Fritz Benjamin buys a car costing
$7900. He agrees to make payments at the end of each monthly period for 7 years. He pays 4.8% interest, compounded monthly.
(a) What is the amount of each payment?
(b) Find the total amount of interest Fritz will pay.
Fritz Benjamin buys a car costing $7900. He agrees to make payments at the end...
Fritz Benjamin buys a car costing $20300. He agrees to make payments at the end of each monthly period for 5 years. He pays 8.4% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay.
Fritz's monthly payment is $ Fritz Benjamin buys a car costing $22300. He agrees to make payments at the end of each monthly period for 8 years. He pays 10.8% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay (Round to the nearest cent.)
Question Help (a) Fritz's monthly payment is $| (Round to the nearest cent as needed.) Fritz Benjamin buys a car costing $6100. He agrees to make payments at the end of each monthly period for 7 years. He pays 4.8% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest Fritz will pay. ? Enter your answer in the answer box and then click Check Answer Check Answer Clear All
Joey buys a new Honda civic for $19410. He agrees to payments at the end of every month for 7 years. If interest is 5% compounded quarterly, what are Joey's payments?
Question text Joey buys a new Honda civic for $19410. He agrees to payments at the end of every month for 7 years. If interest is 5% compounded quarterly, what are Joey's payments?
4-6 A A man buys a car for $33,000 with no money down. He pays for the car in 48 equal monthly pay- ments with interest at 9% per annum, compounded monthly. What is his monthly loan payment?
Tian buys a car that costs $35,000. a) He pays $5,000 down (i.e. immediately), and he pays off the rest of the loan with 26 bi-weekly payments per year of $250 for 5 years. What is the effective annual interest rate i? b) Instead, he pays no money down but increases his monthly payments to $290, except for the last one which is exactly enough to pay off the loan. The interest rate is the same as in part a)....
Suresh buys a new car for $42000. He pays $3000 down and the rest in 48 monthly payments (at the end of each month). The interest rate is 4% compounded 12 times per year. (All answers to 2 decimal places. But keep 5 decimal places for any intermediate calculations.) a) How much is each monthly payment? b) If he rounds his monthly payment up to the nearest $10, so his last payment will be a drop payment, what is his...
7. Ali buys a new car and finances it with a loan of 22,000. He will make n monthly payments of 450.30 starting in one month. He will make one larger payment in n + 1 months to pay off the loan. Payments are calculated using an annual nominal interest rate of 8.4%, convertible monthly. Immediately after the 18th payment he refinances the loan to pay off the remaining balance with 24 monthly payments starting one month later. This refinanced...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage at 6.9% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is (a) 15 years; (b) 20 years; (c) 25 years. (d) When will half the 20-year loan be paid off? (a) For the 15-year mortgage, the man will make monthly payments of $| (Do not round until the final answer....