you are financing joes new $20000 car. joe promised to pay you $500 a month for...
Homework Answers
Since this is a loan payment, the Future Value will be zero
Monthly Rate = 0.770%
Using the IRR function, interest rate monthly = 0.770% -
Annual Interest Rate = 0.770*12 = 9.24%
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are financing joes new $20000 car. joe promised to pay you $500 a
month for...
Assume that you are planning on purchasing a new car. You are considering financing the $40,000...
Assume that you are planning on purchasing a new car. You are considering financing the $40,000 purchase price using a car loan arranged through the car dealership. The terms of the loan are: 8 years of fixed monthly payments, and 2.4% quoted annual periodic rate of interest (this will need to be converted to a monthly rate by dividing the annual rate by 12). Assuming the loan will be completely paid off by the end of the 8 years, determine...
Kangaroo Autos is offering free credit on a new $12,500 car. You pay $500 down and...
Kangaroo Autos is offering free credit on a new $12,500 car. You pay $500 down and then $400 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1,190 off the list price. a. If the rate of interest is 0.83% a month, calculate the present value of the payments to Kangaroo Autos. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not...
A car dealership offers you no money down on a new car. You may pay for...
A car dealership offers you no money down on a new car. You may pay for the car for 4 years by equal monthly end-of-the-month payments of $477 each, with the first payment to be made one month from today. If the discount annual rate is 18.48 percent compounded monthly, what is the present value of the car payments?
A used car dealer advertises financing at 4% interest over 3 years with monthly payments. You...
A used car dealer advertises financing at 4% interest over 3 years with monthly payments. You must pay a processing fee of $900 at signing. The car you like costs $12,000. (a) What is your effective annual interest rate? (b) After one year, you would like to pay off the loan. What is the effective interest rate and APR? Including the Function or Equation you use to do the calculations in your spreadsheet.
A car dealership offers you no money down on a new car. You may pay for...
A car dealership offers you no money down on a new car. You may pay for the car for 3 years by equal monthly end-of-the-month payments of $735 each, with the first payment to be made one month from today. If the discount annual rate is 17.45 percent compounded monthly, what is the present value of the car payments? Round the answer to two decimal places.
A car dealership offers you no money down on a new car. You may pay for...
A car dealership offers you no money down on a new car. You may pay for the car for 4 years by equal monthly end-of-the-month payments of $765 each, with the first payment to be made one month from today. If the discount annual rate is 12.24 percent compounded monthly, what is the present value of the car payments? Round the answer to two decimal places.
A car dealership offers you no money down on a new car. You may pay for...
A car dealership offers you no money down on a new car. You may pay for the car for 4 years by equal monthly end-of-the-month payments of $612 each, with the first payment to be made one month from today. If the discount annual rate is 18.20 percent compounded monthly, what is the present value of the car payments? Round the answer to two decimal places.
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months...
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are for 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from an online website or at a dealership) For promotion A Compute...
A used car dealer advertises financing at 0% interest over 3 years with monthly payments. You...
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Kangaroo Autos is offering free credit on a new $14,000 car. You pay $1,400 down and then $420 a month for the next 30 m...
Kangaroo Autos is offering free credit on a new $14,000 car. You pay $1,400 down and then $420 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1,080 off the list price. a. If the rate of interest is .75% a month, calculate the present value of the payments to Kangaroo Autos. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value $ b. Which...
Assume that you are planning on purchasing a new car. You are considering financing the $40,000 purchase price using a car loan arranged through the car dealership. The terms of the loan are: 8 years of fixed monthly payments, and 2.4% quoted annual periodic rate of interest (this will need to be converted to a monthly rate by dividing the annual rate by 12). Assuming the loan will be completely paid off by the end of the 8 years, determine...
Kangaroo Autos is offering free credit on a new $12,500 car. You pay $500 down and then $400 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1,190 off the list price. a. If the rate of interest is 0.83% a month, calculate the present value of the payments to Kangaroo Autos. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not...
A car dealership offers you no money down on a new car. You may pay for the car for 3 years by equal monthly end-of-the-month payments of $735 each, with the first payment to be made one month from today. If the discount annual rate is 17.45 percent compounded monthly, what is the present value of the car payments? Round the answer to two decimal places.
A car dealership offers you no money down on a new car. You may pay for the car for 4 years by equal monthly end-of-the-month payments of $765 each, with the first payment to be made one month from today. If the discount annual rate is 12.24 percent compounded monthly, what is the present value of the car payments? Round the answer to two decimal places.
Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are for 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from an online website or at a dealership) For promotion A Compute...
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