Question

**You are about to purchase a new car, which will cost you
$18,000 after taxes and fees. You are planning to pay a $3,000 down
payment and then take out a five-year auto loan at an APR of 4.8%.
You will make a monthly payment for the next five years starting a
month from today. How much is your loan payment each
month?**

**$220.81**

**$280.57**

**$338.04**

**$221.70**

Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

You are about to purchase a new car, which will cost you $18,000
after taxes and fees. You are planning to pay a $3,000 down payment
and then take out a five-year auto loan at an APR of 4.8%. You will
make a monthly payment for the next five years starting a month
from today. How much is your loan payment each month? $220.81
$280.57 $338.04 $221.70 $281.70

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pay it off in monthly payments over the next three years at a 8
percent APR. You believe that you will be able to sell the car for
$20000...

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believe that you will...

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You are considering buying a new car for $37,000. If you
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Using Microsoft Excel: Suppose you are in the market for a new
car worth $22,000. You are offered a deal to make a $2,000 down
payment now and to pay the balance in equal end-of-month payments
of $505.33 over a 48-month period. Consider the following
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at 9.2% compounded monthly. What would be your...

Amal is planning to purchase a car. The sticker price is
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Part a
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Part b
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