Homework Answers
Use the formula for calulating the equated monthly payment is =P*r*(1+r)^n/(1+r)^n-1
Where
P=loan amount
r =monthly rate of interest
n =number of monthly installments
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The purchase price of a car is $60,000. Mr. Posey makes a down payment of $30,000...
13) The purchase price of a car is $60,000. Mr. Posey makes a down payment of...
13) 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
Lupe made a down payment of $2500 toward the purchase of a new car. To pay...
Lupe made a down payment of $2500 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 36 months. What was the cash price of the car? (Round your answer to the nearest cent.) $
The price of a new car is $12.000. Assume that an Individual makes a down payment of 25 toward the purchase
The price of a new car is $12.000. Assume that an Individual makes a down payment of 25 toward the purchase of the car and secures financing for the balance at the rate of 5 compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 36 months? (b) What will the interest charges befshe elects the 36-month plan so-month plans.
The price of a new car is $28,000. Assume that an individual makes a down payment...
The price of a new car is $28,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo? 48 mo s 72 mo s (b) What will...
A bank teller negotiated a purchase price of $22,350 for a car. In addition to the purchase...
A bank teller negotiated a purchase price of $22,350 for a car. In addition to the purchase price, the teller had to pay sales tax that was 6.25% of the purchase price and a $452 license fee. If the teller makes a down payment of 10% of the total cost of the car and secures a 4-year loan at an annual interest rate of 4.9% compounded monthly, what is the monthly car payment?
Lupe made a down payment of $2,000 toward the purchase of a new car. To pay...
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
"Ms. Kremer would like to purchase a new condo for $102,000. She plans to make a down payment of $55,000 and to borr...
"Ms. Kremer would like to purchase a new condo for $102,000. She plans to make a down payment of $55,000 and to borrow the rest of the money from the bank. The bank charges a nominal annual interest rate of 4% compounded daily. She agrees to monthly payments to pay off the loan in 12 years. Assume Ms. Kremer has made 12 payments and would like to pay off the balance immediately after payment number 12. How much does she...
The price of a new car is $40,000. Assume that an individual makes a down payment...
The price of a new car is $40,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 6%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 36 mo? Over a period of 48 mo? 36 mo $ 48 mo $ (b) What will...
The price of a new car is $16,000. Assume an individual makes a down payment of...
The price of a new car is $16,000. Assume an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 12%/year compounded m What monthly payment will she be required to make if the car is financed over a period of 48 months? What will the interest charges be if she elects the 48-month plan? Round your answers to the nearest cent. R = $339.54; interest charges...
The price of a new car is $40,000. Assume that an individual makes a down payment...
The price of a new car is $40,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 9%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 24 months? Over a period of 72 months? 24 months $ 72 months $ (b) What will...
13) 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
The price of a new car is $28,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo? 48 mo s 72 mo s (b) What will...
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
The price of a new car is $40,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 6%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 36 mo? Over a period of 48 mo? 36 mo $ 48 mo $ (b) What will...
The price of a new car is $16,000. Assume an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 12%/year compounded m What monthly payment will she be required to make if the car is financed over a period of 48 months? What will the interest charges be if she elects the 48-month plan? Round your answers to the nearest cent. R = $339.54; interest charges...
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