Question 6 (multiple choice)
Suppose you have a 12-month loan of $1,200.00 at 12% interest to purchase a lawn mower and other gardening equipment. Each monthly payment is $106.56. The balance after the fourth payment is $816.04. How much do you save by paying off the loan with the fifth payment?
(Hint: First calculate the payoff: Find the interest on the balance due and add it to the balance due. Add the amount of the first four payments to the payoff in month 5. Finally, compare this total to the monthly payment multiplied by 12.)
A. $426.24
B. $852.48
C. $842.20
D. $28.28
Answers (2)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Question 6 (multiple choice) Suppose you have a 12-month loan of $1,200.00 at 12% interest to purchase a lawn mower and other gardening ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A company should pursue unrelated diversification instead of related diversification when: a. the bureaucratic costs of implementation do not exceed the value that can be created by realizing economies of scope. b. it wants to maximize growth. c.
Answers (1)
What are goods or services state taxes provides
Answers (1)
Zoe has a website selling customizable electronic greeting cards. what could be interfering with her getting the most possible conversions?
Answers (1)
Elise has debt problems and sees an ad for a credit counseling service. When she calls to get more details, she suspects that the service is a scam.
Answers (1)
What name is given to a set of organs that work together to perform a specific function? a centriole b phylum c system d tissue?
Answers (1)
New Questions in Business
Loss leaders are poorly managed retail companies of outlets. true or false.
Answers (2)
Group Sky Corporation has 6.5 percent coupon bonds on the market with 15 years to maturity. The bonds make semiannual payments and currently sell for 102 percent of par. What is the current yield
Answers (1)
Digby has a roe of 0.24 (roe = net income/equity). that means:
Answers (1)
If a bank depositor withdraws $1000 of currency from an account, what happens to bank reserves, checkable deposits, and the monetary base? Assume that the required reserve ratio on checkable deposits is 10% and banks do not hold any excess reserves.
Answers (1)
During the Great Depression, consumer spending was higher than ever in history. Question 10 options: True False
Answers (2)