9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...

Question 1

Question

9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can

business finance

Add a comment Improve this question Transcribed image text

Answer

Answer #1

INPUT	3*12=36	4/12=0.33		-500	0
TVM	N	I/Y	PV	PMT	FV
OUTPUT			16,935.38

Hence, He can borrow $16,935.38 to purchase a car.

Add a comment

Answer

Similar Homework Help Questions

Now do an Amortization Schedule Bank A's offer is 15 years at 3.5% interest compounded monthly....

Now do an Amortization Schedule Bank A's offer is 15 years at 3.5% interest compounded monthly. Determine your monthly payment. Write in a complete sentence. Fill in what you would put on the calculator to show work. Calculator APPS / Finance / TVM Solver N = 180 I% = 3.5 PV = -1175000 PMT = Solve FV = 0 P/Y = 12 C/Y = 12 PMT: end/begin Alpha Solve My monthly Payments would be $8,399.87 What is the total amount...

Question 2

Now do an Amortization Schedule Bank A's offer is 15 years at 3.5% interest compounded monthly....

Now do an Amortization Schedule Bank A's offer is 15 years at 3.5% interest compounded monthly. Determine your monthly payment. Write in a complete sentence. Fill in what you would put on the calculator to show work. Calculator APPS / Finance / TVM Solver N = 180 I% = 3.5 PV = -1175000 PMT = Solve FV = 0 P/Y = 12 C/Y = 12 PMT: end/begin Alpha Solve My monthly Payments would be $8,399.87 What is the total amount...

9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...

Homework Answers

Add Answer to:
9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...

Post as a guest

Earn Coins

Now do an Amortization Schedule Bank A's offer is 15 years at 3.5% interest compounded monthly....

9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...

Homework Answers

Add Answer to: 9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...

Post as a guest

Earn Coins

Now do an Amortization Schedule Bank A's offer is 15 years at 3.5% interest compounded monthly....

Add Answer to:
9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...