A car loan of $23,800 is to be repaid with bi-weekly payments of $164. How many payments are required to repay the loan at 7.2% p.a.compounded bi-weekly? What is the size of the final payment?Round your answer up to the next whole payment (6 months).Payments =See "Finding the value of the final payment" on Chapter 11 Formula Sheet.Also see Example 11.D on page 452 of Edition 12.Do not include the dollar sign in your answer.Value of final payment =Watch this an

Loans are paid by the equal periodic installments and these installments carry the payment for…

Answered: A car loan of $23,800 is to be repaid…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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Consider a student loan of $12,500 at a fixed APR of 12%for 25 years. What is the monthly payment?(Do not round until the final answer. Then round to the nearest cent as needed.) The total payment over the term of the loan is?(Round to the nearest cent as needed.) Of the total payment over the term of the loan %? is paid toward the principal and %? is paid toward interest.
Please correct answer and don't use hend raiting
You buy a car costing $28,000 today. What will be the monthly payment on this car if you put no money down (i.e., you borrow/finance the full amount), and the rate of interest on the loan is 7.2%? The loan is to be paid back in equal monthly installments over the next 5 years, with the first payment due one month from the purchase date. $395.54 $500.12 $475.38 $557.08 $484.95
Suppose your Visa credit card charges an APR of 13.5%, compounded monthly and your current statement shows a balance of $758.50.a) If you make no payments and no additional purchases for one year, what will bethe amount owed at the end of that year?b) How much total interest will be paid?c) What is the nominal rate?d) What is the effective annual rate (EAR)?e) Suppose this credit card company requires a minimum monthly payment of $25.Assuming that no additional purchases are made and also assuming that this minimum amount is paid every month, prepare an amortization schedule for the first three months of payments.
your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off the balance over 3 years. if there are no further purchases charged to the card, a.- how much must you pay each month? b.-what is the total interest paid over 3 years?
You can afford monthly deposits of $170 into an account that pays 3.0% compounded monthly. How long will it be until you have $9,200 to buy a boat? Type the number of months: (Round to the next-higher month if not exact.)
A bank advertises car loans at 8% compounded monthly for 4 years. There is a 0.5% reduction in the rate if you apply for the loan through the Internet. Suppose you wish to borrow $35 000.1. Calculate the regular monthly paythent at each interest rate.2. What is the total amount repaid for each loan3. How much interest do you save by applying through the internet?
For the Questions 3-5 assume you want to finance (borrow) $12,000 for your next car and your interest rate will be 6%. 3. What will be your monthly payment and the total amount paid over the life of the loan if you finance for 48 months? Provide the car payment and the TVM inputs you used to calculate the payment. Рayment Total of all payments PV FV RATE/INTEREST PERIODS/N (See next page for Questions 4 and 5)
You have just purchased a car and taken out a $50,000 loan. The loan has a five-year term with monthly payments and an APR of 6.0%. a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.) b. How much will you pay in interest, and how much will you pay in principal, during the fourth year (i.e., between three and four years from now)? (Note: Be careful not to round any intermediate steps less than six decimal places.) a. How much will you pay in interest, and how much will you pay in principal, during the first month, second month, and first year? (Hint: Compute the loan balance after one month, two months, and one year.) During the first month, you will pay $ in principal. (Round to the nearest cent.)
D3) You borrow $22947 to buy a car. You will have to repay this loan by making equal monthly payments for 15 years. The bank quoted an APR of 9%. How much is your monthly payment (in $ dollars)? $________.
You wish to buy a $10,900 dining room set. The furniture store offers you a 2-year loan with an APR of 7.2 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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