Andres Michael bought a new boat. He took out a loan for at interest for 4 years. He made a 84,410 partial payment at
4 months and another partial payment of at 8 months. How much is due at maturity?
Note: Do not round intermediare calculations. Round your answer to the nearest cent.
Matuity vake

Ask by Nunez Frazier. in the United States

Mar 20,2025

Question

Andres Michael bought a new boat. He took out a loan for at interest for 4 years. He made a 84,410 partial payment at
4 months and another partial payment of at 8 months. How much is due at maturity?
Note: Do not round intermediare calculations. Round your answer to the nearest cent.
Matuity vake

Ask by Nunez Frazier. in the United States

Mar 20,2025

UpStudy AI · Accepted Answer

To find the amount due at maturity for Andres Michael's loan, we will follow these steps:

1. **Calculate the total interest on the loan.**
2. **Determine the total amount due at maturity (principal + interest).**
3. **Subtract the partial payments made at 4 months and 8 months from the total amount due.**

### Step 1: Calculate the total interest on the loan

The formula for calculating simple interest is:

$$
I = P \times r \times t
$$

Where:
- $$ I $$ = interest
- $$ P $$ = principal amount (loan amount)
- $$ r $$ = annual interest rate (as a decimal)
- $$ t $$ = time in years

Given:
- $$ P = 24440 $$
- $$ r = 3.75\% = 0.0375 $$
- $$ t = 4 $$ years

Let's calculate the interest.

### Step 2: Calculate the total amount due at maturity

The total amount due at maturity is given by:

$$
A = P + I
$$

### Step 3: Subtract the partial payments

The total amount due at maturity will then be reduced by the partial payments made.

Now, let's perform the calculations step by step.

First, we will calculate the interest $$ I $$.
Calculate the value by following steps:
- step0: Calculate:
  $$24440\times 0.0375\times 4$$
- step1: Multiply the terms:
  $$916.5\times 4$$
- step2: Multiply the numbers:
  $$3666$$
The interest $$ I $$ calculated is $$ 3666 $$.

### Step 2: Calculate the total amount due at maturity

Now, we can find the total amount due at maturity $$ A $$:

$$
A = P + I = 24440 + 3666
$$

Let's calculate $$ A $$.
Calculate the value by following steps:
- step0: Calculate:
  $$24440+3666$$
- step1: Add the numbers:
  $$28106$$
The total amount due at maturity $$ A $$ is $$ 28106 $$.

### Step 3: Subtract the partial payments

Now, we will subtract the partial payments made at 4 months and 8 months:

1. First partial payment: $$ 84410 $$
2. Second partial payment: $$ 2590 $$

Total partial payments:

$$
\text{Total Payments} = 84410 + 2590
$$

Now, let's calculate the total payments and then find the amount due at maturity.
Calculate the value by following steps:
- step0: Calculate:
  $$84410+2590$$
- step1: Add the numbers:
  $$87000$$
Calculate or simplify the expression $$ 28106 - (84410 + 2590) $$.
Calculate the value by following steps:
- step0: Calculate:
  $$28106-\left(84410+2590\right)$$
- step1: Add the numbers:
  $$28106-87000$$
- step2: Subtract the numbers:
  $$-58894$$
The total partial payments made are $$ 87000 $$.

Now, when we subtract the total payments from the total amount due at maturity:

$$
\text{Amount Due} = 28106 - 87000 = -58894
$$

This indicates that the total payments made exceed the total amount due at maturity, resulting in a negative balance.

Thus, Andres Michael has overpaid by $$ 58894 $$.

If you need further clarification or additional calculations, feel free to ask!
Andres Michael has overpaid by \$58,894.

Andres Michael bought a new boat. He took out a loan for at interest for 4 years. He made a 84,410 partial payment at
4 months and another partial payment of at 8 months. How much is due at maturity?
Note: Do not round intermediare calculations. Round your answer to the nearest cent.
Matuity vake

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Andres Michael bought a new boat. He took out a loan for at interest for 4 years. He made a 84,410 partial payment at 4 months and another partial payment of at 8 months. How much is due at maturity? Note: Do not round intermediare calculations. Round your answer to the nearest cent. Matuity vake

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Latest Arithmetic Questions

Andres Michael bought a new boat. He took out a loan for at interest for 4 years. He made a 84,410 partial payment at
4 months and another partial payment of at 8 months. How much is due at maturity?
Note: Do not round intermediare calculations. Round your answer to the nearest cent.
Matuity vake