Question

Suppose Bill purchases a car and he is going to finance $14,400 for 24 months at...

Suppose Bill purchases a car and he is going to finance $14,400 for 24 months at an APR of 6% compounded monthly. Find the monthly payments on the loan. The monthly payment is $_.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

(14p)*gives use the this to calculate the montly payment M. X.The Process of paying of a lean by making regular Payments is C

Add a comment
Know the answer?
Add Answer to:
Suppose Bill purchases a car and he is going to finance $14,400 for 24 months at...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no...

    WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 8% and the maturity of the loan is six years. His monthly payments will be $876.66. Bill's monthly net cash flows are $686. Bill also has a credit card with a $9,365 limit and an interest rate of 12%. If Bill uses all...

  • Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to...

    Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to make monthly payments (at the end of each month) of $819.48 on a loan of $47,000. If the annual percentage rate is 7.80% how long in years is the loan for? Please show ALL work with finance formulas.

  • Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to...

    Suppose your friend Bill is considering buying a Ford F150 Lariat truck. He is going to make monthly payments (at the end of each month) of $819.48 on a loan of $47,000. If the annual percentage rate is 7.80% how long in years is the loan for? Please show ALL work with finance formulas. Please show all steps when working out!

  • • 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...

  • Suppose you purchase a new car for $21,500. You make a down payment of $5000 (ie....

    Suppose you purchase a new car for $21,500. You make a down payment of $5000 (ie. you take a loan of $16,500), and then finance the balance over 36 months at APR of 6% with monthly compounding. What will be the size of the monthly car loan payment?

  • Nonannual compounding using a calculator​) Jesse Pinkman is thinking about trading cars. He estimates he will...

    Nonannual compounding using a calculator​) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow ​$34 comma 000 to pay for his new car. How large will​ Jesse's monthly car loan payment be if he can get a 6​-year ​(72 equal monthly​ payments) car loan from the​ university's credit union at an APR of 7.5 percent compounded​ monthly? ​Jesse's monthly car loan payment will be ​$

  • 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,...

  • 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 $39,000. The dealer has told Tim that if he can come up with a down payment of $5,900, the dealer will finance the balance of the price at a 5% 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,...

  • Suppose that you own a local auto dealership, Carmen and Rodrigo’s Sales (CARS). Your dealership will...

    Suppose that you own a local auto dealership, Carmen and Rodrigo’s Sales (CARS). Your dealership will finance a new car purchase at an APR of 13%, compounded monthly. The terms of the financing are monthly payments of $251 for five years. The first payment is due one month after the buyer purchases the vehicle. How much of the purchase price would the buyer be financing with the loan from your dealership?

  • Prof. Finance decides to buy a Nissan Maxima. After paying a down payment and taxes, Prof....

    Prof. Finance decides to buy a Nissan Maxima. After paying a down payment and taxes, Prof. Finance can finance the rest of the purchase price with a loan of $28,000 for 60 months at a special finance rate offered by Nissan of 0.9% APR compounded monthly. He finds out that Nissan has a second offer of $2250 cash back (rebate) in place of the special 0.9% finance rate offered. Prof. Finance finds he can get 3.39% APR compounded monthly financing...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT