Question 40 (1 point) Saved You wish to buy a $45,000 car. The dealer offers you...

Question

Question

Answer 1

Answer #1

Using financial calculator input

PV =45000

N=6×12=72

I/Y= 2.5/12

Solve for PMT as -673.69

Hence the monthly payments will be 673.69 dollars

Answer 2

Similar Homework Help Questions

You wish to buy a $22,000 car. The dealer offers you a 5-year loan with a...

You wish to buy a $22,000 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
14 Problem 5-39 Loan Payments (LG5-9) You wish to buy a $23,500 car. The dealer offers...

14 Problem 5-39 Loan Payments (LG5-9) You wish to buy a $23,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments (Do not round intermediate calculations and round your final answer to 2 decimal places.) -Book Payment per month Hint erences How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment per month
QUESTION 6 Suppose you want to buy a car that costs $17,000. If the dealer is...

QUESTION 6 Suppose you want to buy a car that costs $17,000. If the dealer is offering 100% financing at 7.4% APR compounded monthly for a 5 year loan, what would be the monthly payment? (Answer to the nearest penny)

You are at a dealer's shop to buy a new sports car for $55,000. The dealer...

You are at a dealer's shop to buy a new sports car for $55,000. The dealer offers you a 6 percent APR, 5-year payment plan that requires you to make equal monthly payment starting from today. What will your monthly payment be? A. $1047.90 B. $1,053.87 C. $1,058 D. $1,063.30 E. $1,072.11
Problem 5-40 Loan Payments (LG5-9) You wish to buy a $10,800 dining room set. The furniture store offers you a 3-ye...

Problem 5-40 Loan Payments (LG5-9) You wish to buy a $10,800 dining room set. The furniture store offers you a 3-year loan with an APR of 10.8 percent. What are the monthly payments? (Do not round Intermediate calculations and round your final answer to 2 decimal places Payment per month How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment per month
you wish to buy it 10,400 dining room table set. The furniture store offers you a...

you wish to buy it 10,400 dining room table set. The furniture store offers you a three-year loan with a APR of 11% what are the monthly payments? How would the payment differ if you paid interest only?

Amortization Table. You wish to buy a $40,000 car. The bank can finance you with a 3-year loan at a 4 percent APR. If yo...

Amortization Table. You wish to buy a $40,000 car. The bank can finance you with a 3-year loan at a 4 percent APR. If you make a $7,000 down payment on the purchase. What are the monthly payments on your loan? How much will you pay in interest each year? Show the amortization table (use monthly payments).
Show all excel formulas used Ex. 3 JIf a dealer offers you a car at $275...

Show all excel formulas used Ex. 3 JIf a dealer offers you a car at $275 monthly payment for 5 years plus $5,000 down. If you can get a similar loan from a bank at APR of 12%, what is the price that you're paying? Down payment Monthly payment Loan period months APR No. of compounding times per year Monthly rate Present Value Book formula Excel function Ex. 4 If you take out an $10,000 car loan that call for...
You decided to buy a new car, and you can either lease the car or purchase...

You decided to buy a new car, and you can either lease the car or purchase it on a three- year loan. The car you wish to buy costs $32,000. The dealer has a special leasing arrangement where you pay $99 today and $450 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at a 7 percent APR. You believe you will be able...

Problem #5: You want to buy a car that costs $21,000. The dealer wants a 10%...

Problem #5: You want to buy a car that costs $21,000. The dealer wants a 10% down payment and quotes a 15% APR for a 72-month loan. (a) What will be your monthly payment if the payment is made at the end of each month from the day you buy the car? (b) What will be your monthly payment if you tell the dealer that you will not make any down payment, but you will make your payments at the...