. Solve this formula for P.

### Math

Tobin borrowed $5000 from the bank in order to buy a new piano. He will pay it off by equal payments at the end of each week for 4 years. The annual interest rate is 3.5%. Determine the size of payments, and the total interest paid. Express your answers rounded to the nearest ...

### algebra

To buy both a new car and a new house, Tina sought two loans totalling $319,531. The simple interest rate on the first loan was 2.7%, while the simple interest rate on the second loan was 2.6%. At the end of the first year, Tina paid a combined interest payment of $8334.15. ...

### Intermediate Algebra

To buy both a new car and a new house, Tina sought two loans totalling $78,825. The simple interest rate on the first loan was 0.2%, while the simple interest rate on the second loan was 5.0%. At the end of the first year, Tina paid a combined interest payment of $2817.23. ...

### Math

To buy both a new car and a new house, Tina sought two loans totalling $319.531. The simple interest rate on the first loan was 2.7%, while the simple interest rate on the second loan was 2.6%. At the end of the first year, Tina paid a combined interest payment of $8334.15. ...

### math

An amount of $3000 was deposited in a bank at a rate of 2% annual interest compounded quarterly for 3yrs. The rate then increased to 3% annual interest and ws compounded quarterly for the next 3 yrs. If no money was withdrawn what was the balance at the end of this time?

### Algebra B PLEASE HELP

I can't figure this out, please help... A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of money ...

### Finance

Loan Payments - If you take out an $8,000 car loan that calls for 48 monthly payments APR of 10 percent, what is your monthly payment? What is the effecgive annual interest rate on the loan? the montly rate is 0.10/12=.0083333... then 8000= payment[1-(1.0083333)^-48]/0....

### Math

In this question we will check if a discount is actually a discount. Say you are to borrow $100 for a year at a simple interest rate of 10%. Determine the discount D and the proceeds P for this loan. Next take another look at the situation. You take away P dollars and at the ...

### math

1. Shawn Fitzgerald finds a suitable property and agrees upon a selling price of $137,900. The mortgage company requires a 20% down payment and Shawn chooses to finance the property for 30 years at 8%. What is the total amount of interest charged, rounded to the nearest whole ...

### math 106

In this question we will check if a discount is actually a discount. Say you are to borrow $100 for a year at a simple interest rate of 10%. Determine the discount D and the proceeds P for this loan. Next take another look at the situation. You take away P dollars and at the ...

### algebra

A total of $6200 is deposited into two simple interest accounts. On one account the annual simple interest rate is 2%, and on the second account the annual simple interest rate is 4%. The amount of interest earned for 1 year was $148. How much was invested in each account?

### public finance

Your annual income is $50,000. You want to take out a mortgage loan to buy a house. The rule on mortgage loan requires that your annual mortgage payment cannot exceed 30% of your annual income. If the current interest rate is 5% for a 30-year mortgage loan, what is the maximum...

### maths

percy borrowed $1000 at 9% per annum simple interest.she is to repay the debt with 3 equal payments;the 1st at the end of 3 months,the 2nd at the end of 6 months and the 3rd at the end of 9 months.determine the size of the payments using the focal date at the preseent time

### math

Compute the rate for the following loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Do not enter the percent symbol in your answer. Principal Rate (%) Time Interest $5,000 % 3 years $1,200

### math

you have deposited 1000 dollars in your savings account with n annual interest rate of 4 percent compounded monthly. how much money are you going to have in your account after six months? [(1+ 0.04/12)]^6 x 1000 = ?? is the answer 1020.164? You got it. well theres another part...

### Math questions

1. Shawn Fitzgerald finds a suitable property and agrees upon a selling price of $137,900. The mortgage company requires a 20% down payment and Shawn chooses to finance the property for 30 years at 8%. What is the total amount of interest charged, rounded to the nearest whole ...

### Math

Acton choose from two loans offersS: 12,000 at 8% simple interest for 9 months: or a 12,000 9 month discounted loan at 7% discount. Based on the actual interest paid and the true rate on the discounted loan, which of the two loan offers will Acton choose?

