Harold borrowed $8,000 for five years at an APR of 6.75%. a. What is Harold's monthly payment?

Question:

Harold borrowed $8,000 for five years at an APR of 6.75%.
a. What is Harold's monthly payment?
b. What is the total amount that Harold paid in monthly payments for the loan?
c. What is the amount Harold will pay in finance charges?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Algebra advanced algebra with financial applications

ISBN: 978-0538449670

1st edition

Authors: Robert K. Gerver

See More Books

Question Posted: Apr 14, 2016 04:47 AM

See More Questions

The Tensers bought a mobile home for $89,500. They rent space in a trailer park for $900 per month. The rent increases 2% per year. a. If they put a down payment of $10,000 on the trailer, how much...
United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25 year mortgage at an APR of 6.5%. Marcy wants to borrow $120,000. a. What would the monthly payment be from United...
Ricky took out a $268,000, 30-year mortgage at an APR of 6.34%. a. What is the monthly payment to the nearest cent? b. What will be his total interest charges after 30 years, to the nearest thousand...
Develop a data type Quote that implements the following API for quotations: To do so, define a nested class Card that holds one word of the quotation and a link to the next word in the quotation:...
Southland Corporation is a small information-systems consulting firm that specializes in helping companies implement standard sales-management software. The market for Southlands services is very...
Consider a wooden cylinder (SG =0.6) 1 m in diameter and 0.8 m long. Would this cylinder be stable if placed to float with its axis vertical in oil (SG = 0.85)? S=0.6 M L=0.8 m 0.4 B S = 0.85
It seems that there are many ways for fraud and abuse to take place in the field of accounting. How can this occur when there are so many regulatory bodies and professional accounting standards in...
For fiscal year 2011, Starbucks Corporation (SBUX) had total revenues of $11.70 billion, net income of $1.25 billion, total assets of $7.36 billion, and total shareholders equity of $4.38 billion. a....
The figure shows the chain drive of a bicycle. How far will the bicycle move if the pedals are rotated through 180? Assume the radius of the bicycle wheel is 13.2 inches. The bicycle will travel...
A ride hailing company has their DB structured in 3 major tables as described in the SCHEMA section below. Write a query to fetch the top 100 users who traveled the most distance using the service....
Riel had an average daily balance of $415.22 on his May credit card statement. The bill showed that his APR was 21.6% and that his finance charge was $89.69. When he verified the finance charge, did...
The table lists the balances at the end of each year for a 15-year, $50,000 loan with an 8% interest rate. a. Construct a scatterplot using the data points (year, loan balance). b. Write a linear...
A heat pump has a coefficient of performance that is 50% of the theoretical maximum. It maintains a house at 20C, which leaks energy of 0.6 kW per degree temperature difference to the ambient. For a...
Calculate the required transformer turns ratio and inverter side voltage 2 so that rated dc power and voltage are maintained with a firing angle = 15. Please note that although the transformer's...
Question 3: The following information has been extracted from the financial statements of a company. Use it to answer the 4 questions that follow it . When answering the questions ( filling in the...
When a container is empty, it weighs 14 N. If it is filled with water, the total weight is 241 N. If it is filled with fluid X, the total weight is 269. What is the specific gravity of fluid X? Add...
An IC vibration sensor has a range of 5 g and a sensitivity of 400 mV/g. The signal-conditioning circuit for this sensor gives an output of 2.65 V at 0 g. For positive acceleration, the output...
At what velocity (in revolutions per minute) will the peak voltage of a generator be 490 V, if its 480 turn, 8.00 cm diameter coil rotates in a 0.250 T field? rpm +
Willeys Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Willeys Grill & Restaurant, which had 345,000 shares of common stock outstanding, declared...
In muscle tissue, the ratio of phosphorylase a to phosphorylase b determines the rate of conversion of glycogen to glucose 1phosphate. Classify how each event affects the rate of glycogen breakdown...
Determine whether the points (-1, -3), (-4, -9), and (2, 3) are collinear.
Determine whether each graph is that of a function. Answer yes or no. (a) (b) IW
Find the domain of the function. (a) f(x) = 1 / x - 4 (b) g(x) = x3 + 2 (c) h(x) = 25 - x2
What choice is a multiple of 5? a) 93 b) 63 c) 65 d) 84
Determine how many tablets will be needed to give the dosage. Prepare a dosage of 6.4 mg using tablets with a strength of 1.6 mg.
(a). Company Inc., private consumer regulator firm, claims that the standard deviation of the rating of Formula One races in the town main car racing circuit was at least 15.34. (b). An outside...

Harold borrowed $8,000 for five years at an APR of 6.75%. a. What is Harold's monthly payment?

Question:

Step by Step Answer:

a Use the monthly payment formula ...View the full answer

Financial Algebra advanced algebra with financial applications

Students also viewed these Linear Algebra questions