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Use the partially completed promissory note for a recreational vehicle (RV) loan. Find the term of the loan and the loan proceeds.
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The term of the loan is 60 months or 5 years.
The loan proceeds are $100,000.
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Use the partially completed promissory note for a recreational vehicle (RV) loan. What is the monthly payment?
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Use the partially completed promissory note for a recreational vehicle (RV) loan. Find the total amount due and the cost of credit.
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The monthly payment is
This implies that the total paid during the 5 years is
So, the cost of credit is
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Use the partially completed promissory note for a recreational vehicle (RV) loan. The first payment is due March 1, 2011. When is the last payment due?
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The graph shows the decreasing balance of the loan. When is the remaining balance about one-fourth of the original loan amount?
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From the graph, it appears that the balance of the loan will be about $25,000 (a quarter of the original amount) after 47 payments.
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The credit union offers Raja a 0.25% reduction in the APR by initiating automatic monthly payments from his checking account. How much does he save over the term of the loan by doing this?
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