Question

The price of a new car is $12,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 5%/year compounded monthly. (Round your answers to the nearest cent.)

(a) What monthly payment will she be required to make if the car is financed over a period of 48 months? Over a period of 60 months?

48 months | $ |

60 months | $ |

(b) What will the interest charges be if she elects the 48-month
plan? The 60-month plan?

48-month plan | $ |

60-month plan | $ |

Answer #1

The price of a new car is $36,000. Assume that an individual
makes a down payment of 25% toward the purchase of the car and
secures financing for the balance at the rate of 8%/year compounded
monthly. (Round your answers to the nearest cent.) (a) What monthly
payment will she be required to make if the car is financed over a
period of 24 mo? Over a period of 48 mo? (b) What will the interest
charges be if she...

Joe secured a loan of $13,000 four years ago from a bank for use
toward his college expenses. The bank charges interest at the rate
of 5%/year compounded monthly on his loan. Now that he has
graduated from college, Joe wishes to repay the loan by amortizing
it through monthly payments over 15 years at the same interest
rate. Find the size of the monthly payments he will be required to
make. (Round your answer to the nearest cent.)
$...

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: $ ___

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: $

Lupé made a down payment of $8000 toward the purchase of a new
car. To pay the balance of the purchase price, she has secured a
loan from her bank at the rate of 5%/year compounded monthly. Under
the terms of her finance agreement she is required to make payments
of $440/month for 36 months.
What is the cash price of the car? (Round your answer to the
nearest cent.)

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.

You have saved $5,000 for a down payment on a new car. The
largest monthly payment you can afford is $450. 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? Do not round intermediate calculations. Round your
answer to the nearest cent.
$
What is the most expensive car you can afford if you finance it
for 60 months? Do not round...

You have saved $3,000 for a down payment on a new car. The
largest monthly payment you can afford is $350. The loan will have
an 8% APR based on end-of-month payments.
What is the most expensive car you can afford if you finance it
for 48 months? Do not round intermediate calculations. Round your
answer to the nearest cent.
What is the most expensive car you can afford if you finance it
for 60 months? Do not round intermediate...

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 10% APR based on end-of-month payments.
A.What is the most expensive car you can afford if you finance
it for 48 months? Do not round intermediate calculations. Round
your answer to the nearest cent.
B. What is the most expensive car you can afford if you finance
it for 60 months? Do not round...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 12 minutes ago

asked 12 minutes ago

asked 22 minutes ago

asked 24 minutes ago

asked 32 minutes ago

asked 44 minutes ago

asked 51 minutes ago

asked 59 minutes ago

asked 59 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago