Homework Answers
a) Cash Value of Car today
= Current value of old car + Down payment +Present Value of payment to made over 2 years
= 8000+1000+500*1/[1+(0.046/12)]^12 +500*1/[1+(0.046/12)]^24
=9000+477.56+456.13
=9933.69
b) Total Interest to be paid = Total Cash to be paid - Cash Value of Car today
=(8000+1000+500+500) - 9933.69
=10000-9933.69
=66.31
c) Solution could not be provided as Problem 3 is not mentioned in Question
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