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PROBLEMS/DISCUSSIC Miller wants to buy a new automobile. The dealer has the exact car Miller wants...
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...
2. Preet lives in Prince Albert, Saskatchewan. He is buying a new car from a dealer. • The price of the car is $271...
2. Preet lives in Prince Albert, Saskatchewan. He is buying a new car from a dealer. • The price of the car is $27125 • Preet will trade in his old car for $4120 and make a down payment of $1000. He will get a loan from the dealer for 5.9%/yr. The monthly payment will be $468.76. He plans to repay the loan over 5 yr. How much interest will Preet pay on the loan? 3. Yvette is a pilot...
You are considering buying a car worth $30,000. The dealer, who is anxious to sell the...
You are considering buying a car worth $30,000. The dealer, who is anxious to sell the car, offers you an attractive financing package. You have to make a down-payment of $3,500, and pay the rest over 3 years with monthly payments. The dealer will charge you interest at a constant APR of 2%, which is lower than the market interest rate. (1) What is the monthly payment to the dealer? (2) The dealer offers you a second option: you pay...
Mr. Smith wants to buy a new car that will cost $ 18,000. Fie will make...
Mr. Smith wants to buy a new car that will cost $ 18,000. Fie will make a down payment in the amount of $8,000. He would like to borrow the remainder from a bank at an interest rate of 9% compounded monthly. He agrees to pay off the loan monthly for a period of two years. Select the correct answer for the following questions: (a) What is the amount of the monthly payment A? İ. A = $10,000(A/P, 0.75%, 24)...
Karim Soltan is shopping for a new vehicle, and has noticed that many vehicle manufacturers are...
Karim Soltan is shopping for a new vehicle, and has noticed that many vehicle manufacturers are offering special deals to sell off the current year’s vehicles before the new models arrive. Karim’s local Ford dealership is advertising 3.9% financing for a full 48 months (i.e., 3.9% compounded monthly) or up to $4000 cash back on selected vehicles. The vehicle that Karim wants to purchase costs $24 600 including taxes, delivery, licence, and dealer preparation. This vehicle qualifies for $1800 cash...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $27,000. The dealer has told Tim that if he can come up with a down payment of $5,400, the dealer will finance the balance of the price at a 7% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...
You need a new car and the dealer has offered you a price of $20,000, with...
You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2,000 rebate, or (b) pay a $5,000 down payment and finance the rest with a 0% APR loan over 30 months. But having just quit your job and started an MBA program, you are in debt and you expect to be in debt for at least the next 2 years. You plan to use...
Richard wants to buy a new car and can afford making annual payments of $5,200. His...
Richard wants to buy a new car and can afford making annual payments of $5,200. His bank has offered to lend him money at 5% for 12 years. He also has $8,000 that he can use as a down payment in addition to the loan amount. How much can Rico afford to pay for his new car? A. $60,017 B. $56,788 C. $54,089 D. $51,133 E. $47,694
Carla decides to buy a new car with a commercial value of $ 180 000 with...
Carla decides to buy a new car with a commercial value of $ 180 000 with her savings she will make a down payment of 20% of the car's value and the rest in 36 fixed monthly payments payable at the end of each month. If the finance company that will grant you the vehicle loan will charge you an annual interest rate of 11%, compounded monthly, what is the amount of the fixed monthly payment that you must pay?
Lina Martinez wants to buy a new high-end audio system for her car. The system is...
Lina Martinez wants to buy a new high-end audio system for her car. The system is being sold by two dealers in town, both of whom sell the equipment for the same price of $2,000. Lina can buy the equipment from Dealer A, with no money down, by making payments of $120.11 a month for 18 months; she can buy the same equipment from Dealer B by making 36 monthly payments of $70.31 (again, with no money down). Lina is...
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...
2. Preet lives in Prince Albert, Saskatchewan. He is buying a new car from a dealer. • The price of the car is $27125 • Preet will trade in his old car for $4120 and make a down payment of $1000. He will get a loan from the dealer for 5.9%/yr. The monthly payment will be $468.76. He plans to repay the loan over 5 yr. How much interest will Preet pay on the loan? 3. Yvette is a pilot...
You are considering buying a car worth $30,000. The dealer, who is anxious to sell the car, offers you an attractive financing package. You have to make a down-payment of $3,500, and pay the rest over 3 years with monthly payments. The dealer will charge you interest at a constant APR of 2%, which is lower than the market interest rate. (1) What is the monthly payment to the dealer? (2) The dealer offers you a second option: you pay...
Mr. Smith wants to buy a new car that will cost $ 18,000. Fie will make a down payment in the amount of $8,000. He would like to borrow the remainder from a bank at an interest rate of 9% compounded monthly. He agrees to pay off the loan monthly for a period of two years. Select the correct answer for the following questions: (a) What is the amount of the monthly payment A? İ. A = $10,000(A/P, 0.75%, 24)...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $27,000. The dealer has told Tim that if he can come up with a down payment of $5,400, the dealer will finance the balance of the price at a 7% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...
You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2,000 rebate, or (b) pay a $5,000 down payment and finance the rest with a 0% APR loan over 30 months. But having just quit your job and started an MBA program, you are in debt and you expect to be in debt for at least the next 2 years. You plan to use...
Carla decides to buy a new car with a commercial value of $ 180 000 with her savings she will make a down payment of 20% of the car's value and the rest in 36 fixed monthly payments payable at the end of each month. If the finance company that will grant you the vehicle loan will charge you an annual interest rate of 11%, compounded monthly, what is the amount of the fixed monthly payment that you must pay?
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