Question

4. You want to buy a new car in 3 years which will cost $42,000. You plan to get a 5-year car loan at a 6% interest rate but don’t want your monthly payments to be over $300. You plan to save the rest needed by making monthly deposits into the bank, earning 7.5% on your money. How much do you need to save monthly over the next 3 years to reach your goal?

6. You are buying a new house on a 30-year, 5.2% mortgage loan of $230,000.

A. How much will your monthly payments be?

B. How much will go toward principal in the 75^{th}
month? How much will go toward interest in the 75^{th}
month? What will be the balance after 75 months?

C. How much interest will you pay in total over the 30 years?

D. If you do a 15-year loan instead of a 30-year one, how much will you save in total interest?

Answer #1

4)

6. You are buying a new house on a 30-year, 5.2% mortgage loan
of $230,000.
A. How much will your monthly payments be?
B. How much will go toward principal in the 75th
month? How much will go toward interest in the 75th
month? What will be the balance after 75 months?
C. How much interest will you pay in total over the 30
years?
D. If you do a 15-year loan instead of a 30-year one, how much
will...

You want to buy a $203,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan at 4.3% annual interest
compounded monthly for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be?
$
c) How much total interest do you pay?
$
d) Suppose you want to pay off the loan in 15 years rather than 30.
What will your monthly payment...

You are planning to
buy an RV in 4 years that will cost $75,000. You will take out a
6-year, 8% loan to cover part of the cost. You don't want your loan
payments to be more than $500 a month. You plan to cover the rest
of the cost of the RV by making quarterly deposits over the next 4
years into an account earning 9%. How much do your deposits need to
be be?

Suppose you can find a house that you want to buy. You have
negotiated with the sellers and have agreed upon a price of
$270,000. We are going to explore various options and how these
options will impact the overall cost of the loan.
Payment Frequency
Monthly
If you make monthly payments with an interest rate of 4.5% for
30 years, how much will your payments be? $
How much do you pay over the life of the loan? $...

2. You want to buy a new car 3 years from now, and you
plan to save $1,000 per month, beginning today. You will deposit
your savings in an account that pays a 3.6% annual interest. How
much will you have 3 years from now?
A. $43, 201.80
B. $35,179.30
C. $38, 069.70
D. $27, 338.30
3. Dell computer has two promotions to sell its $3,000
laptop computers. One promotion is the low interest rate loan (the
nominal annual interest...

You want to buy a $257,000 home. You plan to pay 10% as a down
payment, and take out a 30 year fixed loan for the rest.
Round all answers to the nearest cent as needed.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
4.2%?
$
c) What will your monthly payments be if the interest rate is
5.2%?
$

You want to buy a new work truck for $42,000. You will make a
down payment of $4,000. What are your MONTHLY loan payments for a 5
year term. Use 9% annual nominal interest compounded monthly for
your loan.
Please show work either either through excel or written for
comparing and better understanding. I got 788.82 dollars

You
want to buy a car, and the bank will lend you $20,000. The loan
will be fully amortized over five years. Nominal interest rate will
be 6% with interest paid monthly. What will be the loan monthly
payment. How much of the second month payment will be
interest?

You want to buy a new car. You can afford payments of $300 per
month and can borrow the money at an annual interest rate of 5.5%
compounded monthly for 5 years. How much are you able to borrow? $
How much interest do you pay? $

You want to buy a new car. You can afford payments of $500 per
month and can borrow the money at an annual interest rate of 5.1%
compounded monthly for 5 years.
How much are you able to borrow?
$
How much interest do you pay?
$

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