1. Suppose that you borrow $17,000 for four years at 8% toward the purchase of a car. Find the monthly payments and the total interest for the amortized loan.

whats the monthly payment?

round the final answer as needed to the nearest cents

whats the total interest for the loan?

round the final answer as needed to the nearest cents

2.Suppose that you decide to buy a car for $29,635, including taxes and license fees. You saved $9000 for a down payment and can get a four-year car loan at 7.91%. Find the monthly payment and the total interest for the amortized loan.

whats the monthly payment?

round the final answer as needed to the nearest cents

whats the total interest for the loan?

round the final answer as needed to the nearest cents

3.Suppose that you are thinking about buying a car and have narrowed down your choices to two options.

Thenew-car option: The new car costs $26,000 and can be financed with a three-year amortized loan at 5.23%.

Theused-car option: Athree-year old model of the same car costs $14,000 and can be financed with a three-year amortized loan at 5.45%.

What is the difference in monthly payments between financing the new car and financing the usedcar?

Whats the difference in monthly payments between financing the new car and financing the used car?

(round to the nearest cents)

4.You take out an amortized loan for $7,000 to be paid back over three years at an interest rate of 8.29%. What are the monthly payments on theloan?

(round to the nearest cents)

whats the monthly payments?

5.

The price of a small cabin is $30,000. The bank requires a5% down payment. The buyer is offered two mortgageoptions: 20-year fixed at 9.5% or30-year fixed at 9.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the20-year option?

Find the monthly payment for the20-year option.

(round to the nearest cents)

6.Yolanda takes out a $6,000 amortized loan for 1.5 years at an annual interest rate off 6%. What are her monthlypayments?

(round to the nearest cents)

7.A student borrows $6000 for tuition to be paid back at a simple interest rate of 15% in 3 months. How much does she

she pay back in 3 months?

(round to the nearest cents)

8.$750 are deposited into an account monthlyfor six years at an interest rate of 7.7% compounded monthly. How much is in the account at the end of the 6 years?

(round to the nearest cents)

Whats The total in the account after 6 years?