### Math

Belinda borrowed $20,500 at simple interest rate of 4.30% p.a. from her parents to start a business. At the end of 3 months, she paid them $7,100 and $6,900 at the end of 8 months. How much would she have to pay them at the end of 18 months to clear the balance?

### Business Math

Find the amount of the principal on a loan at 6% interest for 274 days if the interest was $68.50, using the ordinary interest method. (Round to the nearest whole dollar amount)

### economics

Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following: (a) The effective monthly interest rate (b) The nominal annual interest rate (c) The effective annual interest rate

### Math

1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR? MY ANSWER=0.33% 2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 ...

### real estate finance

The annual insurance premium on Maria Snyder's house is $2,074 and the annual property tax is $1,403. If her monthly principal and interest payment is $1,603, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI).

### Equivalent Payments

Belinda borrowed $20,500 at simple interest rate of 4.30% p.a. from her parents to start a business. At the end of 3 months, she paid them $7,100 and $6,900 at the end of 8 months. How much would she have to pay them at the end of 18 months to clear the balance?

### Quantitative methods

State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed.

### math

The buying and selling commission schedule shown below is from a well-known online discount brokerage firm.? Taking into consideration the buying and selling commissions in the schedule find annual rate of interest earned by each investment? Transaction Size Commission Rate $0...

### accounting

Dan and Joan want to buy an airplane. They find one that will cost $200,000. They must pay 10% down, and can get the balance financed with a 10 year loan at 7% interest and annual payments. What is their annual payment? Answer $26,826 $25,626 $24,457 $19,260

### Math

1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR? MY ANSWER=0.33% 2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 ...

### Algebra 1

A finance company offers cheaper interest rates if you borrow a larger sum of money for shorter time period. A borrower is offered $7000 at 12% or $10080 at 10%. If the tome for the lager loan is 6 months less but the total interest is the total interest is the same, find the ...

### College Algebra

Dominic pays 5% interest on his $19000 college loan and 12% interest on his $24000 car loan. What average interest rate does he pay on the total $43000 he owes? Round your answer to the nearest tenth of a percent.

### math

a loan for $2000 with a simple interest rate of 15% was made on September 29th and was due November 30th I have to find the ordinary interest rate and don't know how I know there are 62 days between those two dates with just two months and one day I don't know the rest

### Math

1.--Cody and Carolyn have a 20/7 balloon mortgage for $216,000 with a rate of 4.55%. How much will they pay in interest over the life of the loan? 2.--Sarah finances $549,000 with a 30/6 balloon mortgage at 5.35%. How much will she pay for principal and interest over the life ...

### math

Allan borrowed $4800 from his father to buy a car. He repaid him after 9 months with interest of 5% per year. Find the total amount he repaid.

### Algebra

allan borrowed $6400 from his father to buy a car. he repaid him after 9 months with interest of 8% per year. find the total amount he repaid.

### math

What percentage interest rate is a loan that charges one hundred dollars in simple annual interest over 5 years on a one thousand dollar balance?

### MATH

Harold took out a 4-year amortized loan for $22,000 at 10% to pay his tuition at a technical institute. After 1 year, he refinanced the unpaid balance of $17,291 at a 6% interest rate. (All interest rates are annual interest rates.) 1) Find the monthly payment on the original ...

### Finance

Find the future value of $10,000 invested now after five years if the annual interest rate is 8 percent. a. What would be the future value if the interest rate is a simple interest rate? b. What would be the future value if the interest rate is a compound interest rate?

### math

A $1500 investments has an annual simple interest rate of 7%. Find the simple interest earned on the investment after 18 months.

### math

In December Corey took out a 1000-dollar loan with monthly interest rate 0.7 percent. In order to pay back the loan, Corey has been paying $87.17 a month since January. Explain why the sequence defined recursively x0=1000 and xn=1.007(xn-1) for positive n describes the balance...

### math - interest rates

Car loan: 5-yr annual-payment loan with interest rate of 6% per year. Annual payment = $5,000. You have just made a payment and decided to pay the loan off by repaying the outstanding balance. a) what is payoff amount if you have owned the car for one year (so there are 4 ...

### Math

Someone loaned me $20.00 in 1962 without quoting an interest rate. Using whatever the market interest rate was at that time, how much money would I owe in 2013 including principal and interest, straight and compounded.

