Question

A car dealer offers payments of $522.59 per month for 48 months on a $25,000 car...

A car dealer offers payments of $522.59 per month for 48 months on a $25,000 car after making a $4,000 down payment. What is the loan’s APR? (in % terms)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are interested in purchasing a used car for $17,250. The dealer offers financing at a...
You are interested in purchasing a used car for $17,250. The dealer offers financing at a rate of 6.8% APR when the purchase is financed for 54 months. If you make a 5% down payment, what would the monthly payment be for this purchase?
A car dealership is ready to give you a $25,000 car on a lease for 48...
A car dealership is ready to give you a $25,000 car on a lease for 48 months at 6% interest rate per year (or 6% divided by 12 = 0.5% per month). What will be your monthly lease payments which are made at the beginning of the months, if you agree to make a lumpsum payment of $6,500 at the end of the lease term to own the car after the lease term is over? $486.75 $478.24 $466.97 $464.65 (I...
You want to buy a car. The car costs $101,500. The Tesla dealer offers to finance...
You want to buy a car. The car costs $101,500. The Tesla dealer offers to finance your car with a 60 month loan at an APR of 12.75%, compounded monthly. Your first payment will be due tomorrow. If you take this loan, what will your monthly car payment be?
For the car loan described, give the following information. A car dealer will sell you the...
For the car loan described, give the following information. A car dealer will sell you the $30,550 car of your dreams for $6,000 down and payments of $664.06 per month for 60 months. (a) amount to be paid $   (b) amount of interest $ (c) interest rate (Round your answer to two decimal places.) (d) APR (rounded to the nearest tenth of a percent)
Mr. Jones decides to purchase a car for $10,000. The dealer offers to finance the car...
Mr. Jones decides to purchase a car for $10,000. The dealer offers to finance the car at 8% interest. The loan will be paid over 4 years with payments made monthly. What is the payment amount that Mr. Jones would be expected to pay?
You purchased a car. The car dealership allows you to defer payments for 12 months, and...
You purchased a car. The car dealership allows you to defer payments for 12 months, and you make 48 end-of month payments thereafter. If the original loan is for $28,000 and interest in 8% per year on the unpaid balance * What will your payment be? * What is the effective rate of interest?
You are thinking about leasing a car, and the dealer offers you the following deal: You...
You are thinking about leasing a car, and the dealer offers you the following deal: You can drive the $23,000 car off the lot today, with no upfront payment if you agree to make monthly payments of $375.22 for five years.   At the end of the lease, you can keep the car if you pay out a residual value price of $4,000.  What is the annual rate of interest embedded in this lease arrangement?
A car may be leased for 4 years from a dealer with $330 monthly lease payments...
A car may be leased for 4 years from a dealer with $330 monthly lease payments to be paid at the beginning of each month. At the end of the lease, the car has a residual value of  $23,000. If the dealer is charging interest at 2% compounded monthly, what is the implied cash price of the vehicle. Assume no down payment is m
You wish to buy a $29,500 car. The dealer offers you a 4-year loan with a...
You wish to buy a $29,500 car. The dealer offers you a 4-year loan with a 10.8 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Consider a new car costing $25,000. The dealer offers you $2,500 cash back (net price $22,500)...
Consider a new car costing $25,000. The dealer offers you $2,500 cash back (net price $22,500) if you buy the car paying in full (Option A) or 0% financing for 5 years with 10% down up front (Option B). a)     What will your monthly payments be under the dealer’s 0% financing option. Don’t forget the 10% down, and assume that the car will be paid off after five years (your 60th equal payment). b)     At what interest rate are the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT