Question

18. You are borrowing $21,000 with no money down to buy a car. The terms of...

18. You are borrowing $21,000 with no money down to buy a car. The terms of the loan call for equal monthly payments for 5 years at 4.25% percent interest. What is the amount of each monthly payment?

Please do all calculations. Thank you

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 borrowing $21,000 with no money down to buy a car.
Please use Excel to answer it: You are borrowing $21,000 with no money down to buy a car. The terms of the loan call for equal monthly payments for 5 years at 4.25% annual interest. What is the amount of each monthly payment?
You are borrowing $5,230 to buy a car. The terms of the loan call for monthly...
You are borrowing $5,230 to buy a car. The terms of the loan call for monthly payments for 5 years at a 5.50 percent interest compounded monthly. What is the amount of each payment? a.$75.93 b. $95.67 c. $99.90 d. $97.16 e. $75.38
You want to buy a house that costs $210,000. You have $21,000 for a down payment,...
You want to buy a house that costs $210,000. You have $21,000 for a down payment, but your credit is such that mortgage companies will not lend you the required $189,000. However, the realtor persuades the seller to take a $189,000 mortgage (called a seller take-back mortgage) at a rate of 5%, provided the loan is paid off in full in 3 years. You expect to inherit $210,000 in 3 years, but right now all you have is $21,000, and...
You are looking to buy a car. You can afford $520 in monthly payments for four...
You are looking to buy a car. You can afford $520 in monthly payments for four years. In addition to the loan, you can make a $1,700 down payment. If interest rates are 8.75 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
You are borrowing money to buy a car. If you can make payments of $330 per...
You are borrowing money to buy a car. If you can make payments of $330 per month starting one month from now at an annual interest rate of 12%, how much will you be able to borrow for the car today if you finance the amount over 5 years?
You are borrowing money to buy a car. If you can make payments of $508 per...
You are borrowing money to buy a car. If you can make payments of $508 per month starting one month from now at an annual interest rate of 9%, how much will you be able to borrow for the car today if you finance the amount over 4 years?
Please show works! 1. To buy his favorite car, Larry is planning to accumulate money by...
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? 2. Marc has purchased a...
A car dealership offers you no money down on a new car. You may pay for...
A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $621 each, with the first payment to be made one month from today. If the discount annual rate is 3.82 percent compounded monthly, what is the present value of the car payments?
The CEO demanded a corporate jet for his personal use. The corporation is borrowing $15,000,000 to...
The CEO demanded a corporate jet for his personal use. The corporation is borrowing $15,000,000 to buy the jet. The terms of the loan call for monthly payments for 20 years at a 6 percent annualized interest rate. What is the amount of each payment to pay off the loan?
A commercial bank will loan you $30,981 for 8 years to buy a car. The loan...
A commercial bank will loan you $30,981 for 8 years to buy a car. The loan must be paid in equal monthly payments at the end of the month. The annual interest rate on the loan is 16.41 percent of the unpaid balance. What is the amount of the monthly payments?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT