Question

Kim bought a new car for $28,000. She paid a 20% down payment and financed the remaining balance for 36 months with an APR of 4.8%. Assuming she made monthly payments, determine the total cost of Kim's car. Round your answer to the nearest cent, if necessary

Answer #1

You have saved $3,000 for a down payment on a new car. The
largest monthly payment you can afford is $300. The loan will have
a 9% APR based on end-of-month payments. What is the most expensive
car you can afford if you finance it for 48 months? For 60 months?
Do not round intermediate calculations. Round your answers to the
nearest cent.
Financed for 48 months: $
Financed for 60 months: $

You have saved $5,000 for a down payment on a new car. The
largest monthly payment you can afford is $350. The loan will have
a 9% APR based on end-of-month payments. What is the most expensive
car you can afford if you finance it for 48 months? For 60 months?
Do not round intermediate calculations. Round your answers to the
nearest cent.
Financed for 48 months: $ ___
Financed for 60 months: $ ___

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 15% APR based on end-of-month payments. What is the most
expensive car you can afford if you finance it for 48 months? For
60 months? Do not round intermediate calculations. Round your
answers to the nearest cent.
Financed for 48 months: $
Financed for 60 months: $

Lupé made a down payment of $8000 toward the purchase of a new
car. To pay the balance of the purchase price, she has secured a
loan from her bank at the rate of 5%/year compounded monthly. Under
the terms of her finance agreement she is required to make payments
of $440/month for 36 months.
What is the cash price of the car? (Round your answer to the
nearest cent.)

Kelly bought a new SUV for $28,000. She made a down payment of
$13,500 and has monthly payments of $283.72 for 5 years. She is
able to pay off her loan at the end of 36 months. Determine the
total installment price and the finance charge. Once the APR is
determined, use the actuarial method to find the unearned interest
and payoff amount. (Hint: to compute the payoff consider how many
months have been paid by the end of 36...

Mariam bought a condo for RM 600,000. She made a 10% down payment
and financed the balance through a bank for 35 years.
(a) If the interest rate was 7% compounded monthly, find the
monthly payment that Mariam made to settle the loan.
(b) How much was the total interest charged?
(c) Suppose Mariam missed the first four payments. How much
should be paid on the fifth month if she wanted to settle the
outstanding arrears?
(d) Immediately after paying...

The price of a new car is $12,000. 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 5%/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 months? Over a period of 60
months?
48 months
$
60 months
$
(b) What will...

Rosa bought a car for $20,000. She made a down payment of $4,000
and received a 48-month equal installment loan for the remaining
amount at 6 percent APR. How much will be Rosa’s first payment of
the loan? (Assume the installments are paid at the end of each
month.) Group of answer choices
$1277.95
$469.70
$333.33
$ 375.76

Question 5:
A university graduate bought a new car. The cash price is $
36,000; he made a $ 2,000 down payment on it. The bank's loan was
for 20 months. Finance charges totaled
$
10,000. What was the monthly payment?
A steel factory bought a new equipment. The cash price of the
equipment is $ 18,000, putting down $ 7,600 and financing the
remainder with 20 monthly payments of $ 578 each.
Find the APR by table lookup. ...

You have saved $5,000 for a down payment on a new car. The
largest monthly payment you can afford is $400. The loan will have
a 15% APR based on end-of-month payments. What is the most
expensive car you can afford if you finance it for 48 months? For
60 months? Do not round intermediate calculations. Round your
answers to the nearest cent.

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