Lucky Champ owes $238.00 interest on a 7% loan he took out on his March 17 birthday to upgrade an oven in his Irish restauran Lucky's Pub and Grub. The loan is due on August 17. What is the principal? (Use Days in a year table.) Note: Use 360 days a year. Do not round intermediate calculations. Principal
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- Mr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan. Month Balance Interest Amt. Applied to Principal New Balance 1 $2441.39 2 $2441.39 3 $36.34 $208.66 $2027.40 4 $2027.40 $32.95 $212.05 $1815.35 8 $226.18 $932.11 $231.29 $3.76 ----Mrs. Smith is buying a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans to charge this to her Sears credit card, which earns 18.9% APR. She wants to pay $225 per month to the credit card. Fill in the first 2 lines of the amortization table. Month Balance Interest Amt. Applied to Principal New Balance 1 $192.92 2 $29.04 $1647.80Lucky Champ owes $168.30 interest on a 6% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant, Lucky's Pub and Grub. The loan is due on August 17. What is the principal? (Use Days in a year table.) (Use 360 days a year. Do not round intermediate calculations.) Principal
- Mr. Hephaestus Vulcan took out a loan to buy a netbook computer on February 2. The loan is due to be repaid on April 15 when Mr. Anthony expects to receive his salary. The interest on the loan is P378 at a rate of 10.5%. Find the Principal. Count the exact days and use a 360-day year.On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answer to the nearest cent.) Jim repayQuentin Satham borrows $500,000 from a lending company in his hometown at 12% interest compounded monthly. To fulfill his obligation to repay the loan, Quentin agreed to start paying the six (6) equal monthly payments starting next month. 1. What will be the amount of his monthly amortization? 2. Construct an amortization schedule. 3. What will be the outstanding balance of his loan at the end of 4 months from today? 4. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month to fully pay his outstanding obligation? 5. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question 4 above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?
- Kyle received a loan of $8,000 at 4.32% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 4 years to settle the loan. a. Calculate the size of his payments. Round to the nearest cent b. What was the total interest paid during the period? Round to the nearest cent c. What was the interest portion of payment number 3?Wade Ellis buys a new car for $16,127.42. He puts 10% down and obtains a simple interest amortized loan for the rest at 0.115 interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ _______ 1 $ _______ $ _________ $ _______ $ _______ 2 $ _______ $ _________ $ _______ $ _______Keiko obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 9.65%. Her loan is for $16,500 for 76 days. Assume each day is of a year. Answer each part below. 365 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 76 days. (b) Assuming Keiko doesn't make any payments, find the amount owed after 76 days.
- Dominic Torreto borrows $300,000 from a lending company in his hometown at 12% interest compounded monthly. To fulfill his obligation to repay the loan, Dominic agreed to start paying the six (6) equal monthly payments starting next month. If Dominic failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month to fully pay his outstanding obligation? Supposed that he will still not be able to pay the single total payment on the Fifth month as stated in question 1 above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?Jane requested a loan from a bank amounting to P405,630 to contin her small business. But she only received 83.84% of the loan as the bank collected the interest at the time money is requested. If the agreement will mature after 12 years and 4 months: Determine the 1.Simple interest, 2.simple discount rate, 3.total interest accumulated at the end of the year.Montel loaned $6800 to a friend for 13 months at an annual rate of 7.7% simple interest. How much interest did the borrower owe? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Interest owed