Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

16) You're ready to make the last of four equal, annual payments on a $1,000 loan with a 6) 10% interest rate. If the amount

image text in transcribed
16) You're ready to make the last of four equal, annual payments on a $1,000 loan with a 6) 10% interest rate. If the amount of the payment is $315.47, how much of that payment is accrued interest? A) $28.68 B) $100.00 C) S31.55 D) S315.47 17) How much can be accumulated for retirement if $2,000 is put aside at the end of each of 17) the next 40 years? Assume that you can earn 9% a year on your savings. A) $802,876.27 B) $87.200.00 C) S675,764.89 D) $736,583.73 18) A car dealer offers payments of $522.59 per month for 48 months on a $25,000 car after 18) making a $4,000 down payment. What is the loan's APR? B) 6% A) 11% C) 1290 D) 9%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Finance An Introduction To Financial Institutions Investments And Management

Authors: Herbert B. Mayo, Michael J Lavelle

13th Edition

0357714741, 978-0357714744

More Books

Students also viewed these Finance questions

Question

What practices made this organization design project a success?

Answered: 1 week ago