Question

A car was purchased for ​$3650 down and payments of ​$338 at the end of each...

A car was purchased for ​$3650 down and payments of ​$338 at the end of each month for five years. Interest is 2​% compounded annually. What was the purchase price of the​ car? How much interest will be​ paid?
The purchase price of the car was ​$
nothing.
​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
The amount of interest that will be paid is ​$
nothing.
​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A car was purchased for ​$1410 down and payments of ​$249 at the end of each...
A car was purchased for ​$1410 down and payments of ​$249 at the end of each month for four years. Interest is 7​% compounded quarterlyquarterly. What was the purchase price of the​ car? How much interest will be​ paid? The purchase price of the car was ​$nothing. ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.) The amount of interest that will be paid is ​$nothing. ​(Round the final...
Harlan made equal payments at the end of each month into his RRSP. If interest in...
Harlan made equal payments at the end of each month into his RRSP. If interest in his account is 11.1% compounded semi-annually​, and the balance after eleven years is ​$14,000​, what is the size of the monthly ​payment? The size of the monthly payment is ​$nothing. ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
A ​$95,000 a mortgage is to be amortized by making monthly payments for 20 years. Interest...
A ​$95,000 a mortgage is to be amortized by making monthly payments for 20 years. Interest is 7.4% compounded semi-annually for a five​-year term. ​(a) Compute the size of the monthly payment. ​(b) Determine the balance at the end of the five​-year term. ​(c) If the mortgage is renewed for a five​-year term at 7​% compounded semi-annually, what is the size of the monthly payment for the renewal​ term? ​(a) The size of the monthly payment is ​$__. ​(Round the...
A car was purchased for ​$3100 down and payments of ​$299 at the end of each...
A car was purchased for ​$3100 down and payments of ​$299 at the end of each month for six years. Interest is 8​% compounded semi-annually. What was the purchase price of the​ car? How much interest will be​ paid?
What​ payment, made at the end of each three months for 13 ​years, will accumulate to...
What​ payment, made at the end of each three months for 13 ​years, will accumulate to $ 11 comma 300 at 6 % compounded semi dash annually question mark The required quarterly payment is ​$ nothing. ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
Scheduled payments of ​$919​, ​$1394​, and ​$333 are due in one year​, four-and-a-half ​years, and five-and-a-half...
Scheduled payments of ​$919​, ​$1394​, and ​$333 are due in one year​, four-and-a-half ​years, and five-and-a-half years respectively. What is the equivalent single replacement payment three years from now if interest is 9.9% compounded annually ? The equivalent single replacement payment is ​$? ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
Ian purchased a car by making a down payment of $6,000 and weekly payments of $325...
Ian purchased a car by making a down payment of $6,000 and weekly payments of $325 at the end of every week for 7 years. If interest was 2.85% compounded weekly, what was the purchase price of the car? What was the cost of financing? Round all answers to two decimal places where necessary. Enter only positive values for the "Purchase Price of the Car", and "Cost of Financing". N =  I/Y = % P/Y =  C/Y = PV = $ PMT...
Property worth $98,000.00 can be purchased for 10% down and semi-annual mortgage payments of $3440.00 for...
Property worth $98,000.00 can be purchased for 10% down and semi-annual mortgage payments of $3440.00 for 20 years. What effective annual rate of interest is charged? The effective annual rate of interest is _____% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
As a settlement for an insurance​ claim, Craig was offered one of two choices. He could...
As a settlement for an insurance​ claim, Craig was offered one of two choices. He could either accept a​ lump-sum amount of ​$10,802 ​now, or accept monthly payments of ​$121 for the next ten years. If the money is placed into a trust fund earning 6.67​% compounded annually which is the better option and by how​ much? The ▼ lump sum monthly payments option is better by ​$nothing. ​(Round the final answer to the nearest cent as needed. Round all...
An investment of ​$4885.45 earns interest at 4​% per annum compounded semi-annually for 4 years. At...
An investment of ​$4885.45 earns interest at 4​% per annum compounded semi-annually for 4 years. At that time the interest rate is changed to 7.2% compounded quarterly. How much will the accumulated value be 4.5 years after the​ change? The accumulated value is ​$. ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT