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Question 13 Your Friend buys $15,000 car. You friend is financing the purchase with a loan...
A friend is selling you a used car. The purchase price is $20,000 and she is...
A friend is selling you a used car. The purchase price is $20,000 and she is providing financing at a friendly 4% annual rate. Because you are currently making tuition payments, she is not requiring the first monthly payment until 2 years from today. After the first payment, you will make 20 more monthly payments of the same amount. If you ave $5,000 to pay today as a down payment, what will your monthly payment be? show/explain work in excel
You purchase a new car. The dealership will provide financing the purchase price of $32,000 and...
You purchase a new car. The dealership will provide financing the purchase price of $32,000 and will allow you to defer your first payments for 12 months. After the deferral period you make 48 monthly payments. The interest rate is 6% per year and the interest accrues during the deferral period. Draw the cash slow diagram from your perspective How much are your monthly payments beginning after the deferral period How much interest will you pay over the life of...
Mark has borrowed $22213 to finance the purchase a second hand car. The loan is to...
Mark has borrowed $22213 to finance the purchase a second hand car. The loan is to be repaid over five years with monthly payments. Interest on the loan is charged monthly at 9.2% p.a. How much will each payment be, if Mark makes the first payment right away, on the day the car is delivered? (Give your answer to the nearest cent, omitting the dollar sign.) Answer:
You want to buy a car, and a local bank will lend you $15,000. The loan...
You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 15%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %
You want to buy a car, and a local bank will lend you $15,000. The loan...
You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 15%, with interest paid monthly. 1A) What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. 1B) What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.
Your friend wants to buy a car, and you plan to lend him/her $15,000. S/He will...
Your friend wants to buy a car, and you plan to lend him/her $15,000. S/He will payoff the loan fully in 5 years and the interest rate will be 8%, to be paid monthly. (i) What will be your friend’s monthly payment? (ii) What will be the EAR (calculation may have to be carried out to four decimal points)?
annual payment You are taking a loan out on a car. The purchase price of the...
annual payment
You are taking a loan out on a car. The purchase price of the car is $12,183 and the financing company is offering an APR of 11.12%. If you make a $2,000 down payment on the vehicle and finance the balance over 5 years, your annual Round your answer to two decimal places. payments would be $
Karou is considering different options for financing the $15,000 balance on her planned new car purchase....
Karou is considering different options for financing the $15,000 balance on her planned new car purchase. The cheapest advertised rate among the local banks is 6.25 percent for 48-month car loan. The current rate on her revolving home equity line is 8.75 percent. Karou is in the 25 percent federal tax bracket and the 5.75 percent state tax bracket. Calculate Karou's monthly car payment using your financial calculator. Compare the payment amount if she uses the 48-month car loan through...
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months...
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are for 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from an online website or at a dealership) For promotion A Compute...
(25 Points) 2. You have decided to purchase a new car and trade-in your old car....
(25 Points) 2. You have decided to purchase a new car and trade-in your old car. The car dealer has offered you a trade-in value of $25,000 on your old car. The car dealer will finance the remaining cost of the new car; however, you have decided that the maximum monthly car payment that you can afford is $500.00. Your loan rate will be 6 percent APR and you will be financing for 5 years (60 monthly payments). What is...
Mark has borrowed $22213 to finance the purchase a second hand car. The loan is to be repaid over five years with monthly payments. Interest on the loan is charged monthly at 9.2% p.a. How much will each payment be, if Mark makes the first payment right away, on the day the car is delivered? (Give your answer to the nearest cent, omitting the dollar sign.) Answer:
annual payment
You are taking a loan out on a car. The purchase price of the car is $12,183 and the financing company is offering an APR of 11.12%. If you make a $2,000 down payment on the vehicle and finance the balance over 5 years, your annual Round your answer to two decimal places. payments would be $
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are for 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from an online website or at a dealership) For promotion A Compute...
(25 Points) 2. You have decided to purchase a new car and trade-in your old car. The car dealer has offered you a trade-in value of $25,000 on your old car. The car dealer will finance the remaining cost of the new car; however, you have decided that the maximum monthly car payment that you can afford is $500.00. Your loan rate will be 6 percent APR and you will be financing for 5 years (60 monthly payments). What is...
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