Question

Pablo bought a new Mercedes for $35,000. He put a down payment of 10% and financed the rest for 4 years at an interest rate of 7.2%

1. What is his financed amount?

2. What is his monthly payment

3. He wants a $450 monthly car payment. Using the same loan terms, what priced car can he annually afford?

Please show work. Thank you

Answer #1

c)

Kenneth Clark bought a Honda Civic for $17,345. He put down
$6,000 and financed the rest through the dealer at an APR of 9.7
percent for four years. What is the effective annual interest rate
(EAR) if the loan payments are made monthly? (Round answer to 2
decimal places e.g. 15.25%.)

Skeeter bought a new bass boat for $22,000. He made a $4,000
down payment and financed the remainder at 14.5% for two years with
monthly payments. Required:
a. Prepare a loan
amortization schedule for the first three payment periods.
b. How much interest
will Skeeter pay, assuming he pays the loan off according to
schedule?
c. How much will he
owe immediately after making the thirteenth (13th) payment
Daniel is considering an investment that will pay $25,000 per
year for...

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

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...

Tom Burke bought a home in Virginia for $214,000. He put
down 20% and obtained a mortgage for 25 years at 9%. What is Tom’s
monthly payment and the total interest cost of the
loan

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: $

You have saved $5,000 for a down payment on a new car. The
largest monthly payment you can afford is $300. The loan will have
a 8% APR based on end-of-month payments. What is the most expensive
car you can afford if you finance it for 60 months?
Answer: $19,795.53
Please show all work and formulas used with a calculator, not
excel.

Your clients just purchased a new automobile for $28,600. They
put $3,600 as a down payment; the remainder is financed. The terms
of the fully amortized loan follow: 6-year loan, monthly payments
made at the end of month, 6.8% annual percentage rate. How much is
their monthly payment?
a.
$421.44
b.
$423.83
c.
$406.72
d.
$434.38

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 5 minutes ago

asked 15 minutes ago

asked 22 minutes ago

asked 30 minutes ago

asked 32 minutes ago

asked 36 minutes ago

asked 49 minutes ago

asked 51 minutes ago

asked 52 minutes ago

asked 56 minutes ago

asked 1 hour ago

asked 1 hour ago