Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information for to answer the question (it will be helpful to create an amortization table). Tony borrows $1900.00 at an annual interest

Use the following information for to answer the question (it will be helpful to create an amortization table). Tony borrows $1900.00 at an annual interest rate of 8.4%. He receives the loan on the first day of the current month and will make monthly payments on the first day of each of the following months until the loan is repaid after 24 months. The monthly loan payment is $86.28. On Tonys 24th (last) loan payment of $86.28, how much of the payment is for interest?

$85.68.

$0.00.

$0.60.

$86.28.

Tula has a $3600 credit card balance. This month Tula made the minimum payment of $108. How much will she pay in interest this month if her credit card charges a 20% APR? Assume a 30-day billing period.

There is not enough information to answer this question.

$91.53.

$60.00.

$59.18.

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

Fundamentals Of Financial Management

Authors: Eugene F. Brigham, Joel F. Houston

16th Edition

0357517571, 978-0357517574

More Books

Students also viewed these Finance questions

Question

What are the diff erences between groups and teams?

Answered: 1 week ago

Question

If you were Dans friend, what might you say to alter his behaviors?

Answered: 1 week ago