Darla purchased a new car during a special sales promotion by the manufacturer. She secured a...
Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $16,000 at a rate of 8%/year compounded monthly. Her bank is now charging 11.1%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3yr for each loan. How much less will she have paid in interest payments over the life of the loan by borrowing from the manufacturer instead of her bank? (Round your answers to the nearest cent.)
| interest paid to manufacturer | $ |
| interest paid to bank | $ |
| savings | $ |
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Darla purchased a new car during a special sales promotion by
the manufacturer. She secured a...
Darla purchased a new car during a special sales promotion by the manufacturer. She secured a...
Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $15,000 at a rate of 4.5%/year compounded monthly. Her bank is now charging 6.4%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan. How much less will she have...
Darla purchased a new car during a special sales promotion by the manufacturer. She secured a...
Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $20,000 at a rate of 4.5%/year compounded monthly. Her bank is now charging 6.2%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan. How much less will she have...
13. -10.07 points TanApMath5 4.3.036. My Note Darla purchased a new car during a special sales...
13. -10.07 points TanApMath5 4.3.036. My Note Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of S 15,000 at a rate of 8%/year compounded monthly. Her bank is now charging 11.8%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for...
+-/3 points TanFin11 5.3.038. My Notes Darla purchased a new car during a special sales promotion by the manufacturer....
+-/3 points TanFin11 5.3.038. My Notes Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $17,000 at a rate of 4.1%/year compounded monthly. Her bank is now charging 6.8%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan....
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Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $24,000 at a rate of 7%/year compounded monthly. Her bank is now charging 11.5%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for each loan. How much less will she have paid in interest payments over the...
13. [-/0.1 Points] DETAILS TANAPMATHS 4.3.036. MY NOTES PRACTICE ANOTHER Darla purchased a new car during...
13. [-/0.1 Points] DETAILS TANAPMATHS 4.3.036. MY NOTES PRACTICE ANOTHER Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $18,000 at a rate of 6%/year compounded monthly. Her bank is now charging 11.7%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3...
1. (9 marks) Emily wants to buy a new car for $25,300, including all fees and...
1. (9 marks) Emily wants to buy a new car for $25,300, including all fees and taxes. "Now's a good time to buy," claims the salesman, "we're offering 4 year loans at 5.9%. Even if you have the cash, you're better off borrowing." Emily is confused. The salesman goes on to explain the payment on the car loan would be $593.01, which means that total interest paid on the loan will be $3,164.48. By investing the $25,300 at current savings...
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major car manufacturer is developing a promotion that offers new car buyers the choice between low interest financing at 0.9% compounded monthly for 5 years or a cash rebate. On a $30,000 car, what rebate makes the buyer indifferent between the dealer’s financing and taking the rebate and obtaining bank financing at 4.6% compounded monthly for the net cash price?
Sarah secured a bank loan of $200,000 for the purchase of a house. The mortage is...
Sarah secured a bank loan of $200,000 for the purchase of a house. The mortage is amortized through monthly payments of $1,687.71 for a term of 15 years, at an interest rate of 6% per year compounded monthly. a. Determine the total amount of interest to be paid over the life of this loan. b. If she sells her house in 5 years, how much will Sarah still owe on her house (what is her outstanding principal in 5 years)?
1. (9 marks) Emily wants to buy a new car for $25,300, including all fees and...
1. (9 marks) Emily wants to buy a new car for $25,300, including all fees and taxes. "Now's a good time to buy," claims the salesman, "we're offering 4 year loans at 5.9%. Even if you have the cash, you're better off borrowing." Emily is confused. The salesman goes on to explain the payment on the car loan would be $593.01, which means that total interest paid on the loan will be $3,164.48. By investing the $25,300 at current savings...
13. -10.07 points TanApMath5 4.3.036. My Note Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of S 15,000 at a rate of 8%/year compounded monthly. Her bank is now charging 11.8%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for...
+-/3 points TanFin11 5.3.038. My Notes Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $17,000 at a rate of 4.1%/year compounded monthly. Her bank is now charging 6.8%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan....
13. [-/0.1 Points] DETAILS TANAPMATHS 4.3.036. MY NOTES PRACTICE ANOTHER Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $18,000 at a rate of 6%/year compounded monthly. Her bank is now charging 11.7%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3...
1. (9 marks) Emily wants to buy a new car for $25,300, including all fees and taxes. "Now's a good time to buy," claims the salesman, "we're offering 4 year loans at 5.9%. Even if you have the cash, you're better off borrowing." Emily is confused. The salesman goes on to explain the payment on the car loan would be $593.01, which means that total interest paid on the loan will be $3,164.48. By investing the $25,300 at current savings...
1. (9 marks) Emily wants to buy a new car for $25,300, including all fees and taxes. "Now's a good time to buy," claims the salesman, "we're offering 4 year loans at 5.9%. Even if you have the cash, you're better off borrowing." Emily is confused. The salesman goes on to explain the payment on the car loan would be $593.01, which means that total interest paid on the loan will be $3,164.48. By investing the $25,300 at current savings...
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