1.)What is the payment on a 60-month, $10,000 car loan with APR of 6.66%? Round to...
1.)What is the payment on a 60-month, $10,000 car loan with APR of 6.66%? Round to the penny.
2.) In the first payment on a 60-month, $10,000 car loan with APR of 3.65%, how much pays off the principal? Round to the penny.
3.)After making 28 payments on a 60-month, $10,000 car loan with APR of 6%, what is the outstanding balance on the loan? Round to the penny.
Homework Answers
1.
Monthly payment is:
2.
The interest part in first payment would be $10,000*(0.0365/12) = $30.4167
Thus, principal amount must be ($182.59-$30.4167) = $152.17.
3.
Outstanding balance is:
Add Answer to:
1.)What is the payment on a 60-month, $10,000 car loan with APR
of 6.66%? Round to...
To purchase a car, Sarah took out a 60-month loan for $27,700 with a 6.2% annual...
To purchase a car, Sarah took out a 60-month loan for $27,700 with a 6.2% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) payments remaining is The amount needed to pay off this loan with (Round to the nearest cent.)
To purchase a car, Sarah took out a 60-month loan for $30,100 with a 7.7% annual...
To purchase a car, Sarah took out a 60-month loan for $30,100 with a 7.7% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is "Round to the nearest cent.) The amount needed to pay off this loan with Round to the nearest cent.) payments remaining is .
Question 11 1 pts The payment on a $21,719 car loan is $399.99 per month. If...
Question 11 1 pts The payment on a $21,719 car loan is $399.99 per month. If the interest rate is 4%, how much of the first month's payment goes toward paying off the principal balance? $327.59 $349.99 $399.99 $372.40
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual...
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual interest rate. After making 41 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance Calculate Sarah's monthly payment and the amount needed to pay off her loan Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is Enter your...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
You have just taken out a $27,000 car loan with a 7 % APR, compounded monthly....
You have just taken out a $27,000 car loan with a 7 % 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 steps less than six decimal places.) You have just sold your house for $900,000 in cash. Your mortgage was originally a...
You have just taken out a $16,000 car loan with a 6% APR, compounded monthly. The...
You have just taken out a $16,000 car loan with a 6% 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 steps less than six decimal places) When you make your first payment, will go toward the principal of the loan and $...
George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with...
George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with a 7.20% interest rate compounded monthly. At the end of the second year, George plans on making a $3,167.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments. How many months remain on the loan after the extra payment is made? (Do not round)
You have just purchased a car and taken out a $36,000 loan. The loan has a...
You have just purchased a car and taken out a $36,000 loan. The loan has a five-year term with monthly payments and an APR of 5.6%. a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.) b. How much will you pay in interest, and how much will you pay in principal,...
You have just taken out a $26,000 car loan with a 5% APR, compounded monthly. The...
You have just taken out a $26,000 car loan with a 5% 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 steps less than six decimal places) When you make your first payment will go toward the principal of the loan and will...
To purchase a car, Sarah took out a 60-month loan for $27,700 with a 6.2% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) payments remaining is The amount needed to pay off this loan with (Round to the nearest cent.)
To purchase a car, Sarah took out a 60-month loan for $30,100 with a 7.7% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is "Round to the nearest cent.) The amount needed to pay off this loan with Round to the nearest cent.) payments remaining is .
Question 11 1 pts The payment on a $21,719 car loan is $399.99 per month. If the interest rate is 4%, how much of the first month's payment goes toward paying off the principal balance? $327.59 $349.99 $399.99 $372.40
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual interest rate. After making 41 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance Calculate Sarah's monthly payment and the amount needed to pay off her loan Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is Enter your...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
You have just taken out a $16,000 car loan with a 6% 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 steps less than six decimal places) When you make your first payment, will go toward the principal of the loan and $...
You have just purchased a car and taken out a $36,000 loan. The loan has a five-year term with monthly payments and an APR of 5.6%. a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.) b. How much will you pay in interest, and how much will you pay in principal,...
You have just taken out a $26,000 car loan with a 5% 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 steps less than six decimal places) When you make your first payment will go toward the principal of the loan and will...
Most questions answered within 3 hours.
-
What's the streaming business's problem on the
horizon?
asked 42 minutes ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 55 minutes ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 1 hour ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 1 hour ago -
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 2 hours ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 2 hours ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 2 hours ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 2 hours ago -
Write a script in MySQL that creates and calls a stored
procedure name test. This procedure...
asked 2 hours ago -
If we test the following: H0: μ = 17
vs. H1: μ ≠ 17 and the...
asked 3 hours ago -
in the past year TVG had revenues of 3 million, cost
of goods sold of $25...
asked 3 hours ago -
4) In a polypeptide, which bond cannot rotate because of its
partial double bond character?
The...
asked 3 hours ago