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3. A $20,000 car is purchased under the 5-year loan at 2.4% (APR). What are the...
• 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...
If the APR for a car loan is 5%, what is the effective annual interest rate...
If the APR for a car loan is 5%, what is the effective annual interest rate (in %) if interest on the loan is compounded monthly and you have biweekly payments? Is the answer 0.20812%?
If the APR for a car loan is 14%, what is the effective annual interest rate...
If the APR for a car loan is 14%, what is the effective annual interest rate (in %) if interest on the loan is compounded monthly and you have biweekly payments?
A hedge fund is considering making a 5-year $600,000, 9.5% APR, interest-only loan. They will get...
A hedge fund is considering making a 5-year $600,000, 9.5% APR, interest-only loan. They will get monthly interest payments and the entire principal at the end of 5 years. Before making the loan, it will cost the fund $20,000 for due diligence, and after making the loan, it will cost the fund $500 per month for monitoring. Based on only the information above (to be even more clear, ignoring taxes), and assuming the borrower makes all the required payments on...
You have just purchased a car and taken out a $36,000 loan. The loan has a...
You have just purchased a car and taken out a $36,000 loan. The loan has a five-year term with monthly payments and an APR of 5.6%. a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.) b. How much will you pay in interest, and how much will you pay in principal,...
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your...
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your monthly payments are $473.82 for the next 4 years, what is the APR of the loan?
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your...
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your monthly payments are $473.82 for the next 4 years, what is the APR of the loan?
Benny and Hannah qualify for a 6-year car loan with a 9.1% APR or a 3-year...
Benny and Hannah qualify for a 6-year car loan with a 9.1% APR or a 3-year car loan with an 7.5% APR. They found a new 2019 Ford F250 Superduty listed at $49,400. Their combined monthly income is $5800 during ski season, but they know that will drop in the summer. They know they shouldn't pay more than 10% of their income on car payments. b. Assuming Benny and Hannah will make payments for the entire life of the loan,...
6 [12 pts.] 4.1#5: Working similar to the above, a fixed APR loan charges interest at the end of ...
6 [12 pts.] 4.1#5: Working similar to the above, a fixed APR loan charges interest at the end of each cycle that is equal to the specified fixed percentage of what is currently owed. (a.) Use this idea to recursively define a sequence that models how much is owed upon a loan of $1000 that accrues 2% interest at the end of every month (24% APR-not too far different from that of many credit cards), and is paid off at...
You are considering buying a car with an amortized loan. The car loan will be $40,000...
You are considering buying a car with an amortized loan. The car loan will be $40,000 and have an annual interest rate of 2.8%, compounded monthly. You have two options for financing the car, the first is a fully amortized loan for 72 months while the second is a partially amortized loan for 36 months with a balloon payment of $18,000 (i.e. you will still owe $18,000 on the loan at month 36). What are the payments for each option?
• 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...
You have just purchased a car and taken out a $36,000 loan. The loan has a five-year term with monthly payments and an APR of 5.6%. a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.) b. How much will you pay in interest, and how much will you pay in principal,...
Benny and Hannah qualify for a 6-year car loan with a 9.1% APR or a 3-year car loan with an 7.5% APR. They found a new 2019 Ford F250 Superduty listed at $49,400. Their combined monthly income is $5800 during ski season, but they know that will drop in the summer. They know they shouldn't pay more than 10% of their income on car payments. b. Assuming Benny and Hannah will make payments for the entire life of the loan,...
6 [12 pts.] 4.1#5: Working similar to the above, a fixed APR loan charges interest at the end of each cycle that is equal to the specified fixed percentage of what is currently owed. (a.) Use this idea to recursively define a sequence that models how much is owed upon a loan of $1000 that accrues 2% interest at the end of every month (24% APR-not too far different from that of many credit cards), and is paid off at...
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