Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of

Question:

Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of $223.10. Instead of making his 24th payment, Gino decides to pay off the loan.

(a) Determine the APR of the installment loan.

(b) How much interest will Gino save (use the actuarial method)?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

See More Books

Question Posted: Jan 28, 2019 07:10 AM

See More Questions

Bill has a 48-month installment loan with a fixed monthly payment of $176.14. The amount borrowed was $7500. Instead of making his 24th payment, Bill is paying the remaining balance on the loan. (a)...
Ray took out a 60-month fixed installment loan of $12,000 to open a new pet store. He paid no money down and began making monthly payments of $232. Rays business does better than expected and instead...
Suppose the Chans in Exercise 16 use a credit card rather than an installment plan. Assume that they make the same down payment, have no finance charge the first month, make no additional purchases...
A portfolio manager owns a bond worth 2,000,000 that will mature in one year. The pound is currently worth $1.65, and the one-year future price is $1.61. If the value of the pound were to fall, the...
Compare and contrast the difference between general sales tax nexus and the new "Amazon" rule creating nexus in New York.
Access the March 26, 2015, filing of the 10-K report of Home Depot for the year ended February 1, 2015, from www.SEC.gov (ticker HD). Refer to Home Depot's balance sheet, including its note 4 (on...
Prepare financial statements for governmental and private health care service providers. AppendixLO1
Linda Larue has arthritis. Her chiropractor advised her that she needed to swim daily to alleviate her pain and other symptoms. Consequently, Linda and her husband, Philo, purchased for $ 400,000 a...
Determine the amount to be added to Aliance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case ..credit cu el 3400 in Alowance for Doubtful Accounts...
Look up a companys website, examine the company reports, and prepare an implemented ethics assessment in which you list the ethical dilemmas explicitly addressed by the company and the ethics...
Raja would like to save $80,000 to buy a new Chris Craft Silver Bullet boat in 5 years. To accumulate $80,000 in 5 years, how much should Raja invest quarterly in a sinking fund with a 3.6% interest...
Michaels credit card statement shows a balance due of $878.25 on March 23, the billing date. For the period ending on April 23, he had the following transactions. (a) Determine the finance charge on...
Gopu Industries Ltd. issued 50,000 shares of 20 each at par. The following are the details of the amounts payable. Except Rajan, a shareholder holding 1,000 shares who failed to pay the allotment...
United States Historyassassination of Martin Luther King, Jr.
United States History-Burr-Hamilton duel duel, Weehawken, New Jersey, United States [1804]
United States HistoryBattle of Gettysburg American Civil War [1863] When and where was the Battle of Gettysburg fought?
United States History - United States presidential election of 1968 United States government
Salem witch trials American history What caused the Salem witch trials? How many people were killed during the Salem witch trials?
The Zany Toy Company manufactures a variety of toys. The controller is trying to determine what the best allocation base for its utility costs would be, using utility cost data and other information...
Below is a sample of the data in the file NFLAttendance which contains the 32 teams in the National Football League, their conference affiliation, their division, and their average home attendance....
Two sample t tests use ____ means to draw a conclusion about ____ means.
A classic experiment might use a two-sample t test to compare a ____ group to an ____ group.
Two different types of two-sample t tests are the ____ -samples t test and the ____ -samples t test.
Question 24 Not yet answered Marked out of 1.00 P Flag question Muscat LLC's current assets and current liabilities are OMR 258,000 and OMR 192,000, respectively. In the year 2020, the company earned...
Question 24 Miami Company sold merchandise for which it received $710,400, including sales and excise taxes. All of the firms sales are subject to a 6% sales tax but only 50% of sales are subject to...
f the IRS intends to close a Taxpayer Assistance Center, they must notify the public at least _____ days in advance of the closure date. 14 30 60 90

Gino borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of

Question:

Step by Step Answer:

7500 36 mo 22310 per mo 2231036 803160 803160 750000 53160 a 531607500100 709 In Table ...View the full answer

A Survey of Mathematics with Applications

Students also viewed these Mathematics questions