Michael wants to buy some new exercise equipment for his home gym for ​$156,000 financed at an annual interest rate of 13​% using the​ add-on method. If Michael pays off the loan in 5 ​years, he will pay ​$101,400 in interest. If Michael decides instead to pay off the loan in 6 ​years, how much more interest will he pay than if he paid off the loan in 5 ​years?

Q: Jontell needs surgery on her foot. Assume that she has insurance and the surgery cost $5,000 and she…

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Q: A man needed P250, 000 at the end of 3 years, how much money must he deposit quarterly in an…

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Q: In 6 years Harry and Sally would like to have $24,000.00 for a dow use. How much should they deposit…

A: In this question, the monthly payment is to be calculated using the formula. M1-1+i-ni=A

Q: Martin wants to buy a new bedroom set that costs $1,829 including tax. Unfortunately, he doesn’t…

A: Martin wants to buy a new bedroom set that costs $1,829 including tax. Unfortunately, he doesn’t…

Q: What is the rate of interest ( as a % ) on a loan of $7000, for 236 days, if the amount of interest…

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Q: Loma Evenson would like to buy a $19,000 car in 4 years. Loma wants to put the money aside now .…

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Q: Assume that her total winnings are $ 700000, that the utility bonds will pay 14 percent per year,…

A: Given, Total winnings = $700,000 The utility bonds pay = 14% per year The savings account pay = 6%…

Q: In order to have P250,000 in 5 years, how much should you invest if the compound interest is 12%?

A: Given Amount(A) = 250000 Rate(R) = 12 Time(T) = 5

Q: When Maria Acosta bought a car 2.5 years ago, she borrowed $10,000 for 48 months at 7.2% compounded…

A: NOTE: Refresh your page if you can't see any equations. . here we have  PMT=240.39 r=7.2%=0.072 n=12…

Q: John wants to retire with $10,000 per month, how much principal is necessary to generate this amount…

A: Use the formula I=Prt100, where P is principal, and r is the rate of interest, t is the time.,…

Q: A man bought a lot worth P2026862 if paid in cash. By installment, he paid a down payment of…

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Q: Steven wants to buy a new couch priced at $558 and agrees to pay for it over two years with a…

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Q: Grandma Riley wants to help Scott while he's in college by giving him a $220 monthly allowance for 5…

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Q: Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other…

A: We will use: If P dollars is invested at a yearly rate of interest r per year, compounded m times…

Q: Mr. Nelson had to borrow $1500 to purchase a new water heater after the snowpacalypse. The loan had…

A: Question is related to interest.

Q: Suppose you pay back $355 on a $325 loan and you had the loan for 60 days. What was your simple…

A: We have to use simple interest formula.

Q: To pay for his debt at 10% compounded semi-annually, рay Marcus committed for 10 quarterly payments…

A: To determine the amount of money Marcus borrowed.

Q: rate

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Q: A recent high school graduate received $600 in gifts of cash from friends and relatives. In…

A: Here given is The student has a total principal amount, P=$600+$250+$300+$1500=$2650 Interest rate…

Q: Kira borrowed $8000 at a rate of 7%, compounded annually. Assuming she makes no payments, how much…

A: kira borrowed $8000 at a rate of 7%, compounded annually.how much money after 7 years.

Q: Alan borrowed $30,000 from Janet due in five years at 10% monthly. Two years after the debt is…

A: Present value = future value/(1+r/m)^(m*n) Given  Future value =$30000 r=10%  n=5 years m=12

Q: Steven wants to buy a new couch priced at $705 and agrees to pay for it over two years with a…

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Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

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Q: Solve the problem. If an entrepreneur applies for a loan amounting to P500, 000 in a bank, the…

A: Given: The amount of loan is P=500,000. The simple interest (S.I) is P157,500. The time (t) is 3.…

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

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Q: Jessica would like to have $36,000 to buy a new car in 9 years. To accumulate 36,000 in 9 years, how…

A: We have to find that how much would Jessica need to invest monthly in a sinking fund with 6%…

Q: If Damon invests $1600 for 1 year in a savings account that pays a simple interest rate of 1.09%…

A: Definition used -            Simple interest -                            SI=Prt100…

Q: A recent high school graduate received ​$600 in gifts of cash from friends and relatives. In​…

A: We will find how much money he will be getting after 36 months as following .

Q: A man borrowed 24000 from two money lenders. For one loan he paid 15% annum and for the other 18%…

A: Let x be the amound borrowed on 15% and (24000-x) at 18% Given taht total interest paid is Rs 4050

Q: How much interest will Roxanne have to pay if she borrows $2000 for 2 yr at a simple interest rate…

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Q: How much interest will Roxanne have to pay if she borrows $1000 for 2 yr at a simple interest rate…

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Q: Rob has 100,000. Invested into a fund that adds 5% per year.  How much will he have in 20 years…

A: Given: Initial amount=100,000 Increasing amount=5% of ininitial amount Time = 20 years

Q: Leo needs $30,000 to cover

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Q: A recent high school graduate received ​$900 in gifts of cash from friends and relatives. In​…

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Q: A recent high school graduate received $900 in gifts of cash from friends and relatives. In…

A:

Q: Suppose that Juanita borrows $500 for 6 months at the simple interest rate of 9% per annum. What is…

A: Given :- Suppose that Juanita borrows $500 for 6 months at the simple interest rate of 9% per annum.…

Q: A recent high school graduate received ​$700 in gifts of cash from friends and relatives. In​…

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Q: Michael wants to buy some new exercise equipment for his home for 371,000 financed at an annual…

A: In the add-on method, we divide add the principal amount and the interest for the five years into…

Q: Mr. X intends to earn P150,000 in interest each year. How much needs he invests for a year at an…

A: Since you have asked multiple questions in a single request, we would be answering only the first…

Q: How long will it take for P 35 200 to earn P 7 400 if invested at 5 %% simple interest? What simple…

A: As per answering guideline, we can answer only one question at a time. Please repost other question.…

Q: Trevor invests an amount of R20 000 in a bank. Calculate, using appropriate formulae, the…

A: Here AS PER POLICY I HAVE CALCULATED FIRST MAIN QUESTION ONLY

Q: You inherited $5000 with the stipulation that for the first year the money had to be invested in two…

A: Given, You inherited $5000 with the stipulation that for the first year the money had to be invested…

Q: If you borrowed $12,000 for 8 months at 7% annual simple interest, how much must you repay at the…

A: Using the formula A = P (1+r)t Where A : amount to be paid               P : Principal that is…

Q: asa has invested money from the settlement of an insurance claim. she plans to withdraw 1900 from…

A: Given: Interest rate = 7% compounded semi annually The payment hold over for 6 years

Q: A man pays P 129,254  every end of six (6) months for a car bought on installment terms. If the man…

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Q: You inherited $5000 with the stipulation that for the first year the money had to be invested in two…

A: Let the amount invested in 9% fund be x. As, the amount is %5000. Therefore, the amount invested in…

Q: Sammy wants to buy a new stereo priced at $403. He enters into an agreement to pay $21 a month for…

A: Sammy wants to buy a new stereo priced at $403. He enters into an agreement to pay $21 a month for…

Q: A person lent P5000.00 to B for 2 years and P3000.00 to C for 4 years on simple interest at the same…

A: We will find out the required rate of interest.

Q: Sally took a loan of 18000 Rial from S.R Finance to purchase a TV set. If the company charges Simple…

A: Principal = 18000 Rial R= 0.08 p.a for first two years R= 0.1 p.a for next three years.