You have just leased a car that has monthly payments of $320 for the next 4...

Question

Question

You have just leased a car that has monthly payments of $320 for the next 4 years with the first payment due today. If the AP

Answer 1

Answer #1

Calculate the present value of payments as follows:

- X con le =PV(5.76%/12,4*12,-320,,1) Function Arguments ? X PV * Rate 5.76%/12 Nper 4*12 Pmt -320 Fv Type 11 = 0.0048 = 48 =

Therefore, the present value of payment is $13,755.46.

Answer 2

Similar Homework Help Questions

You have just leased a car that has monthly payments of $350 for the next 4...

You have just leased a car that has monthly payments of $350 for the next 4 years with the first payment due today. If the APR is 6.48 percent compounded monthly, what is the value of the payments today?
You have just leased a car that has monthly payments of $285 for the next 3...

You have just leased a car that has monthly payments of $285 for the next 3 years with the first payment due today. If the APR is 4.92 percent compounded monthly, what is the value of the payments today?
You have just leased a car that has monthly payments of $285 for the next 3...

You have just leased a car that has monthly payments of $285 for the next 3 years with the first payment due today. If the APR is 4.92 percent compounded monthly, what is the value of the payments today?

You have just leased a car that has monthly payments of $385 for the next 5...

You have just leased a car that has monthly payments of $385 for the next 5 years with the first payment due today. If the APR is 7.32 percent compounded monthly, what is the value of the payments today?
MC algo 5-53 Calculating Annuity Due Present Values You have just leased a car that has monthly payments of $390 for th...

MC algo 5-53 Calculating Annuity Due Present Values You have just leased a car that has monthly payments of $390 for the next 3 years with the first payment due today. If the APR is 7.44 percent compounded monthly, what is the value of the payments today? Multiple Choice O $12,183.73 O SMA7873 $11,478.73 O $12,548.80 O $12,626.60 O $13,090.20
The Nashville Geetars, a professional foosball team, has just signed its star player Harold "The Wrist"...

The Nashville Geetars, a professional foosball team, has just signed its star player Harold "The Wrist" Thornton to a new contract. One of the terms requires the team to make a lump sum payment of $13.19 million to the The Wrist exactly 10 years from today. The team plans to make equal annual deposits into an account that will earn 4.87 percent in order to fund the payment. How much must the team deposit each year? You have just leased...

You have just purchased a car and, to fund the purchase, you borrowed $22,500. If your monthly payments are $430.82 for...

You have just purchased a car and, to fund the purchase, you borrowed $22,500. If your monthly payments are $430.82 for the next 5 years, what is the APR of the loan? Multiple Choice 4.81% 5.60% 5.17% 5.77% 6.40%
You have decided to buy a car that costs $23,400. Since you do not have a...

You have decided to buy a car that costs $23,400. Since you do not have a big down payment, the lender offers you a loan with an APR of 5.89 percent compounded monthly for 6 years with the first monthly payment due today. What is the amount of your loan payment? A. $360.04 B. $386.59 C.$271.74 D. $270.41
You have just purchased a car and, to fund the purchase, you borrowed $27,500. If your...

You have just purchased a car and, to fund the purchase, you borrowed $27,500. If your monthly payments are $515.27 for the next 5 years, what is the APR of the loan? Multiple Choice 5.38% 4.71% 4.03% 4.34% 4.85%

You have just taken out a $19,000 car loan with a 4% APR, compounded monthly. The...

You have just taken out a $19,000 car loan with a 4% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate stops less than six decimal places.) When you make your first payment, $ will go toward the principal of the loan and...