Homework Answers
• 1) A new car is purchased and a $20,000 loan is taken. The loan is...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
You want to get a car loan, you know you can afford to pay $200 a month for 36 months. If the bank offers you a yearly i...
You want to get a car loan, you know you can afford to pay $200 a month for 36 months. If the bank offers you a yearly interest rate of 6%, which is compounded monthly, how much can you afford to borrow? Please show the work and explain why this is a uniform series sinking fund example. Thanks!
Phil can afford $160 a month for 4 years for a car loan. If the interest...
Phil can afford $160 a month for 4 years for a car loan. If the interest rate is 4.3 percent (APR) compounded monthly, how much can he afford to borrow to purchase a car?
(3 pts) Sue has $30,000 to use as a down payment on a house and can...
(3 pts) Sue has $30,000 to use as a down payment on a house and can afford to pay $1000 per month for a mortgage. If the interest rate on a 15-year mortgage is 4.2% (this is an APR) compounded monthly. What is the highest price house she can afford using a 15-year mortgage? 2) s. (2 pts) Larry would like to retire in 20 years. He currently has $300,000 in his retirement account and is planning on depositing an...
Phil can afford $150 a month for 6 years for a car loan. If the interest...
Phil can afford $150 a month for 6 years for a car loan. If the interest rate is 5.1 percent compounded monthly, how much can he afford to borrow to purchase a car? $7,958.13 $9.472.89 $10,800.00 $9,287.14 $9,504.00
D Question 3 10 pts You are willing to pay $960 monthly for a car loan...
D Question 3 10 pts You are willing to pay $960 monthly for a car loan and currently have $2,000 that can be used toward down payment. You are offered a three-year loan at an APR of 5% What is the maximum car price that you can afford? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67).
How much car can I afford? Before buying a car, it is critical that you determine...
How much car can I afford? Before buying a car, it is critical that you determine both the complete price of the vehicle and what you can afford to spend. This information is essential in deciding whether to pay cash or finance the vehicle with a loan. The difference between these two methods of payment, however, is the difference between paying the car's full price versus making a much smaller down payment and fitting the monthly payments into your budget....
4 Loan Interest. Devika is considering the purchase of a car. After making the down payment,...
4 Loan Interest. Devika is considering the purchase of a car. After making the down payment, she will finance $15,500. Devika is offered two maturities. On a four-year loan, Devika will pay $371 per month. On a five-year loan, Devika's monthly payments will be $307. If Devika had been able to afford the four-year loan, how much interest in total would she have saved compared to the five-year loan? Work:
While shopping for a car loan, you get the following offers: Solid Savings & Loan is...
While shopping for a car loan, you get the following offers: Solid Savings & Loan is willing to loan you $30,000 at 14% interest for 6 years. Fifth Federal Bank & Trust will loan you the $30,000 at 10% for 4 years. Both require monthly payments. You can afford $690 per month. Which loan, if either, can you take?
P 4-45 (similar to) E Question Help You are looking to buy a car and can...
P 4-45 (similar to) E Question Help You are looking to buy a car and can afford to pay $190 per month. If the interest rate on a car loan is 0.73% per month for a 60-month loan, what is the most expensive car you can afford to buy? The amount that you can afford is S. (Round to the nearest dollar.) P 4-22 (similar to) Question Help You figure that the total cost of college will be $93,000 per...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
(3 pts) Sue has $30,000 to use as a down payment on a house and can afford to pay $1000 per month for a mortgage. If the interest rate on a 15-year mortgage is 4.2% (this is an APR) compounded monthly. What is the highest price house she can afford using a 15-year mortgage? 2) s. (2 pts) Larry would like to retire in 20 years. He currently has $300,000 in his retirement account and is planning on depositing an...
Phil can afford $150 a month for 6 years for a car loan. If the interest rate is 5.1 percent compounded monthly, how much can he afford to borrow to purchase a car? $7,958.13 $9.472.89 $10,800.00 $9,287.14 $9,504.00
D Question 3 10 pts You are willing to pay $960 monthly for a car loan and currently have $2,000 that can be used toward down payment. You are offered a three-year loan at an APR of 5% What is the maximum car price that you can afford? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67).
How much car can I afford? Before buying a car, it is critical that you determine both the complete price of the vehicle and what you can afford to spend. This information is essential in deciding whether to pay cash or finance the vehicle with a loan. The difference between these two methods of payment, however, is the difference between paying the car's full price versus making a much smaller down payment and fitting the monthly payments into your budget....
4 Loan Interest. Devika is considering the purchase of a car. After making the down payment, she will finance $15,500. Devika is offered two maturities. On a four-year loan, Devika will pay $371 per month. On a five-year loan, Devika's monthly payments will be $307. If Devika had been able to afford the four-year loan, how much interest in total would she have saved compared to the five-year loan? Work:
P 4-45 (similar to) E Question Help You are looking to buy a car and can afford to pay $190 per month. If the interest rate on a car loan is 0.73% per month for a 60-month loan, what is the most expensive car you can afford to buy? The amount that you can afford is S. (Round to the nearest dollar.) P 4-22 (similar to) Question Help You figure that the total cost of college will be $93,000 per...
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