HomeworkLib
Question

you want to purchase a new motorcycle that costs $26,000. the most you can pay each...

you want to purchase a new motorcycle that costs $26,000. the most you can pay each month is $640 over the life of the 48-month loan. what is the highest apr that you could afford?

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
you want to purchase a new motorcycle that costs $26,000. the most you can pay each...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • You want to purchase a new motorcycle that costs $27,800. The most you can pay each...

    You want to purchase a new motorcycle that costs $27,800. The most you can pay each month is $570 over the life of the 60-month loan. What is the highest APR that you could afford? Multiple Choice 8.47% 8.72% 9.68% 7.33% 7.82%

  • You want to buy a new car, but you can make an initial payment of only...

    You want to buy a new car, but you can make an initial payment of only $1,200 and can afford monthly payments of at most $850. . If the APR on auto loans is 12% and you finance the purchase over 48 months, what is the maximum price you can pay for the car? Do not round intermediate calculations. Round your answer to 2 decimal places.) Maximum price o. How much can you afford if you finance the purchase over...

  • You want to borrow $69,000 from your local bank to buy a new car. You can...

    You want to borrow $69,000 from your local bank to buy a new car. You can afford to make monthly payments of $1,200, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 78 month APR loan? Please show all work and calculations.

  • You want to borrow $100,000 from your local bank to buy a new sailboat. You can...

    You want to borrow $100,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,750, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? Please show steps for full credit

  • You want to borrow $98,000 from your local bank to buy a new sailboat. You can...

    You want to borrow $98,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,100, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

  • You want to borrow $90,000 from your local bank to buy a new sailboat. You can...

    You want to borrow $90,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,700, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) interest rate %

  • You want to borrow $86,000 from your local bank to buy a new sailboat. You can...

    You want to borrow $86,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,500, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate 7.81+4%) %

  • Question 3. You want to borrow $100,000 from your local bank to buy a new sailboat....

    Question 3. You want to borrow $100,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,750, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? Question 4. A local finance company quotes an interest rate of 25 percent on one-year loans. So, if you borrow $30,000, the interest for the year will be $7,500. Because you must repay a total of...

  • 2. You want to buy a house. You can make an initial payment of $200,000 and...

    2. You want to buy a house. You can make an initial payment of $200,000 and can afford monthly payment of $1,800. If the APR of the mortgage loan is 4.8% and you finance the purchase over 30 years (360 months), what is the maximum price you can pay for the house?

  • You want to borrow £98,000 from your local bank to buy a new yacht. You can...

    You want to borrow £98,000 from your local bank to buy a new yacht. You can afford to make monthly payments of £2,000, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month loan?

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT