Marie purchased a car and took out a loan for the $14,663.61 purchase, at 7% interest...
Marie purchased a car and took out a loan for the $14,663.61 purchase, at 7% interest for 6 years. If she has 4 years left on her loan, what is her remaining balance?
Homework Answers
![Annual payment = pmt= Loan = [(1-(1/(1+r^n)}}/r] 14,663.61 + [((1-(1/(1.0746)}}/0.07] $3,076.36 Remaining balance = $10,420.2](http://img.homeworklib.com/questions/bc722ab0-78b1-11ea-93a6-7dc178bd837b.png?x-oss-process=image/resize,w_560)
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Marie purchased a car and took out a loan for the $14,663.61
purchase, at 7% interest...
Question 3 Marie purchased a car and took out a loan for the $14.663.61 purchase, at...
Question 3 Marie purchased a car and took out a loan for the $14.663.61 purchase, at 7% interest for 6 years. If she has 4 years left on her loan, what is her remaining balance? incorrect Score 0.00 out of 100 Anwer: Check
Marie purchased a car and financed her purchase with a loan at 7% interest. Her payments...
Marie purchased a car and financed her purchase with a loan at 7% interest. Her payments are $250 per month. If she has 4 years left on her loan, what is her remaining balance? blete ut of Answer: Check
Marie wants to purchase a car and finance her purchase with a 4 year loan at...
Marie wants to purchase a car and finance her purchase with a 4 year loan at 7% interest. If she wants her payments to be $250 per month, how much can she finance with this loan? Quiz navig UUDI Not complete Scored out of Answer question Finish attempt Check Time left 0:36:2
When you purchased your car, you took out a five-year annual-payment loan with an interest rate...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a) You have owned the car for one year (so there are four years left on the loan). b) You have owned the...
Rachel purchased a car for $18,500 three years ago using a 4-year loan with an interest...
Rachel purchased a car for $18,500 three years ago using a 4-year loan with an interest rate of 9.0 percent. She has decided that she would sell the car now, if she could get a price that would pay off the balance of her loan. What is the minimum price Rachel would need to receive for her car? Calculate her monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the...
When you purchased your car, you took out a five-year annual payment loan with an interest...
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 6.1% per year. The annual payment on the car is 5,500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned...
When you purchased your car, you took out a five-year annual payment loan with an interest...
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 5.9% per year. The annual payment on the car is $5,300. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned...
Rachel purchased a car for $18,000 three years ago using a 4-year loan with an interest...
Rachel purchased a car for $18,000 three years ago using a 4-year loan with an interest rate of 7.2 percent. She has decided that she would sell the car now, if she could get a price that would pay off the balance of her loon. What is the minimum price Rachel would need to receive for her car? Calculate her monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6.3% per year. The annual payment on the car is $5,100. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 5.6% per year. The annual payment on the car is $5,400. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the...
Question 3 Marie purchased a car and took out a loan for the $14.663.61 purchase, at 7% interest for 6 years. If she has 4 years left on her loan, what is her remaining balance? incorrect Score 0.00 out of 100 Anwer: Check
Marie purchased a car and financed her purchase with a loan at 7% interest. Her payments are $250 per month. If she has 4 years left on her loan, what is her remaining balance? blete ut of Answer: Check
Marie wants to purchase a car and finance her purchase with a 4 year loan at 7% interest. If she wants her payments to be $250 per month, how much can she finance with this loan? Quiz navig UUDI Not complete Scored out of Answer question Finish attempt Check Time left 0:36:2
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 6.1% per year. The annual payment on the car is 5,500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned...
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 5.9% per year. The annual payment on the car is $5,300. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned...
Rachel purchased a car for $18,000 three years ago using a 4-year loan with an interest rate of 7.2 percent. She has decided that she would sell the car now, if she could get a price that would pay off the balance of her loon. What is the minimum price Rachel would need to receive for her car? Calculate her monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6.3% per year. The annual payment on the car is $5,100. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 5.6% per year. The annual payment on the car is $5,400. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the...
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