12. You decide to buy a car that costs $15.000. You want to borrow all the...
You want to buy a car that will cost $33,100. You have $2,750 cash as a down payment. You will finance the remainder of the cost through a loan that will require equal monthly payments of principal and 6.75% APR interest over five years Compute the amount of the monthly loan payment that you will need to make. Rate Nper PMT PV FV туре Prepare a loan amortization schedule using the format presented below. Use the amortization schedule to answer...
You want to buy a car that will cost $33, 100. You have $2,750 cash as a down payment. You will finance the remainder of the cost through a loan that will require equal monthly payments of principal and 6.75% APR interest over five years. Compute the amount of the monthly loan payment that you will need to make. Rate 6.75% Nper PMT PV FV Type Prepare a loan amortization schedule using the format presented below. Use the amortization schedule...
After graduation you decide to buy your first car. You decide you want to get a Toyota because it has a 5 year/50,000 mile warranty. You buy a 2019 Toyota Camry for $35,000 and finance the vehicle through a Bank. Today’s new car loans are 4.29% APR. a. (2 points) If you finance this car for 66 months, what is your monthly payment? b Create an amortization table showing monthly payment, monthly interest and monthly principle paid. After the first...
You are buying a house and trying to decide when you want to mortgage to mature. You are going to borrow $170,000. Your credit is good, so you will get the lowest rates available. You have two choices. You can finance for 30 years at an interest rate of 3.85% per year, or for 15 years with an interest rate of 3.15% per year. Set up a full amortization schedule for each of these options to help you make your...
You want to borrow $34,000 to buy a new car. Your interest rate is 4.5% over 7 years with monthly payments. Calculate your monthly payment.
When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making periodic payments over a certain period of time. Of course, the lending company will charge interest on the loan. Every periodic payment consists of the interest on the loan and the payment toward the principal amount. To be specific, suppose that you borrow $1,000 at an interest rate of 7.2% per year and the payments are monthly. Suppose that...
. You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 3 years and the nominal interest rate will be 9%. Construct an amortization table showing the fixed payment, the beginning year principal payment, the interest payment, and the ending principal balance for each year. Note that you will get a partial credit if you just show numbers
In order to buy a car, you borrow $35,000 from a friend at 12%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments. a. How much are the monthly payments? b. How much interest in in the 23rd payment? c. What is the remaining balance after the 37th payment?
6. You would like to borrow $10,000 at an interest rate of 8 percent per year for five years. You agree to make interest and principal payments totaling $2,401.49 at the end of each year. Prepare a loan amortization schedule for each of the five years, showing the beginning principal balance, the total payment of $2,401.49, the interest component of the payment, the principal component of the payment, and the ending principal balance. a. Fill in the blank spaces in...
You want to buy a home for $330,000 and you need to borrow 80% of the home price. Fixed-rate 30-year mortgages have an interest rate of 4.3%. You decide to obtain this mortgage loan. How much do you still owe to the bank after the first month payment?