Ricardo purchase a used car for $10,000 He wrote a check for $2,000 as a down payment for the car and financed the $23,681 balance. The annual percentage rate (APR) is 9% compounded monthly, and the loan is to be repaid in equal monthly installments over the next four years. How much is Ricardo's monthly car payment?
Ricardo purchase a used car for $10,000 He wrote a check for $2,000 as a down payment for the car and financed the $23,681 balance
PLEASE WRITE DOWN THE FORMULAS YOU USE 8. The purchase of a car requires a $12,000 loan to be repaid in monthly installments for four years at an interest rate (APR) of 9% compounded monthly. If the general inflation rate is 2% per month, find the actual-dollar and constant-dollar value of the 20th payment of this loan.
Lupe made a down payment of $2,000 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $200/month for 30 mo. What is the cash price of the car? $3,611.04 $7,161.54 $8,956.98 O $5,161.54
11.9 The purchase of a car requires a $25,000 loan to be repaid in monthly installments for four years at 9% interest compounded monthly. If the general inflation rate is 4% compounded monthly, find the actual-and constant-dollar value of the 20th payment.
The Purchase of a car requires a $25,000 loan to be repaid in monthly installments for four years at 12% interest compounded monthly and the general inflation is 6% compounded monthly. a) Find the actual & constant dollar value of the 20th payment. b) The total loan payback amount in constant & actual dollars.
A car is purchased for $6,801.95 with $2,000 down and a loan to be repaid at $100 a month for 2 years followed by a balloon payment. If the interest rate is 6% compounded monthly, how large will the balloon payment be? The balloon payment will be $ . (Round to the nearest cent as needed.)
Suppose you purchase a new car for $21,500. You make a down payment of $5000 (ie. you take a loan of $16,500), and then finance the balance over 36 months at APR of 6% with monthly compounding. What will be the size of the monthly car loan payment?
Mrs. Landingham recently purchased a new car. In addition to her down payment she will borrow $10,000 to pay for the car, which she will pay back with 60 equal monthly payments over the next five years. The stated annual interest rate is 12%, compounded monthly. If she receives the loan today and makes her first payment one month from today, what will be the amount of her first payment? I've tried so many times and I don't have any...
You are looking at buying a car. You negotiate the price of the car down to $16,000. You have $6,000 in cash, so you’ll borrow $10,000 to purchase the car. The dealer offers you a loan that has an APR of 4%, compounded monthly, with monthly payments starting next month and lasting 5 years. What would be the monthly payment?
The purchase price of a car is $60,000. Mr. Posey makes a down payment of $30,000 and borrows the balance from a bank at 6% APR interest, compounded monthly, for 5 years. Calculate the nearest value of the required monthly payments to pay off the loan a) $ 400 b) 580 c) $600 d) $1,160
Suppose you purchase your first home by making a $10,000 down payment on a debt of $150,000. The bank charges an APR of 4.8% compounded monthly for a 30 year mortgage. Your monthly payment on the remaining $140,000 is $787.00. (Do not enter $ sign and round answers to the nearest cent: Examples: 650.35, 12000.00) a) You elect to payoff the entire loan after you pay 240 payments (120 payments remain). How much must you pay to payoff the loan...