please help me to solve a, b, c.
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please help me to solve a, b, c.
You take out an $8,100 car loan that...
You take out an $8,600 car loan that calls for 48 monthly payments starting after 1...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
You take out a $7,400 car loan that calls for 36 monthly payments starting after 1...
You take out a $7,400 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) - monthly payment? b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent -effective annual interest rate?? c. Now assume the payments are made in four annual year-end...
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of...
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of $230 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) *what is Effective interest rate?? b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal monthly payments of $1,474.51 over the next 25 years. a-1. What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Monthly interest rate % a-2. What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR % b. What is the effective...
Banks sometimes quote interest rates in the form of “add-on interest.” In this case, if a...
Banks sometimes quote interest rates in the form of “add-on interest.” In this case, if a 1-year loan is quoted with an interest rate of 9.5% and you borrow $1,000, then you pay back $1,284. But you make these payments in monthly installments of $107 each. A. What is the true APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) APR______% B. What...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You want to buy a new sports coupe for $78,500, and the finance office at the...
You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted you an APR of 6 percent for a 60 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2...
You want to buy a new sports coupe for $74,500, and the finance office at the...
You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you a loan with an APR of 6.9 percent for 36 months to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded...
Problem 6-20 Calculating Loan Payments (LO2, 4) You want to buy a new sports coupe for...
Problem 6-20 Calculating Loan Payments (LO2, 4) You want to buy a new sports coupe for $87.500, and the finance office at the dealership has quoted you an APR of 6.9 percent for a 48 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round Intermediate calculations. Enter your...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal monthly payments of $1,474.51 over the next 25 years. a-1. What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Monthly interest rate % a-2. What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR % b. What is the effective...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted you an APR of 6 percent for a 60 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2...
You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you a loan with an APR of 6.9 percent for 36 months to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded...
Problem 6-20 Calculating Loan Payments (LO2, 4) You want to buy a new sports coupe for $87.500, and the finance office at the dealership has quoted you an APR of 6.9 percent for a 48 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round Intermediate calculations. Enter your...
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