### algebra

The principal P is borrowed and the loan's future value, A, at time t is given. Determine the loan's simple interest rate, r, to the nearest tenth of a percent. P=$130, A=171.60, T=4 years

### Math

An investment of $3,000 is made at an annual simple interest of 5%. How much additional monery must be invested at an annual simple interest rate of 8% so that the total annual interest earned is 7.5 of te original amount that you invested?

### math

State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)

### drbob222

Can you check this one for me i want to make sure. The simple interest I on a principal of P dollars at Interest rate r for time t, in years, is given by I=PrT.Find the simple interest on aprincipal of $6000 at 3% for 2years. I got the following: I= 6000 x 0.03 x 2 I= 360.00 ...

### math

An investment of $3,000 is made at an annual simple interest of 5%. How much additional money must be invested at an annual simple interest rate of 8%, so that the total annual interest earned is 7.5 of the original amount that you invested? My answer: $279,375

### Math

Carl borroowed $2,500 for six months at an annual interest rate of 11%. How much must he repay at the end of six months? a. $275 b. $2,637.50 c. $87.50 d. $2,762.50 Please show all steps needed to get answer in simple terms.

### Math

I posed a problem and no one helped me to see how to solve the problem. I don't want you to give me the answer, I want to know how to arrive at the correct answer. Again, Ms. Pecho currently owes $637.50 in simple interest on a loan of $25oo at an annual interest rate of 17%. ...

### finance

You take out a 30- yr mortgage loan, purchase price is $120,000 put $20,000 down and finances the balance of $100,000 at fixed annual loan rate of 12%, what will be your monthly payment? How much total interest will you have paid at the end of 30 years?

### Math

A student borrowed $19,000 at an annual interest rate of 6.4%. Calculate the amount of interest due 3 months after the student has begin making payments

### Math Check My Work Please 2

15. Lisa takes a loan of $10,500 at a 9% simple interest rate for 7 years. a. How much interest will she pay after 3 years? b. How much interest will she pay in total for the loan? $2,835.00; $6,615.00 $8,280.00; $9,720.00* $13,598.00; $19,194.00 $28,350.00;...

### 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 389.94. Which bank should he choose? Explain. - Kwane...

### Maths

Find the total amount required to pay off a loan of 16000 plus interest at the end of 8 years if the interest is compounded half-yearly and the rate is 14% p.a.

### math

Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If she borrows $15,000, how much interest would she pay for each loan? Which option requires less interest?

### Business Math

What is needed to repay the loan at the of month of an 18 month installment loan for $1700 at 12% annual interest? Interest is computed using the Rule of 78.

### math

Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest. A. how much does she have in her account at the end of 3 years? B. at what annual simple interest rate did the account grow? c. how many more dollars would she have ...

### Math

What is the principle and the interest? A=$2719.50 P= ? r=6.1% t=20 years What is the interest rate? Balance= $3742.50 p=$3000 interest rate= ? t=45 months

### math

An investment of $2500 is made at an annual interest rate of 5.5% .How much additional money must be invested at an annual simple interest rate of 8% so that the total interest earned is 7% of the total investment?

### Maths

a loan of 2000 is being amortized over 48 months at a interest rate of 12 peecent compounded monthly, the outstanding loan at the beginning of 36 month is ?

### Finance

Please could you help me solve this Suppose you have $100 in an interest bearing account earning 10% interest. How much would you have after the first year under the following scenarios? . annual compounding (every 12 months)- semi-annual compounding (every 6 months quarterly ...

### MATH

Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information: Escrow ...

### annual interest

you invested 12000 in two accounts paying 5% and 7% annual interest. If the totak interest earned for the year was 760 how much was invested at each rate?

### Math: Compounded Interest

A principal of $200 is invested at 5% interest rate annually. Determine the future value in 3 months' time if compounded: (a) Semi-annually (b) Quarterly

### Math

Rosa invested $8000 for one year, part ast 8% annual interest and the balance at 10% annual interest. Her total interest for the year was $700. How much money did she invest at each rate?

### math

Rosa invested $8000 for one year, part ast 8% annual interest and the balance at 10% annual interest. Her total interest for the year was $700. How much money did she invest at each rate?

