Question

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?

Homework Answers

Answer #1

     

_______________________________

_______________________________

NOTE: Do upvote the answer, if this was helpful.

NOTE: Please don't downvote directly. In case of query, I will solve it in comment section in no time.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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?
You want to buy a new car. You can afford payments of $300 per month and...
You want to buy a new car. You can afford payments of $300 per month and can borrow the money at an annual interest rate of 5.5% compounded monthly for 5 years. How much are you able to borrow? $ How much interest do you pay? $
You want to buy a new car. You can afford payments of $500 per month and...
You want to buy a new car. You can afford payments of $500 per month and can borrow the money at an annual interest rate of 5.1% compounded monthly for 5 years. How much are you able to borrow? $ How much interest do you pay? $
You want to buy a new car. You can afford payments of $450 per month and...
You want to buy a new car. You can afford payments of $450 per month and can borrow the money at an interest rate of 6.8% compounded monthly for 3 years.
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 saving money to buy a Car. You will need $20,000 as the price of...
You are saving money to buy a Car. You will need $20,000 as the price of the car today. If you can make a down payment now of $8000 , and want to pay the rest by installments, how much each deposit per month should be if you want to pay the rest of the amount in 24 months if the interest rate on the deposit is 6% per year? If you can deposit $664 per month how long will...
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
You need a new car. You can either lease or buy the car for 355 000...
You need a new car. You can either lease or buy the car for 355 000 SEK. In both cases you expect to use the car for 5 years. It will have a residual value of 120 000 SEK after 5 years. You can borrow at a rate of 2.5% APR with monthly compounding. (a) In case you buy the car you will take an annuity loan over 5 year at a borrowing rate of ${col}%. What will be your...
You want to buy a new car, but you can make an initial payment of only...
You want to buy a new car, but you can make an initial payment of only $1729 and can afford monthly payments of at most $517. If the interest rate is 9.4 percent per year compounded monthly and you finance the purchase over 48 months, what is the maximum price you can pay for the car? 25938.83 18787.33 25587.3 19526.21 22346.81
Derek decides to buy a new car. The dealership offers him a choice of paying $583.00...
Derek decides to buy a new car. The dealership offers him a choice of paying $583.00 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?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT