Question

You want to buy a $16,000 car. The company is offering a 7.9%
interest rate for 5 years.

*Round your answer to the nearest cent as needed.*

a) What will your monthly payments be? $

b) How much interest will you pay over the entire loan period?
$

Answer #1

You want to buy a $21,000 car. The company is offering a 5%
interest rate for 60 months (5 years). What will your monthly
payments be?

You want to buy a $28,000 car. The company is offering a 4%
interest rate for 60 months (5 years). What will your monthly
payments be?

If you want to buy a car, and you can afford a monthly payment
of $400, how large of a loan can you get at 7.9% interest over 60
months(5 years)? Round your answer to the nearest dollar.

You want to buy a car, and a local bank will lend you $35,000.
The loan would be fully amortized over 5 years (60 months), and the
nominal interest rate would be 15%, with interest paid monthly.
What is the monthly loan payment? Do not round intermediate
calculations. Round your answer to the nearest cent.

You want to buy a car, and a local bank will lend you $35,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 10% with interest paid monthly. What
will be the monthly loan payment? What will be the loan's EAR? Do
not round intermediate calculations. Round your answer for the
monthly loan payment to the nearest cent and for EAR to two decimal
places.

You want to buy a car, and a local bank will lend you $40,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 4% with interest paid monthly. What
will be the monthly loan payment? What will be the loan's EAR? Do
not round intermediate calculations. Round your answer for the
monthly loan payment to the nearest cent and for EAR to two decimal
places.

You want to buy a car, and a local bank will lend you $25,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 9% with interest paid monthly. What
will be the monthly loan payment? Do not round intermediate steps.
Round your answer to the nearest cent. $
What will be the loan's EAR? Do not round intermediate steps.
Round your answer to two decimal places. %

You want to buy a car, and a local bank will lend you $15,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 11% with interest paid monthly.
What will be the monthly loan payment? Do not round intermediate
steps. Round your answer to the nearest cent.
$
What will be the loan's EAR? Do not round intermediate steps.
Round your answer to two decimal places.
%

You want to buy a car, and a local bank will lend you $10,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 7% with interest paid monthly.
What will be the monthly loan payment? Do not round intermediate
steps. Round your answer to the nearest cent.
What will be the loan's EAR? Do not round intermediate steps.
Round your answer to two decimal places.

4. You want to buy a new car in 3 years which will cost $42,000.
You plan to get a 5-year car loan at a 6% interest rate but donâ€™t
want your monthly payments to be over $300. You plan to save the
rest needed by making monthly deposits into the bank, earning 7.5%
on your money. How much do you need to save monthly over the next 3
years to reach your goal?
6. You are buying a new...

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