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6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly...
5. A dealer offers a $45,000 crwith a downpayment of $4,000 and 60 easy monthly payments...
5. A dealer offers a $45,000 crwith a downpayment of $4,000 and 60 easy monthly payments of $739.99. How much monthly interest rate is he charging?
6, A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded...
6, A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 7. For the loan described under Q6, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 110 mortgage payment?
6. A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded...
6. A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 7. For the loan described under Q6, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 110h mortgage payment?
The local BMW dealer offers to sell you the new 7 series vehicle for 60 monthly...
The local BMW dealer offers to sell you the new 7 series vehicle for 60 monthly payments of $735 (first payment 30 days from now). Given your FICO credit rating of 555 the BMW credit manager states the interest rate on this loan will be 6.5% per annum or .5416% monthly. At the time you sign the loan documents what “value” are you paying for the BMW?
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...
2 Q008 Negative Amortization a. Negative amortization occurs when the principal balance on a occurs when...
2 Q008 Negative Amortization a. Negative amortization occurs when the principal balance on a occurs when the principal balance on a loan (usually a mortgage) increases because the borrower's payments don't cover the total amount of interest that has accrued. des to purchase a house that costs $199.500. The bank requires a 10% downpayment and will provide a 15 year mortgage at a annual interest rate of 6%. The bank tells Mary that her monthly mortgage payments will be $1,510.14...
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
L You will only receive credit on the shels labell your You th or complete photocopy). You may Mathematics Map the...
L You will only receive credit on the shels labell your You th or complete photocopy). You may Mathematics Map the origin them which you w ch You otherwiecie 3 Q008 Negative Amortization Negative amortization occurs when the principal balance on a loan (usually a morte) increases because the borrower's payments don't cover the total amount of interest that has accrued. Thomas decides to purchase a house that costs $294,000. The bank requires a 10% downpayment and will provide a...
8. You purchased a new car for sis,000. The dealer offers you an interest rate of 5% over years. ...
8. You purchased a new car for sis,000. The dealer offers you an interest rate of 5% over years. a) What would your monthly payment be? b) Suppose you would like to save interest by paying the loan off in 3 years. How much more a ma would you need to pay? c) What would the effective interest rate be if you paid off the car in 3 years? 9. Sketch the annual cash flow diagrams for each case in...
QUESTION 5 Suppose you want to buy a house that costs $750,000. You are required to...
QUESTION 5 Suppose you want to buy a house that costs $750,000. You are required to put 10% down, which means the amount to be borrowed is 90% of the price of the house. If you want a 30 year mortgage, and the borrowing rate is 5.6% APR compounded monthly, what would be your monthly payment? (Answer to the nearest penny) 5 points QUESTION 6 Suppose you want to buy a car that costs $17,000. If the dealer is...
5. A dealer offers a $45,000 crwith a downpayment of $4,000 and 60 easy monthly payments of $739.99. How much monthly interest rate is he charging?
6, A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 7. For the loan described under Q6, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 110 mortgage payment?
6. A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 7. For the loan described under Q6, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 110h mortgage payment?
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...
2 Q008 Negative Amortization a. Negative amortization occurs when the principal balance on a occurs when the principal balance on a loan (usually a mortgage) increases because the borrower's payments don't cover the total amount of interest that has accrued. des to purchase a house that costs $199.500. The bank requires a 10% downpayment and will provide a 15 year mortgage at a annual interest rate of 6%. The bank tells Mary that her monthly mortgage payments will be $1,510.14...
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
L You will only receive credit on the shels labell your You th or complete photocopy). You may Mathematics Map the origin them which you w ch You otherwiecie 3 Q008 Negative Amortization Negative amortization occurs when the principal balance on a loan (usually a morte) increases because the borrower's payments don't cover the total amount of interest that has accrued. Thomas decides to purchase a house that costs $294,000. The bank requires a 10% downpayment and will provide a...
8. You purchased a new car for sis,000. The dealer offers you an interest rate of 5% over years. a) What would your monthly payment be? b) Suppose you would like to save interest by paying the loan off in 3 years. How much more a ma would you need to pay? c) What would the effective interest rate be if you paid off the car in 3 years? 9. Sketch the annual cash flow diagrams for each case in...
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