Question

Derek borrows $33,011.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.49%. After a 16.00 months, Derek decides to pay off his car loan. How much must he give the bank?

**Answer format:** Currency: Round to: 2
decimal places.

Answer #1

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Derek borrows $32,448.00 to buy a car. He will make monthly
payments for 6 years. The car loan has an interest rate of 6.47%.
After a 16.00 months Derek decides to pay off his car loan. How
much must he give the bank?

Derek borrows $43,592.00 to buy a car. He will make monthly
payments for 6 years. The car loan has an interest rate of 5.83%.
What will the payments be? Round to: 2 decimal places.

1. Derek borrows $254,684.00 to buy a house. He has a 30-year
mortgage with a rate of 5.53%. The monthly mortgage payment is
$________.
Answer format: 2 decimal places
2. Derek borrows $253,520.00 to buy a house. He
has a 30-year mortgage with a rate of 5.87%. After making 118.00
payments, how much does he owe on the mortgage?
Answer format: 2 decimal places

Derek borrows $323,573.00 to buy a house. He has a 30-year
mortgage with a rate of 4.70%. After making 96.00 payments, how
much does he owe on the mortgage?
Submit
Answer format: Currency: Round to: 2 decimal places.

Derek decides to buy a new car. The dealership offers him a
choice of paying $587.00 per month for 5 years (with the first
payment due next month) or paying some amount today. He can borrow
money from his bank to buy the car. The bank requires a 5.00%
interest rate. What is the most that he would be willing to pay
today rather than making the payments?
Answer Format: Currency: Round to: 2 decimal places.

Derek plans to buy a $33,277.00 car. The dealership offers
zero percent financing for 56.00 months with the first payment due
at signing (today). Derek would be willing to pay for the car in
full today if the dealership offers him $____ cash back. He can
borrow money from his bank at an interest rate of 5.80%.
Submit
Answer format: Currency: Round to: 2 decimal places.

Derek plans to buy a $25,614.00 car. The dealership offers zero
percent financing for 53.00 months with the first payment due at
signing (today). Derek would be willing to pay for the car in full
today if the dealership offers him $____ cash back. He can borrow
money from his bank at an interest rate of 5.26%.
Answer Format: Currency: Round to: 2 decimal
places.

Derek decides to buy a new car. The dealership offers him a
choice of paying $555.00 per month for 5 years (with the first
payment due next month) or paying some amount today. He can borrow
money from his bank to buy the car. The bank requires a 6.00%
interest rate. What is the most that he would be willing to pay
today rather than making the payments?
Derek plans to buy a $27,733.00 car. The dealership offers zero
percent...

Derek decides to buy a new car. The dealership offers him a
choice of paying $519.00 per month for 5 years (with the first
payment due next month) or paying some $28,934.00 today. He can
borrow money from his bank to buy the car. What interest rate makes
him indifferent between the two options?
Answer format: Percentage Round to: 3
decimal places (Example: 9.243%, % sign required. Will accept
decimal format rounded to 5 decimal places (ex: 0.09243))
Derek wants...

Derek borrows $264,972.00 to buy a house. He has a 30-year
mortgage with a rate of 4.45%. After making 139.00 payments, how
much does he owe on the mortgage?
A bank offers 8.00% on savings accounts. What is the effective
annual rate if interest is compounded continuously?
Please explain

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