Question

a) Bubba bought a car for $60,000, putting down $20,000 cash and financing the remainder. How much are his monthly car payments if he financed the car for 6 years and paid a nominal annual interest rate of 6 percent?

b) How much will his payments be if he makes the payments at the beginning of each month?

Answer #1

a)

**Hence, monthly payment is $662.92**

b)

**Hence, monthly payment is $659.62**

Show calculation of how to solve the problems (hand calculation
instead of excel)
1a) Bubba bought a car for $60,000, putting down $20,000 cash
and financing the remainder. How much are his monthly car payments
if he financed the car for 6 years and paid a nominal annual
interest rate of 6 percent?
1b) How much will his payments be if he makes the payments at
the beginning of each month?

Justin Chan bought a Scion car for a price of $8,200, putting
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$179.99. The APR is: Question 6 options: A) Close to 14% B) Between
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these

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. ...

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

A man wants to buy a new car that has a cash price of $20,000.
He makes a down payment of $2,000, and will have payments of $360
that are paid once a month for 5 full years.
1. What is the approximate APR for this car? (7.9% , 5.0% , or
3.5%)
2. How much is the total finance charge the man will end up
paying for this car? ($3,600 , $6,320 , or $1,600)

Person P got a house for $200,000 and made a $60,000
down payment. He obtained a 30 - year loan for the remaining
amount. Payments were made monthly. The nominal annual interest
rate was 6%. After 10 years (120 payments) he sold the house and
paid off the loan’s remaining balance.
(a) What was his monthly loan payment?
(b) What must he have paid (in addition to his regular 120th
monthly payment) to pay off the loan?

9. You are planning to buy a new car. The cost of the car is
$60,000. You have been offered two payment plans: a. A 15 percent
discount on the sales price of the car, followed by 60 monthly
payments financed at 8 percent per year. b. No discount on the
sales price of the car, followed by 60 monthly payments financed at
1.5 percent per year. If you believe your annual cost of capital is
12 percent, which payment...

Ella funt is considering the purchase of a 165,000 house —
putting $25,000 down financing the remainder at 6% for 30 years. if
Ella were to pick a 6%, 15 year mortgage instead, how much in total
interest cost savings would she realize

George buys a car every 6 years for $18,000. He trades in his
current car to count as the 20% down payment. The rest is financed
at a nominal 12% in- terest with monthly payments over 6 years.
When the loan is paid off, he trades in the car as the “20%” down
payment on the next car, which he finances the same way.
Jeanette has similar tastes in cars, and the dealer will count
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Please show works!
1. To buy his favorite car, Larry is planning to accumulate
money by investing his Christmas bonuses for the next five years in
a security which pays a 10 percent annual rate of return. The car
will cost $20,000 at the end of the fifth year and Larry's
Christmas bonus is $3,000 a year. Will Larry accumulate enough
money to buy the car? How much additional will he either need or
have?
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