show all work pleasee :)Homework Answers
rate positively ..
| Ans 5 | ||||||
| Computation of original cost | ||||||
| we have to use financial calcualtor to solve this | ||||||
| put in calculator | ||||||
| FV | 0 | |||||
| PMT | -300 | |||||
| I | 12%/12 | 1% | ||||
| N | 48 | |||||
| Comput PV | $11,392.19 | |||||
| Therefore cost of car = | $11,392.19 | |||||
| Total interest paid = 300*48-11392.19 | $3,007.81 | |||||
| Ans 6 | ||||||
| a) | ||||||
| Size of downpayment = 180000*20% | 36000 | |||||
| Amount financed = 180000*80% | 144000 | |||||
| Ans b) | ||||||
| Computation of monthly payment needed | ||||||
| we have to use financial calculator to solve this | ||||||
| put in calculator - | ||||||
| FV | 0 | |||||
| I | 7.38%/12 | 0.6150% | ||||
| PV | -144000 | |||||
| N | 30*12 | 360 | ||||
| Compute PMT= | $995.06 | |||||
| therefore monthly payment = | $995.06 | |||||
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show all work please and explanations
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