Calculate the monthly payment as follows:
Therefore, the monthly payment is $333.67.
Question 6 3 pts Today, you are borrowing $13,800 to purchase a car. What will be...
You would like to save annually for buying a car 6 years from today. Suppose the first deposit is made today and the last deposit will be made 5 years from now. Assume the car will cost you $30,000 and your deposits earn you interest at 6% p.a. compounded annually. a. What is your annual deposit amount? b. Instead of making annual deposits, you would like to make your deposit monthly and the bank is happy to pay your interest...
You are borrowing $5,340 to buy a car. The terms of the loan call for monthly payments for 4 years at a 5.50 percent interest compounded monthly. What is the amount of each payment? $99.16 $99.71 $125.64 O $127.82 O $124.19
You are borrowing $5,390 to buy a car. The terms of the loan call for monthly payments for 4 years at a 4.50 percent interest compounded monthly. What is the amount of each payment? O $102.70 O $129.40 $102.15 O $122.91 O $131.67
You are borrowing $18,800 to buy a car. The terms of the loan call for monthly payments for five years at 4.25 percent interest. What is the amount of each payment? A. $391.40 B. $313.33 C. $348.36 D. $402.19 E. $444.64
3. You wish to purchase a $40,000 new car in 5 years. If interest is paid at a 7.5% annual rate, compounded monthly, what lump sum would you need to deposit into your account today in order to have the $40,000 after 5 years?
3. You wish to purchase a $40,000 new car in 5 years. If interest is paid at a 7.5% annual rate, compounded monthly, what lump sum would you need to deposit into your account today in order to have the $40,000 after 5 years ?
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are for 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from an online website or at a dealership) For promotion A Compute...
1. What is the amount you would need to invest today or order to have $30,000 in 20 years and your investment has a 5% rate of return that is compounded annually? Round your answer to the nearest cent. 2. How much would you need to invest today in order to receive a monthly payment of $500 for 3 years. At the end of the three years there will be nothing left in the investment. This investment will yield 12%....
You decide to finance the purchase a used $10,000 car with $2500 down, borrowing $7500 from a local bank. They tell you the interest being charged is 6% per year. You agree to repay the loan in 24 equal monthly payments. The monthly payment they calculate for you is: 7500 (7500)(.06)(2 yrs) _c250 24 months 24 After considering their loan offer, will you decide to accept it? Why or why not? (10 points]
You are borrowing $20,000 to buy a car. The terms of the loan call for quarterly payments for 5 years. You know that interest is compounded quarterly and that the effective annual rate is 15%. What is the amount of each payment?