Ask Question
MathematicsMathematics
3 September, 21:54

You have just finished paying off your $35,125 loan, a feat which took ten years of quarterly payments. The loan had an interest rate of 7.44%, compounded quarterly. If you also paid $5,180.70 in service charges, what percentage of the total cost was made up by your finance charges? Round all dollar values to the nearest cent

+4
Answers (2)
  1. 3 September, 22:15
    0
    Quarterly payment (before Svc Chg) : PV 35,125, N 40, R 1.86% computes to Annuity of 1,252.70

    Total paid (1,252.70 x 40) 50,108 - 35,125 = 14,983 Interest paid + 5,180.70 Svc Chg = 20,163.70, of which Svc Chg was 25.69%
  2. 3 September, 22:21
    0
    B. 36.47% is the correct answer to this question.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You have just finished paying off your $35,125 loan, a feat which took ten years of quarterly payments. The loan had an interest rate of ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
You are a contractor and charge $45 for a site visit plus an additional $24 per hour for each hour you spend working at the site. Write and solve an equation to determine how many total hours you have to work to earn $765 working at a work site
Answers (1)
Suppose a soup can has a diameter of 10 cm and a height of 12 cm. What is the volume of soup in the can? (to nearest whole number) A) 36 cm3 B) 48 cm3 C) 144 cm3 D) 942 cm3
Answers (1)
Joe leaves $3 as a tip for a meal that costs $22. if a good tip is between 15% and 29%, is this good tip? why or why not?
Answers (1)
A particle is moving with the given data. find the position of the particle. at) = 12 sin (t) + 7 cos (t), s (0) = 0, s (2π) = 18
Answers (1)
Mary Lee has a total of 216 eggs. Using these eggs, she will fill empty egg cartons that each hold 12 eggs. What is the greatest number of egg cartons that Mary Lee can fill completely? a) 18 b) 19 c) 288 d) 2,592
Answers (1)
New Questions in Mathematics
Type the correct answer in the box. Use numerals instead of words. If necessary, use / for the fraction bar. The solution set of n2 - 14n = - 45 is [ ]
Answers (1)
Peter is 2 years older than Winnie. Peter's age is 16 years less than seven times Winnie's age. The equations below model the relationship between Peter's age (p) and Winnie's age (w): p = w + 2 p =
Answers (1)
Name a fraction equivalent to 2/3
Answers (2)
The teacher has 15 gold prize ribbons, 22 blue ribbons, and 5e red ribbons. There are 12 boys and 18 girls in the class.
Answers (1)
3 (6x^2-5x+7) - 2 (-4x^2+8-10)
Answers (1)
Home » Mathematics » You have just finished paying off your $35,125 loan, a feat which took ten years of quarterly payments. The loan had an interest rate of 7.44%, compounded quarterly. If you also paid $5,180.
Sign Up Forgot Password?