### Math

I need to find the equation for the following (compound interest): number of years: 12 initial principal: 10000 annual interest rate: 0.03 additional investment each subsequent quarter: 500 The value in 12 years is 43074.4088874

### Finance

Five years ago, you bought a house for $151,000. You had a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was $5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information. ...

### math

Jefferson Bank made a loan at 6% interest for 146 days. If the amount of interest was $36.50, use the ordinary interest method to find the amount of principal borrowed. Round to the nearest whole dollar amount

### finance

equipment cost $20,000 and is financed over a period of five years at an interest rate of 12%...What is the monthly payment...What is the loan balance at the end of four years and how much interest will have been paid on the loan after five years?

### Survey of mathematics

On January 5, Ebony Davis borrowed $6,500 on a simple interest loan from a lending institution to finance her catering business. She borrows the money at a rate of 8.5% with a term ending on December 9. a. Calculate Ebony's interest on the simple interest loan if she waits ...

### Urgent! Help please!

On January 5, Ebony Davis borrowed $6,500 on a simple interest loan from a lending institution to finance her catering business. She borrows the money at a rate of 8.5% with a term ending on December 9. a. Calculate Ebony's interest on the simple interest loan if she waits ...

### Survey of Mathematics

On January 5, Ebony Davis borrowed $6,500 on a simple interest loan from a lending institution to finance her catering business. She borrows the money at a rate of 8.5% with a term ending on December 9. a. Calculate Ebony's interest on the simple interest loan if she waits ...

### math

. Cimarron Homes Inc. purchased a snow plow for $57,000 and financed the full amount for 5 years at an annual simple interest rate of 9%. a. Find the interest due on the loan. b. Find the monthly payment

### Math

Tonya took out a loan to help pay for her house. She borrowed $50,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

### Math

Tonya took out a loan to help pay for her house. She borrowed $50,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

### math

Suppose that you took out a loan at 7% interest for 192 days. If the amount of interest was $149.33, use the ordinary interest method to find the amount of principal you borrowed. Round to the nearest whole dollar amount. $

### Algebra (HELP)

To buy both a new car and a new house, Tina sought two loans totalling $78,825. The simple interest rate on the first loan was 0.2%, while the simple interest rate on the second loan was 5.0%. At the end of the first year, Tina paid a combined interest payment of $2817.23. ...

### college math

a math student borrowed $9300.00 from his local bank at 7% compounded quarterly to pay for his studies. the loan is to be repaid by equal payments at the end of every quarter over a two year term. a)construct the amortization schedule for the loan. b)calculate the total interest.

### Math

Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?

### math

Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?

### math115

Ms. Jefferson has been given a loan of $20,000 for 1 year. If the interest charged is $800, what is the interest rate on the loan?4% 2.A saleswoman is working on a 6% commission basis. If she wants to make $2,400 in one month, how much must she sell?$40,000 3.If $7,800 is ...

### Math Finance please help

Five years ago, you bought a house for $151,000. You had a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was $5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information. ...

### math

How much will Pauline pay in interest if she takes out a simple interest loan with a principal of $3,900 at 7.2% for three years?

### math

Loan amount = $9,500 Monthly payments = $227.50 Time of loan contract = 5 years True annual interest rate (to the nearest tenth) =

### wilton

Loan amount = $10,000 Monthly payments = $258.50 Time of loan contract = 5 years True annual interest rate (to the nearest tenth) =

### math

Loan amount = $10,000 Monthly payments = $258.50 Time of loan contract = 5 years True annual interest rate (to the nearest tenth) =

### math

Does anyone know how to find the rate with ONLY principal and time? (no interest) Refer to this: Investment A: Rate as 'R,' principal as $8000, time as '4 years,' and interest as 'SI'

### Finance

What is the nominal annual financing cost of a 9-month, $200,000 discounted bank loan at a stated annual interest rate of 10%

### Math

New Hampshire is giving payday lenders the gong as it rings in the new year. A law that takes effect today caps the interest rate on small loans at 36 percent a year, which the industry has said will put it out of business. 1.6. EXERCISES 15 Payday lenders typically charge $20...

### math

Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?

### Math

Ms Jordan has been given a loan of 2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?

### uop

ms jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?

### math

Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?