Question

Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to...

Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to make monthly payments (at the end of each month) of $819.48 on a loan of $47,000. If the annual percentage rate is 7.80% how long in years is the loan for? Please show ALL work with finance formulas. Please show all steps when working out!

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to...

    Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to make monthly payments (at the end of each month) of $819.48 on a loan of $47,000. If the annual percentage rate is 7.80% how long in years is the loan for? Please show ALL work with finance formulas.

  • Suppose Bill purchases a car and he is going to finance $14,400 for 24 months at...

    Suppose Bill purchases a car and he is going to finance $14,400 for 24 months at an APR of 6% compounded monthly. Find the monthly payments on the loan. The monthly payment is $_.

  • 2. You are considering buying a new car from a local dealer (Dealer 1) for $30,000....

    2. You are considering buying a new car from a local dealer (Dealer 1) for $30,000. Dealer 1 will finance the entire purchase price at 6% interest over 5 years. Interest is compounded monthly and you must make monthly payments. What is the most you would be willing to offer another dealer (Dealer 2) for the same car who is offering a financing plan with a 2% interest rate over 5 years? Hint: If the loan payments are the same...

  • Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months...

    Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,00. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at the time of...

  • You are considering buying a piece of land priced today at $120,000. The bank has offered...

    You are considering buying a piece of land priced today at $120,000. The bank has offered you a loan to buy it. The loan is a 5-year loan for which you will make semi- annual payments (at the end of each semester). The APR for the loan is 10%. How much is the semi-annual payment? 1) $12,039.54 2) $15,540.55 O 3) $31,655.70 04) $9,540.55 Question 10 (3 points) You borrowed $10,000 two years ago. The loan terms are: 5-year loan...

  • Question: Suppose your friend April is considering to refinance her mortgage. She bought her house 60...

    Question: Suppose your friend April is considering to refinance her mortgage. She bought her house 60 month... Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 196,000. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit...

  • You need some money today and the only friend you have that has any is your...

    You need some money today and the only friend you have that has any is your miserly friend. He agrees to loan you the money you need, if you make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much money are you borrowing?" $164.09 $168.22 $169.50 $170.68 $171.40 ***please show steps with a financial...

  • Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her...

    Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her bonge 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs closing costs include application fee, appraisal fee. loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at...

  • Part II -Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought...

    Part II -Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years...

  • Question 6: Chandra is considering borrowing $150,000 to buy a house, using a 15-year fixed-rate mortgage....

    Question 6: Chandra is considering borrowing $150,000 to buy a house, using a 15-year fixed-rate mortgage. Assuming quoted annual interest rate (APR) of 3.9%, put together an amortization table showing all of the monthly payments broken down into the amount going toward paying interest and the amount going toward paying down the mortgage loan balance. You should also have the beginning and ending balance for each month in your table. Please make sure you use cell references and copying and...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT