Question

SHOW ALL YOUR WORK THAT JUSTIFIES THE STEPS LEADING TO YOUR ANSWERS. 1. A family purchased a new car for $18,500. The loan agency required a 15% down payment and financed the balance for 36 months with an APR of 6.0%. Determine the total finance charge and monthly payment for the loan.

Answer #1

Given, price of car $18,500

down payment of 15% i.e 15$ of 18,500 = 2775

total payment tobe financed with APR (Principle ) = 15,725

APR (annual interest) = 6%

interest per month (I)= 6/12 % = 0.5% per month

Total period (N) = 36 months.

The formula for calculating the EMI given by

EMI = [P x I x (1+I)^N]/[(1+I)^N-1]

substituting the given values in above formula,

we get EMI = $478.38 Per month.

Total finance charge is= down payment + EMI X 36

= 2775+ (478.38X36) =**$19,996.68**

= nearly equals to $20,000

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 $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: $ ___

Calculate the amount financed, the finance charge, and the
monthly payments (in $) for the add-on interest loan. (Round your
answers to the nearest cent.)
Purchase
(Cash)
Price
Down
Payment
Amount
Financed
Add-on
Interest
Number of
Payments
Finance
Charge
Monthly
Payment
$2,000
15%
$
14.5%
30
$
$

You have saved $5,000 for a down payment on a new car. The
largest monthly payment you can afford is $400. 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.

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

1.A couple has just purchased a home for $307,000.00. They will
pay 20% down in cash, and finance the remaining balance. The
mortgage broker has gotten them a mortgage rate of 3.60% APR with
monthly compounding. The mortgage has a term of 30 years.
What is the monthly payment on the loan?
2. A couple has just purchased a home for $307,000.00. They will
pay 20% down in cash, and finance the remaining balance. The
mortgage broker has gotten them...

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.

Company A purchased a piece of property for $4.5 million. The
firm paid a down payment of 20 percent in cash and financed
(borrowed) the balance. The loan terms require monthly payments for
20 years at an annual percentage rate of 7.25 percent, compounded
monthly. What is the amount of each monthly mortgage payment? Show
your work. (Hint: Use the monthly interest rate with at least
six decimal places to avoid rounding errors.)

Company A purchased a piece of property for $4.5 million. The
firm paid a down payment of 20 percent in cash and financed
(borrowed) the balance. The loan terms require monthly payments for
20 years at an annual percentage rate of 7.25 percent, compounded
monthly. What is the amount of each monthly mortgage payment? Show
your work. (Hint: Use the monthly interest rate with at least
six decimal places to avoid rounding errors.)

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