What is the total interest on a ten-year 6.1% loan with a principal of $32,000?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Use the monthly payment formula and s...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Question Posted:
Students also viewed these Linear Algebra questions
-
Caroline is opening a CD to save for college. She is considering a 1 3-year CD or a 3 1/2. year CD since she starts college around that time. She needs to be able to have the money to make tuition...
-
Use the given yearly payment schedule. a. What is the loan amount? b. What is the length of the loan? c. What is the monthly payment? d. What is the total interest paid? e. Construct a scatterplot...
-
Use the given payment schedule. a. What is the loan amount? b. What is the length of the loan? c. What is the approximate monthly payment rounded to the nearest cent? d. What is the total interest...
-
In July 2009, Malcolm bought a piece of land for 40,000. In June 2016 he sold part of the land for 11,000. This disposal was not caused by a compulsory purchase and was his only disposal of land in...
-
Sun Systems provides energy audits in residential areas of southern Ohio. The energy audits provide information to homeowners on the benefits of solar energy. A consultant from Sun Systems educates...
-
Run the codes names(table(rowSums(S_Die))) and table (rowSums(S_Die)) from Example 5.2.7 and verify that you have completely understood the examples code. Now, roll four die and answer the...
-
How are the mean value and variance of a random variable defined?
-
A delivery truck was acquired by Navarro Inc. for $40,000 on January 1, 2011. The truck was estimated to have a 3-year life and a trade-in value at the end of that time of $10,000. The following...
-
On July 1, X5, Balado lte paid $600,000 to acquire 10,000 common voting shares of the investee lte, representing a 6% stake. Balado Inc. then designates its investment the JV through profit and loss...
-
Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1,...
-
Dave wants to borrow $22,000 from First Finance Bank. The bank will give him a 15-year loan at an interest rate of 4.85%. How much will he pay the bank in interest over the life of the loan? Round to...
-
Jamie wants to borrow $15,000 from South Western Bank. They offered her a 4-year loan with an APR of 5.5%. How much will she pay in interest over the life of the loan?
-
Would a firm with a relatively long operating cycle tend to charge a higher markup on its inventory cost than a firm with a short operating cycle? Discuss.
-
From a resource-based view, explain the difference between resources and capabilities.
-
What is meant by using brands to tier service levels?
-
Explore the legal and ethical constraints on implementing relationship marketing using the digital media.
-
Does Place have any meaning for marketers in the global marketplace enabled by the Internet?
-
Explain how Internet technologies can contribute to the development of online business strategies.
-
Refer to Exercise 3.4.32 to answer (a) and (b): a. If the sample size had been 8,000, how would the widths of the 90%, 95%, and 99% confidence intervals be affected? b. If the sample size had been...
-
During registration at Tech every quarter, students in the Department of Management must have their courses approved by the departmental advisor. It takes the advisor an average of 4 minutes...
-
The points (-9, 4), (-2, 5), (-8, -3), and (-1, -2) are vertices of an inscribed square.
-
The children at Tiny Tots Day Care planted a rectangular vegetable garden with a perimeter of 39 m. The length is twice the width. Find the dimensions of the garden.
-
The width of the soccer field recommended for players under the age of 12 is 35 yd less than the length. The perimeter of the field is 330 yd. find the dimensions of the field.
-
Johnny's Lunches is considering purchasing a new, energy-efficient grill. The grill will cost $31,000 and will be depreciated straight-line over 10 years to a salvage value of zero. The grill will...
-
John wants to "roll in" or finance the loan fee of $3,800 into the loan amount which would make the loan $90,800 and the interest rate is 6%. Assume that the lender agrees to allow the loan fees to...
-
A company is faced with the decision of whether to lease or purchase new equipment. The equipment can be leased at an annual cost of $210,000 or purchased for $560,000. The equipment has an expected...
Study smarter with the SolutionInn App