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Tian buys a car that costs $35,000. a) He pays $5,000 down (i.e. immediately), and he...
Suresh buys a new car for $42000. He pays $3000 down and the rest in 48...
Suresh buys a new car for $42000. He pays $3000 down and the rest in 48 monthly payments (at the end of each month). The interest rate is 4% compounded 12 times per year. (All answers to 2 decimal places. But keep 5 decimal places for any intermediate calculations.) a) How much is each monthly payment? b) If he rounds his monthly payment up to the nearest $10, so his last payment will be a drop payment, what is his...
4-6 A A man buys a car for $33,000 with no money down. He pays for...
4-6 A A man buys a car for $33,000 with no money down. He pays for the car in 48 equal monthly pay- ments with interest at 9% per annum, compounded monthly. What is his monthly loan payment?
9,10,11,12 9. Steve buys a new car for $18,399. If he puts $3,000 down, what will...
9,10,11,12
9. Steve buys a new car for $18,399. If he puts $3,000 down, what will be his car payment if his credit union offers him a 1.9% simple interest add-on car loan for 5 years? $287.03 10. If Steve hears about a new program that offers 1.5% on a 5 year amortized simple interest loan, should he stay with the credit union loan or try the new program? New program payment $266.55 11. Assuming Steve goes with the new...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage at 6.9% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is (a) 15 years; (b) 20 years; (c) 25 years. (d) When will half the 20-year loan be paid off? (a) For the 15-year mortgage, the man will make monthly payments of $| (Do not round until the final answer....
7. Ali buys a new car and finances it with a loan of 22,000. He will...
7. Ali buys a new car and finances it with a loan of 22,000. He will make n monthly payments of 450.30 starting in one month. He will make one larger payment in n + 1 months to pay off the loan. Payments are calculated using an annual nominal interest rate of 8.4%, convertible monthly. Immediately after the 18th payment he refinances the loan to pay off the remaining balance with 24 monthly payments starting one month later. This refinanced...
A local pizzeria buys a used car to make pizza deliveries. It pays $2,000 down and...
A local pizzeria buys a used car to make pizza
deliveries. It pays $2,000 down and $2,000 a year for two more
years. What is the present value of these payments at a 5% interest
rate?
3.3 A local pizzeria buys a used car to make pizza deliveries. It pays $2,000 down and $2,000 a year for two more years. What is the present value of these payments at a 5% interest rate?
6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly...
6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly payments of $539.99. How much monthly interest rate is he charging? 7. A individual is borrowing 195,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 8. For the loan described under Q7, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 89th mortgage payment? 9. A...
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple...
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2 (a) Find his monthly payment. interest for four years. (Round your answers to the nearest cent.) (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $
A man buys a car for $39,000. If the interest rate on the loan is 12%,...
A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $900 for 48 months, how much must he put down? (Round your answer to the nearest cent.) 8720.83
A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $900 for 48 months, how much must he...
4-6 A man buys a ear for $18,000 with no money down. He pays for the...
4-6 A man buys a ear for $18,000 with no money down. He pays for the car in 30 equal monthly pay- ments with interest at 12% per annum, compounded monthly. What is his monthly loan payment? 4-1 Rose recently graduated in engineering. Her employer will give her a raise of $6500 per year if she passes the FE exam (Fundamentals of Engineering). (a) Over a career of 45 years, what is the present worth of the raise ifthe interest...
Suresh buys a new car for $42000. He pays $3000 down and the rest in 48 monthly payments (at the end of each month). The interest rate is 4% compounded 12 times per year. (All answers to 2 decimal places. But keep 5 decimal places for any intermediate calculations.) a) How much is each monthly payment? b) If he rounds his monthly payment up to the nearest $10, so his last payment will be a drop payment, what is his...
4-6 A A man buys a car for $33,000 with no money down. He pays for the car in 48 equal monthly pay- ments with interest at 9% per annum, compounded monthly. What is his monthly loan payment?
9,10,11,12
9. Steve buys a new car for $18,399. If he puts $3,000 down, what will be his car payment if his credit union offers him a 1.9% simple interest add-on car loan for 5 years? $287.03 10. If Steve hears about a new program that offers 1.5% on a 5 year amortized simple interest loan, should he stay with the credit union loan or try the new program? New program payment $266.55 11. Assuming Steve goes with the new...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage at 6.9% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is (a) 15 years; (b) 20 years; (c) 25 years. (d) When will half the 20-year loan be paid off? (a) For the 15-year mortgage, the man will make monthly payments of $| (Do not round until the final answer....
A local pizzeria buys a used car to make pizza
deliveries. It pays $2,000 down and $2,000 a year for two more
years. What is the present value of these payments at a 5% interest
rate?
3.3 A local pizzeria buys a used car to make pizza deliveries. It pays $2,000 down and $2,000 a year for two more years. What is the present value of these payments at a 5% interest rate?
6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly payments of $539.99. How much monthly interest rate is he charging? 7. A individual is borrowing 195,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 8. For the loan described under Q7, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 89th mortgage payment? 9. A...
A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $900 for 48 months, how much must he put down? (Round your answer to the nearest cent.) 8720.83
A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $900 for 48 months, how much must he...
4-6 A man buys a ear for $18,000 with no money down. He pays for the car in 30 equal monthly pay- ments with interest at 12% per annum, compounded monthly. What is his monthly loan payment? 4-1 Rose recently graduated in engineering. Her employer will give her a raise of $6500 per year if she passes the FE exam (Fundamentals of Engineering). (a) Over a career of 45 years, what is the present worth of the raise ifthe interest...
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