Carla decides to buy a new car with a commercial value of $ 180 000 with...

Question

Question

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 t

Answer 1

Answer #1

Size of loan = $144,000.00 [ 180000*0.8 ] Monthly payment =PMT= Loan + [(1-(1/(1+r^n)}}/r] 180,000 + (1-(1/1.00917436)/0.0091

Answer 2

Similar Homework Help Questions

You need a new car. You can either lease or buy the car for 365 000...

You need a new car. You can either lease or buy the car for 365 000 SEK. In both cases you expect to use the car for 5 years. It will have a residual value of 120 000 SEK after 5 years. You can borrow at a rate of 3.5% APR with monthly compounding. (a) In case you buy the car you will take an annuity loan over 5 year at a borrowing rate of ${col}%. What will be your...
You need a new car. You can either lease or buy the car for 365 000...

You need a new car. You can either lease or buy the car for 365 000 SEK. In both cases you expect to use the car for 5 years. It will have a residual value of 120 000 SEK after 5 years. You can borrow at a rate of 3.5% APR with monthly compounding. (a) In case you buy the car you will take an annuity loan over 5 year at a borrowing rate of ${col}%. What will be your...
DeRestless, Inc. decides to buy a warehouse for $400,000. The company will put $50,000 down and...

DeRestless, Inc. decides to buy a warehouse for $400,000. The company will put $50,000 down and finance the remaining amount using equal monthly payments over 15 years at an interest rate of 6% compounded monthly. What is the payment? Immediately after making the payment at the end of 10 years, DDIC decides to pay the remaining balance of the loan. How much will they owe?

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...
Lupe made a down payment of $2500 toward the purchase of a new car. To pay...

Lupe made a down payment of $2500 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $200/month for 36 months. What was the cash price of the car? (Round your answer to the nearest cent.) $
You buy a car for $18,450. You must also pay tax and license fees of $725....

You buy a car for $18,450. You must also pay tax and license fees of $725. You have $1,500 as a down payment. Your bank will make you a 4-year car loan for the remaining amount, at 7.2% interest, but will charge you a $75 processing fee (which will be added to your loan amount). a.) What are your monthly payments? b.) What is your finance charge? c.) What is the total cost of the car, including finance charges? d.)...

A friend of yours bought a new sports car with a $4,500 down payment plus a...

A friend of yours bought a new sports car with a $4,500 down payment plus a $25,000 car loan that is financed at an interest rate of 0.25% per month for 60 months. After 2 years, the "Blue Book" value of her vehicle in the used-car marketplace is $14,000. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes her 24th payment? c. Compare...
You buy a new home for $500,000 on the first day of the month. You put...

You buy a new home for $500,000 on the first day of the month. You put down $50,000 and finance the rest with a mortgage at 6% annual interest compounded monthly on the last day of the month. Your monthly payments including principal and interest are 2500. Your payments are due on the first day of the month, starting next month. What is your loan balance after your third monthly payment ?
A commercial bank will loan you $47,497 for 8 years to buy a car. The loan...

A commercial bank will loan you $47,497 for 8 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 10.16 percent of the unpaid balance. What is the amount of the monthly payments?

a commercial bank will loan you 54567 for 4 years to buy a car. the loan...

a commercial bank will loan you 54567 for 4 years to buy a car. the loan must be repaid in equal monthly payments at the end of the month . the annual interest rate on the loan is 5-98% of the unpaid balance. what is the amount of the monthly payments?