Question

2) Find a vehicle that you would like to own on the internet.

a) Paste a picture or screen shot in the box below using the "mountain" button to add the picture. The picture should include the following:
i) Picture of the vehicle.
ii) Sale price of the vehicle.

Y j S72,000

b) Sale price of the car = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT

c) If the dealership you are buying the car from is offering 5.5% interest on a 5 year loan, what will your monthly payment be? Remember to use the sale price from Part b above.
Monthly payment = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

d) How much would you actually pay for the car over 5 years?
Total amount paid for car = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

e) How much interest would you pay over 5 years?
Amount of interest = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

f) What would the monthly payment be if you pay the car off over 6 years with the same interest rate?
Monthly payment = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

g) How much would you actually pay for the car over 6 years?
Total amount paid for car = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

h) How much interest would you pay over 6 years?
Amount of interest = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed

Answer 1

As per rules I am answering the first 4 subparts of the question

1: sale price of the car= $72000

2: $1375.28

Using financial calculator

Input: PV=72000, I/Y=5.5/12, N=5*12=60

Solve for PMT as -1375.28

3: Total amount paid for car = $ 82517.02

(1375.28*60 = $82,517.02 )

4: 10517.02

Actual interest = 82517.02-72000 = $10,517.02

5: 1176.33

Using financial calculator

Input: PV=72000, I/Y=5.5/12, N=6*12=72

Solve for PMT as -1176.33