Jessica borrowed $4800 from the bank in order to buy a new piano. She will pay it off by equal payments at the end of each week for 2 years. The interest rate is 9% compounded weekly. Determine the size of payments
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Jessica borrowed $4800 from the bank in order to buy a new piano. She will pay it off by equal payments at the end of each week for 2 years. The interest rate is 9% compounded weekly. Determine the size of payments
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- Jessica borrowed $3300 from the bank in order to buy a new piano. She will pay it off by equal payments at the end of each week for 2 years. The interest rate is 3% compounded weekly. Determine the size of payments, and the total interest paid. Payments: $ 33.69 Total interest: $ 204Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She wants to pay the loan with monthly payments over the period of 3 years. What is the interest included in the tenth payment, if the rate charged by the credit union is 6% monthly?Alice borrowed $8,000 from her grandmother to buy a car when she started college. The interest rate being charged is 4.5% compounded monthly. Alice is to make the first $200 month-end payment three years after the date of the loan. How many payments will be required to pay off the loan? (round up to whole number)
- Theresa borrowed $7258.00 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $265.00 each. If the payments are due at the end of each month and interest is 4% coumpunded monthly, how long will Theresa have to make monthly payments? State your answer in years and months (from 0 to 11 months). theresa will have to make payments for _____ year(s) and ______ month(s)Sonia borrowed $7829.00 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $331.00 each. If the payments are due at the end of each month and interest is 5% compounded monthly, how long will Sonia have to make monthly payments? State your answer in years and months (from 0 to 11 months). Sonia will have to make payments for year(s) and month(s)Rose, recently purchased a new automobile for $25,000. She made a $5,000 down payment and financed the balance over 48 months using a loan with a 12 percent annual nominal rate of interest. What are her monthly payments?
- Elin purchased a used car for $15,000. She wrote a check for $3000 as a down payment for the car and financed the $12,000 balance payable in 4 years but in monthly installments. The interest rate is 9% compounded monthly, and the loan will be repaid in equal monthly instalments for first two years and double it on the next two years. What is Elin's monthly car payment?Sonia borrowed $3717.00 compounded annually to help finance her education. She contracted to repay the loan in annual payments of $251.00 each. If the payments are due at the end of each year and interest is 5% compounded annually, how long will Sonia have to make annual payments? State your answer in years and months (from 0 to 11 months). ion 4Sonia will have to make payments for year(s) and months).Jessica wants to accumulate $13,000 by the end of 6 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-year period. If the bank pays interest at the rate of 5% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the nearest cent.)
- Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning 3.6% interest compounded monthly. She decides to also deposit $200 at the end of each month into the same account. How much will be in the account in 10 years?Tiffany received a loan of $8,600 at 4.75% compounded monthly. She settled the loan by making periodic payments at the end of every three months for 5 years, with the first payment made 3 years and 3 months from now. What was the size of the periodic payments?Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years and the interest rate is 29% per year compounded monthly. Determine the amount of loan Mr Joe took?