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- Carol borrows $30, 000 from the bank. For a six-year loan, the bank requires annual end-of-year payments of $5, 878.05. The annual interest rate on the loan is?Jason Stein from Topeka, Kansas, borrows $1,500 (including interest) for four years (48 months) at an interest rate of 7% per year. The loan uses the discount method for determining the amount of interest. How much of the loan amount ($1,500) consists of interest? How much of the loan is actually given directly to Jason? What is the monthly payment (rounded to the nearest penny), assuming 48 monthly payments?Jessica borrows $1,000.00 from a credit card company at 25% annually for two years. Determine Jessica’s monthly payment. Show your work.
- Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months. How much money does Henry receive into his bank account when the loan is drawn down?Janet borrows $3800 from a credit card company at 24.5% annually for 3 years. Determine Janet's monthly payment.Lydia borrows $2000 from a credit card company at 23% annually for two years. Determine Lydia’s monthly payments.
- Janet borrows $3500 from a credit card company at 22.5% annually for 3 years. Determine Janet’s monthly payment. Show your work.Carissa wishes to borrow $280,000. Lender A qualifies her for a rate of 4.59% over a 30-year term, and Lender B will give her 3.2% for a 20-year loan. Excluding taxes, insurance and all other charges, find the 3. amount of the loan payment for each. Round your answer to the nearest whole dollar.John borrows $15000 for 5 years at an annual effective interest rate of %9. At the end of each year she pays the lender $1000 and deposits a level amount necessary to repay the loan in full after 5 years into a sinking fund that earns an annual effective interest rate of %4. Determine the total annual payment that John makes.
- Jamie borrowed $900 from the Essex District Credit Union. The loan agreement provided for repayment of the loan in four equal monthly payments plus interest at 12% per annum calculated on the unpaid balance. What was the loan balance outstanding after the second payment? how much total interest did Jamie pay on this loan?Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of each month for six years. The bank charges interest on the loan at 6.6% compounded quarterly. How much did Jack borrow? How much is the cost of financing (The amount of interest to be paid)?Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the loan? B. How much will she receive?