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- Define Add-on interest loansIf you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?You take out a loan of $12,000 to pay for a piece of equipment. You plan to repay the loan in 16 years. You can afford to pay a maximum of $1,100 each year. What interest rate would allow for you to pay off the entirely of the loan in equal payments?
- You are looking for a car to lease. Your income is $3,000 per month, and you know that you should not spend more than 20 percent of your income on a car payment. You have found four deals in the table below. options Location Monthly Rent Toyota Camry $400 Lincoln MKZ $660 Ford Fusion $380 BMW 740 $720 Instructions: In order to receive full credit, you must make a selection for each option. For the correct answer(s), click the box once to place a checkmark. For the incorrect answer(s), click the option twice to empty the box. Suppose you adhere to the 20 percent guideline but also receive a $100 monthly allowance from your parents towards your car payment, which option(s) fall within your budget? Group of answer choices Toyota Camry Lincoln MKZ Ford Fusion BMW 740Please do it on an excel sheet so i can see how to do itWhat is a transfer payment?
- What can be best said about a banker whose interest rate is 20% on a one-year loan worth $1000 today?What will be the Savings given that income is $3200 and APS is 0.48Give typing answer with explanation and conclusion Michael can afford car payments of $275 a month for 72 months. The bank will lend him this money at 11.40 percent APR. How much can Michael borrow?
- Asap What would the value of spending be if you had $1300 in savings and $2250 in income?hazel borrowed 100,000 and must repay a total of 130,000 exactly two years later. How much is the interest paid? what is the interest rate?Bobby took out a single loan for $500 and paid a $50 fee. His loan is due in 1 week. Find the effective interest rate on the loan Bobby took out. Round the answer to one decimal place.