$2,300 down payment, $13,700, 48-month loan at 6 percent interest requiring a monthly payment of $321.74;...
$2,300 down payment, $13,700, 48-month loan at 6 percent interest requiring a monthly payment of $321.74; assume that the car's value at the end of 48 months will be the same as the residual value and that sales tax is 7 percent. How much to purchase the car?
Homework Answers
Car purchase price = Down payment + Loan amount
Car purchase price = 2,300 + 13,700 = 16,000
Thus, money required to purchase car is $16,000
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$2,300 down payment, $13,700, 48-month loan at 6 percent
interest requiring a monthly payment of $321.74;...
Purchase Costs Leasing Costs Down payment: $2,400 Loan payment: $720 for 48 months Estimated valu...
Purchase Costs Leasing Costs Down payment: $2,400 Loan payment: $720 for 48 months Estimated value at end of loan: $4,300 Security deposit: $800 Lease payment: $720 for 48 months End-of-lease charges: $645 Opportunity cost interest rate: 2 percent Calculate the costs of buying versus leasing a motor vehicle. Cost of buying Cost of leasing a. What is the amount of annual savings? nual savings amount 816 b. What wo uld be the future value of this annual amount over 8...
Purchase Costs Leasing Costs Down payment: $2,400 Loan payment: $720 for 48 months Estimated value at...
Purchase Costs Leasing Costs Down payment: $2,400 Loan payment: $720 for 48 months Estimated value at end of loan: $4,300 Security deposit: $800 Lease payment: $720 for 48 months End-of-lease charges: $645 Opportunity cost interest rate: 2 percent Calculate the costs of buying versus leasing a motor vehicle. Cost of buying Cost of leasing a. What is the amount of annual savings? nual savings amount 816 b. What wo uld be the future value of this annual amount over 8...
You take out an $8,600 car loan that calls for 48 monthly payments starting after 1...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
Purchase Costs Leasing Costs Down payment $ 1,600 Security deposit $ 1,030 Loan payment $ 590...
Purchase Costs Leasing Costs Down payment $ 1,600 Security deposit $ 1,030 Loan payment $ 590 for 48 months Lease payment $ 550 for 36 months Estimated value at end of loan $ 5,000 End of lease charges $ 920 Opportunity cost interest rate: 5 percent Based on the above, calculate the costs of buying and of leasing a motor vehicle. (Round your answers to the nearest whole dollar.) Purchase cost $ Leasing cost $
You have saved $5,000 for a down payment on a new car. The largest monthly payment...
You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have a 8% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? A. $40,522.08 B. $50,647.21 C. $15,250.09 D. $30,476.12 E. $25,480.96
5) A man agrees to pay $300 per month for 48 months to pay off a...
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First America Bank's monthly payment charge on a 48-month, $20,000 loan is $488.26. The U.S. Bank's...
First America Bank's monthly payment charge on a 48-month, $20,000 loan is $488.26. The U.S. Bank's monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? (Use Table 14) (Round your final answers to the nearest hundredth percent.) APR First America Bank US Bank
show all work pleasee :) 5) A man agrees to pay $300 per month for 48...
show all work pleasee :)
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a....
4 Loan Interest. Devika is considering the purchase of a car. After making the down payment,...
4 Loan Interest. Devika is considering the purchase of a car. After making the down payment, she will finance $15,500. Devika is offered two maturities. On a four-year loan, Devika will pay $371 per month. On a five-year loan, Devika's monthly payments will be $307. If Devika had been able to afford the four-year loan, how much interest in total would she have saved compared to the five-year loan? Work:
The price of a new car is $28,000. Assume that an individual makes a down payment...
The price of a new car is $28,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo? 48 mo s 72 mo s (b) What will...
Purchase Costs Leasing Costs Down payment: $2,400 Loan payment: $720 for 48 months Estimated value at end of loan: $4,300 Security deposit: $800 Lease payment: $720 for 48 months End-of-lease charges: $645 Opportunity cost interest rate: 2 percent Calculate the costs of buying versus leasing a motor vehicle. Cost of buying Cost of leasing a. What is the amount of annual savings? nual savings amount 816 b. What wo uld be the future value of this annual amount over 8...
Purchase Costs Leasing Costs Down payment: $2,400 Loan payment: $720 for 48 months Estimated value at end of loan: $4,300 Security deposit: $800 Lease payment: $720 for 48 months End-of-lease charges: $645 Opportunity cost interest rate: 2 percent Calculate the costs of buying versus leasing a motor vehicle. Cost of buying Cost of leasing a. What is the amount of annual savings? nual savings amount 816 b. What wo uld be the future value of this annual amount over 8...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a. Determine the size of the...
First America Bank's monthly payment charge on a 48-month, $20,000 loan is $488.26. The U.S. Bank's monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? (Use Table 14) (Round your final answers to the nearest hundredth percent.) APR First America Bank US Bank
show all work pleasee :)
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a....
4 Loan Interest. Devika is considering the purchase of a car. After making the down payment, she will finance $15,500. Devika is offered two maturities. On a four-year loan, Devika will pay $371 per month. On a five-year loan, Devika's monthly payments will be $307. If Devika had been able to afford the four-year loan, how much interest in total would she have saved compared to the five-year loan? Work:
The price of a new car is $28,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo? 48 mo s 72 mo s (b) What will...
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