5. A dealer offers a $45,000 crwith a downpayment of $4,000 and 60 easy monthly payments...
6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly payments of $539.99. How much monthly interest rate is he charging? 7. A individual is borrowing 195,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 8. For the loan described under Q7, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 89th mortgage payment? 9. A...
The local BMW dealer offers to sell you the new 7 series vehicle for 60 monthly payments of $735 (first payment 30 days from now). Given your FICO credit rating of 555 the BMW credit manager states the interest rate on this loan will be 6.5% per annum or .5416% monthly. At the time you sign the loan documents what “value” are you paying for the BMW?
Question 40 (1 point) Saved You wish to buy a $45,000 car. The dealer offers you a 6-year loan with an 2.5 percent APR. What are the monthly payments? (Critical Thinking) $272.19 $473.59 $405.53 $673.69
14 Problem 5-39 Loan Payments (LG5-9) You wish to buy a $23,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments (Do not round intermediate calculations and round your final answer to 2 decimal places.) -Book Payment per month Hint erences How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment per month
8. You purchased a new car for sis,000. The dealer offers you an interest rate of 5% over years. a) What would your monthly payment be? b) Suppose you would like to save interest by paying the loan off in 3 years. How much more a ma would you need to pay? c) What would the effective interest rate be if you paid off the car in 3 years? 9. Sketch the annual cash flow diagrams for each case in...
You wish to buy a $22,000 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Problem 2.7 A Given: You wish to buy a building with monthly payments of S1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford. interest
Suppose that a loan is being repaid with 60 equal monthly payments, the first coming a month after the loan is made. If the rate of interest is 7.5 percent convertible monthly, and the amount of principal in the 22nd payment is 210, how much interest is in the 44th payment?
4. You need to borrow $7,500 to buy a motorcycle. The dealer offers an APR of 9.25% to be paid off in monthly installments over 3 years. (a) What is the monthly payment? (7) (b) How much total interest did you pay? (7)
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $39,000. The dealer has told Tim that if he can come up with a down payment of $5,900, the dealer will finance the balance of the price at a 5% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...