You decide to buy a new vehicle, but you need to take a loan in order...
You decide to buy a new vehicle, but you need to take a loan in order to cover some of the cost. You take a loan of $14,000 that you need to pay off over the next 30 years. If the APR on the loan is 6%, how much will you need to pay every month to cover the loan? Round to the nearest whole dollar. (no commas)
Monthly Payment: $
Using your calculated payment amount, how much money total would you have paid over that 30-year period? Round to the nearest whole dollar. (no commas)
Total money withdrawn: $
How much would the bank that gave you the loan earn from interest? Round to the nearest whole dollar. (no commas)
Interest: $
Homework Answers
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You decide to buy a new vehicle, but you need to take a loan in
order...
2) Find a vehicle that you would like to own on the internet. a) Paste a...
2) Find a vehicle that you would like to own on the
internet.
a) Paste a picture or screen shot in the box below using the
"mountain" button to add the picture. The picture should include
the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.
Please note ( this is not simple interest)
b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED
INCORRECT
c) If the dealership you...
2) Find a vehicle that you would like to own on the internet. a) Paste a...
2) Find a vehicle that you would like to own on the
internet.
a) Paste a picture or screen shot in the box below using the
"mountain" button to add the picture. The picture should include
the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.
b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED
INCORRECT
c) If the dealership you are buying the car from is
offering 5.5%...
2) Find a vehicle that you would like to own on the internet. a) Paste a...
2) Find a vehicle that you would like to own on the
internet.
a) Paste a picture or screen shot in the box below using the
"mountain" button to add the picture. The picture should include
the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.
b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED
INCORRECT
c) If the dealership you are buying the car from is
offering 5.5%...
Q3: Mike decide to take the mortgage loan to buy a house with total price of...
Q3: Mike decide to take the mortgage loan to buy a house with total price of $200,000.He made 50,000 for down payment. He decided to pay back the money every quarter in the equal amount. What should be his equal quarterly payment be over the next 20 years if the annual interest rate is 7%? Q4: You want to buy a car, and a bank will lend you $30,000. The loan would be fully amortized over 3 years (36 months),...
If you had to amortise a $120,000 loan over a 10-year period into a payment stream...
If you had to amortise a $120,000 loan over a 10-year period into a payment stream that looks like a uniform annuity flow taking the time value of money into account, then the value of the monthly payments at an APR of 9% on the loan must be how much? (round to the nearest whole dollar)
If you had to amortise a $120,000 loan over a 10-year period into a payment stream...
If you had to amortise a $120,000 loan over a 10-year period into a payment stream that looks like a uniform annuity flow taking the time value of money into account, then the value of the monthly payments at an APR of 9% on the loan must be how much? (round to the nearest whole dollar) PLS provide an explanation :)
1. What is the amount you would need to invest today or order to have $30,000...
1. What is the amount you would need to invest today or order to have $30,000 in 20 years and your investment has a 5% rate of return that is compounded annually? Round your answer to the nearest cent. 2. How much would you need to invest today in order to receive a monthly payment of $500 for 3 years. At the end of the three years there will be nothing left in the investment. This investment will yield 12%....
You've decided to buy a house that is valued at $1 million. You have $400,000 to...
You've decided to buy a house that is valued at $1 million. You have $400,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $600,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be month. (Note: Round the...
A. You’ve decided to buy a house that is valued at $1 million. You have $250,000...
A. You’ve decided to buy a house that is valued at $1 million. You have $250,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $750,000 mortgage, and is offering a standard 30-year mortgage at a 10% fixed nominal interest rate (called the loan’s annual percentage rate or APR). Under this loan proposal, your mortgage payment will be _________per month. (Note:...
You are looking to purchase a Tesla Model X sport utility vehicle. The price of the...
You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $94,250. You negotiate a six-year loan, with no money down and no monthly payments during the first year. After the first year, you will pay $1,375 per month for the following five years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with monthly compounding is 3.4 percent. What will be...
2) Find a vehicle that you would like to own on the
internet.
a) Paste a picture or screen shot in the box below using the
"mountain" button to add the picture. The picture should include
the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.
Please note ( this is not simple interest)
b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED
INCORRECT
c) If the dealership you...
2) Find a vehicle that you would like to own on the
internet.
a) Paste a picture or screen shot in the box below using the
"mountain" button to add the picture. The picture should include
the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.
b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED
INCORRECT
c) If the dealership you are buying the car from is
offering 5.5%...
2) Find a vehicle that you would like to own on the
internet.
a) Paste a picture or screen shot in the box below using the
"mountain" button to add the picture. The picture should include
the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.
b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED
INCORRECT
c) If the dealership you are buying the car from is
offering 5.5%...
You've decided to buy a house that is valued at $1 million. You have $400,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $600,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be month. (Note: Round the...
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