Lauren knows she can afford to make monthly payments of $475 for 36 months. How much...

Question

Question

Lauren knows she can afford to make monthly payments of $475 for 36 months. How much will the bank lend her today on a 3% APR

business finance

Answer 1

Answer #1

Ans $ 16333.57

Answer 2

Similar Homework Help Questions

Lauren knows she can afford to make monthly payments of $475 for 48 months. How much...

Lauren knows she can afford to make monthly payments of $475 for 48 months. How much will the bank lend her today on a 3% APR car loan in exchange for her promised monthly payments?
Lauren knows she can afford to make monthly payments of $575 for 36 months. How much...

Lauren knows she can afford to make monthly payments of $575 for 36 months. How much will the bank lend her today on a 3% APR car loan in exchange for her promised monthly payments?
1. You set up a college fund in which you pay $2500 each year at the...

1. You set up a college fund in which you pay $2500 each year at the end of the year. How much money will you have accumulated in the fund after 10 years, if your fund earns 13% compounded annually? Your Answer: 2. Lauren knows she can afford to make monthly payments of $300 for 36 months. How much will the bank lend her today on a 3% APR car loan in exchange for her promised monthly payments? Your Answer:...

Sarah can afford car payments of $271 a month for 48 months.

Sarah can afford car payments of $271 a month for 48 months. The bank will lend her money to buy a car at 6 % APR compounded monthly (05 % per month). How much money can she afford to below?
I just need to check my answers: 17: You want to buy a house in 5...

I just need to check my answers: 17: You want to buy a house in 5 years and expect to need $35000 for a down payment. If you have $11000 to invest, how much interest do you have to earn (compounded annually) to reach your goal? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%) 18: You decide that the loan in question 2 is too large for...
James wants to take out a loan. He can afford to make monthly payments of 100...

James wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after exactly 30 years. What is the maximum amount that James can afford to borrow if the bank charges interest at an annual rate of 8 percent, compounded monthly? (Give your answer, in dollars, correct to the nearest dollar.) Nicola borrows 60000 dollars from a bank that charges interest at an annual rate of 10 percent,...

Steven can afford car payments of $300 a month for 72 months. The bank will lend...

Steven can afford car payments of $300 a month for 72 months. The bank will lend him this money at 8 percent interest. How much can Steven borrow today? a. $17,224.43 b. $20,747.52 c. $15,428.14 d. $20,770.57 e. $17,110.36
5. Karl can afford car payments of $325 a month for 60 months. The bank will...

5. Karl can afford car payments of $325 a month for 60 months. The bank will lend him money to buy a car at 5.75 percent interest. How much money can he afford to borrow?
You are looking to buy a car. You can afford $730 in monthly payments for five...

You are looking to buy a car. You can afford $730 in monthly payments for five years. In addition to the loan, you can make a $830 down payment. If interest rates are 10.00 percent APR, what price of car can you afford (loan plus down payment)? (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Present value To borrow $3,700, you are offered an add-on interest loan at 9.3 percent with 12 monthly payments....

Steven can afford car payments of $250 a month for 60 months. The bank will lend...

Steven can afford car payments of $250 a month for 60 months. The bank will lend him this money at 6.0 percent interest. How much can Steven borrow?