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Exercise 1 - Time value of money: You want to buy a brand new Tesla Model S car. The dealer offer...
- you want to buy a brand-new car. Its price is $49,000 and the dealer’s special...
- you want to buy a brand-new car. Its price is $49,000 and the dealer’s special financing offers you 2.75% APR. What will be your monthly payment if you want to pay the car loan off in 6 years? How much interest money will you save if you make more payments and pay the loan off in 3 years?
You are at a dealer's shop to buy a new sports car for $55,000. The dealer...
You are at a dealer's shop to buy a new sports car for $55,000. The dealer offers you a 6 percent APR, 5-year payment plan that requires you to make equal monthly payment starting from today. What will your monthly payment be? A. $1047.90 B. $1,053.87 C. $1,058 D. $1,063.30 E. $1,072.11
You have decided to buy a used car. The dealer has offered you two options: (FV...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $540 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $16,507, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $610 per month for 30 months and an additional $12,000 at the end of 30 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,937, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $660 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,850, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Pay $530 per month for 20 months and an additional $12,000 at the end of 20 months. The dealer is charging an annual interest rate of 24%. Make a one-time payment of $15,392, due when you purchase the car. 1-a. Determine how much cash...
You have decided to buy a used car. The dealer has offered you two options: (FV...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $610 per month for 30 months and an additional $12,000 at the end of 30 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,937, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $660 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,850, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $630 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,264, due when you purchase the car, 1-a. Determine how...
You are considering buying a car worth $30,000. The dealer, who is anxious to sell the...
You are considering buying a car worth $30,000. The dealer, who is anxious to sell the car, offers you an attractive financing package. You have to make a down-payment of $3,500, and pay the rest over 3 years with monthly payments. The dealer will charge you interest at a constant APR of 2%, which is lower than the market interest rate. (1) What is the monthly payment to the dealer? (2) The dealer offers you a second option: you pay...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $540 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $16,507, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $610 per month for 30 months and an additional $12,000 at the end of 30 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,937, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $660 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,850, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $610 per month for 30 months and an additional $12,000 at the end of 30 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,937, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $660 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,850, due when you purchase the car. 1-a. Determine how...
You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Pay $630 per month for 25 months and an additional $12,000 at the end of 25 months. The dealer is charging an annual interest rate of 24%. b. Make a one-time payment of $18,264, due when you purchase the car, 1-a. Determine how...
You are considering buying a car worth $30,000. The dealer, who is anxious to sell the car, offers you an attractive financing package. You have to make a down-payment of $3,500, and pay the rest over 3 years with monthly payments. The dealer will charge you interest at a constant APR of 2%, which is lower than the market interest rate. (1) What is the monthly payment to the dealer? (2) The dealer offers you a second option: you pay...
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