FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

You borrow $37,120 to attend college and must repay your loan at 4.065% APR... a. How many months will it take to repay this

You borrow $37,120 to attend college and must repay your loan at 4.065% APR... a. How many months will it take to repay this debt if you choose to pay back $500/month? b. In this scenario, what is the amount of your final payment, correct to the nearest cent?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Part a Number of Months to Repay the Loan Loan Amount 37120 Monthly Payment 500 Annual Percentage Ra... 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_2

Step: 3

blur-text-image_3

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

Transportation A Global Supply Chain Perspective
Transportation A Global Supply Chain Perspective

Authors: John J. Coyle, Robert A. Novak, Brian Gibson, Edward J. Bard

8th edition

9781305445352, 1133592961, 130544535X, 978-1133592969

More Books

Students explore these related Mathematics questions

Question

You notice that Coca-Cola has a stock price of $62.24 and EPS of $2.17. Its competitor PepsiCo has EPS of 7.29. But, Jones Soda, a small batch craft soda producer has a P/E ratio of 33.27. Based on...

Answered: 3 weeks ago

Question

Far East Sailmakers manufactures sails for sailboats. The company has the capacity to produce 1 2 , 0 0 0 sails per year but is currently producing and selling 1 0 , 0 0 0 sails per year. The...

Answered: 3 weeks ago

Question

On April 1, 2021, Chickadee Corp. purchased new machinery for $400,000. The machinery has an estimated useful life of ten years, a residual value of $20,000, and depreciation is calculated using the...

Answered: 3 weeks ago

Question

What is the future value at the end of the 20th semester of an annuity due with 20 semiannual payments of $500 each, evaluated at an annual interest rate of 10%?

Answered: 3 weeks ago

Question

Combine the data from Exercises 19.5 and 19.6 into a two-way contingency table and run the appropriate test. How does the question that the two-way classification addresses differ from the questions...

Answered: 3 weeks ago

Question

A study of the relationship between age and various visual functions (such as acuity and depth perception) reported the following observations on the area of sclera lamina (mm2) from human optic...

Answered: 3 weeks ago

Question

Describe options for qualitative analysis, along with selected computer programs that are available, and critically assess interpretation issues related to qualitative data analysis, including use of...

Answered: 3 weeks ago

Question

King Company is contemplating the purchase of a smaller company, which is a distributor of Kings products. Top management of King is convinced that the acquisition will result in significant...

Answered: 3 weeks ago

Question

State the factors that contribute to the segmentation of a countrys capital markets from the rest of the world. In your opinion, to what degree are currently the capital markets of the following...

Answered: 3 weeks ago

Question

Mrs. Simpson is saving for her retirement.If she makes a payment of $1,000 at the end of each month for 15 years and earns a rate of 5.25% compounded 12 times per year, how much will she have in her...

Answered: 3 weeks ago

Question

Give some ways to enhance manufacturing process of tony's toy trucks. Tony's Toy Trucks Order and Production Process Process Key Decision Process System Start/End Corporate ERP System Submit Purchase...

Answered: 3 weeks ago

Question

Overview In this discussion, we will consider the implications of the COVID-19 pandemic on the global economy and global trade now and in the future. Although the world has mostly reopened, the...

Answered: 3 weeks ago

Question

A crazy statistics tutor only passes 20% of students in a university subject, by examining all students in foreign languages that they do not know. If 20 students are randomly assigned to this tutor,...

Answered: 3 weeks ago

Question

Write a essay on the Equifax security breach and data breaches in general. What impact does it have on the businesses and organizations in our community, and what can we do to stop it from happening...

Answered: 3 weeks ago

Question

Which of the characteristic in a SWOT analysis is most important for a start-up business? Note: It is OK if you believe all are important, you just have to explain. Also provide conclusion along...

Answered: 3 weeks ago

Question

Problem 9-18 (Algo) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6] Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as...

Answered: 3 weeks ago

Question

What is an access control list?

Answered: 3 weeks ago

Question

9. Which information should never be e-mailed? a. Credit card numbers. b. Social Security numbers. c. Phone numbers.

Answered: 3 weeks ago

Question

8. If you need to send a large attachment: a. Attach it to your e-mail and send. b. Contact the other party ????rst to let him or her know its coming. c. Compress it or break it up into several...

Answered: 3 weeks ago

Question

The random variable X has the following probability distribution:

Answered: 3 weeks ago

Previous Question Next Question