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?
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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?
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- Vincent received a loan of $8,100 at 5.50% compounded monthly. He settled the loan by making periodic payments at the end of every three months for 5 years, with the first payment made 2 years and 3 months from now. What was the size of the periodic payments?Jeffrey received a $32,950 loan from a bank that was charging interest at 5.75% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 6 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 6-year period? Round to the nearest centAbigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?
- Prisha received a loan of $8,100 at 5.25% compounded monthly. He settled the loan by making periodic payments at the end of every three months for 6 years, with the first payment made 3 years and 3 months from now. What was the size of the periodic payments? $ 0.00 Round to the nearest centDevin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest centSally borrows $25,000 for a loan, and she repays the loan by making quarterly end-of-quarter payments of $650 for 15 years. What is her loan's nominal rate of interest compounded quarterly?
- c. By how much will the amortization period shorten if Shawn made an extra payment of $54,000 at the end of the year 3? years E months Express the answer in years and months, rounded to the next monthJason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was 2.80% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3?Jacqueline received a $30,950 loan from a bank that was charging interest at 4.50% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 5 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 5-year period?
- Morgan received a $29,050 loan from a bank that was charging interest at 3.25% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 6 years?Jordan received a $30,200 loan from a bank that was charging interest at 3.50% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 5 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 5-year period? Round to the nearest centJordan purchased an annuity that had an interest rate of 4.00% compounded semi-annually. It provided her with payments of $1,000 at the end of every month for 6 years. If the first withdrawal is to be made in 4 years and 1 month, how much did she pay for it? * Explain in full detail.
