ZuoTi.Pro
Question

You are going to buy a Toyota Prius, you know you love them... After being retired from a race car Uber driver, a used Priu
business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Amount required = $11,000

Time period = 4*12 = 48 months

Rate of interest per month = 6%/12 = 0.5%

Let the monthly payment be x

X*[{(1+0.5%)48 – 1}/0.5%] = 11,000

X*54.0978 = 11,000

X= $203.34

Hence, monthly payment needed = $203.34

0 0
Add a comment
Know the answer?
Add Answer to:
You are going to buy a Toyota Prius, you know you love them... After being retired...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • 1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years...

    1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositing $350 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1 Periodic *.ㅡ I Nominal (APR)- % 2) (3...

  • Show how to enter into EXCEL 1. You have decided to place $153 in equal deposits...

    Show how to enter into EXCEL 1. You have decided to place $153 in equal deposits every month at the beginning of the month into a savings account earning 4.69 percent per year, compounded monthly for the next 15 years. The first deposit is made today. How much money will be in the account at the end of that time period? Round the answer to two decimal places 2. What is the present value of the following annuity? $4,765 every...

  • All answers must be entererd as formulas two different questions CHAPTER 5 Saved Help Save & Exit Submit Clipbo...

    All answers must be entererd as formulas two different questions CHAPTER 5 Saved Help Save & Exit Submit Clipboard Styles A1 E F G What is the future value of $2,400 in 17 years assuming an interest rate of 7.9 percent compounded semiannually? 2,400 = Bauw 17 Deposit Number of years Interest rate Times compounded per year 7.9% Complete the following analysis. Do not hard code values in your calculations. Your answer should be positive. Future value 3 CHAPTER 5...

  • I just need to check my answers: 17: You want to buy a house in 5...

    I just need to check my answers: 17: You want to buy a house in 5 years and expect to need $35000 for a down payment. If you have $11000 to invest, how much interest do you have to earn (compounded annually) to reach your goal? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%) 18: You decide that the loan in question 2 is too large for...

  • look down needs answer the last question 3 and 4 please You will be provided a...

    look down needs answer the last question 3 and 4 please You will be provided a car price of either: $12k, $16k, $20k, $24k, $28k, $32k, $36k, $40k, $44k, or $48k 1. Suppose you have $4000 saved up for a down payment, and you plan to finance the rest of the balance due. You are offered a 60 month loan at 4.5% APR. Calculate your monthly payment for the loan. What is the total cost of the car and loan?...

  • (3 pts) Bob would ike to have $20,000 in 4 years to use as a down...

    (3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...

  • I have the answers I just don't know how to input the answers into a formula...

    I have the answers I just don't know how to input the answers into a formula in the excel solver so that it can accept my answers. Thank you. EXCEL 2: CHAPTER 5 x Get Homework Help With Che X → C newconnect.mheducation.com/flow/connect.html EXCEL 2: CHAPTER 5 A Saved Help Save & Exit Submit Calibri B I D % Alignment Number - - 13-A A U. 3- A Font G * v for D Conditional Format as Cell Formatting Table...

  • JAVA You have been scrimping and saving and are now looking to buy a new car....

    JAVA You have been scrimping and saving and are now looking to buy a new car. You decided you want to buy a Honda Civic because of its good gas mileage, good trade in value and available features. Now you get to choose a package of options. Base price: $17,950 The car comes with these different option packages: Option ‘P’ includes: auto transmission, power windows and locks, stereo sound system. Cost: base + 1200 Option ‘L’ includes: all of the...

  • Please help by providing explanations/step-by-step processes for solutions. Thank you in advance! 1. You are 20...

    Please help by providing explanations/step-by-step processes for solutions. Thank you in advance! 1. You are 20 years old. Starting at age 70 (in 50 years), it is expected that you will begin to receive a $1,500 monthly check from Social Security. You expect to live until you are 86 years old. Assuming a discount rate of 5%, what is the value today of the expected stream of Social Security payments? 2. 5. Suppose an investment promises to pay you $10,000...

  • You wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly....

    You wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly. The loan will be repaid in 5 years with monthly payments. What is your monthly payment (calculated with the equations on the next page)? Compare your answer to that obtained with the built in function, PMT. Be sure to label all cells appropriately. (There is no need to create a monthly payment table, simply use the equations on the next page.) Loans: where: and,...

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