Alex is financing a new luxury truck. He willmake 144 level end of month paymebts withnominal interest rate 8.4% convertiblemonthly. He makes a down payment of5,000,000.00 and the amount of principal paidin the 72nd payment is 735,564.4293a) what is the price of the luxury truckand b) Alex misses his scheduled payments37-48 and on scheduled payment 49 heresumes making payments at the original setamount. He still pays off the loan after 144months by making a larger final payment.What is the amount of the final payment?

a) the price of the luxury truck is 50000

Answered: Alex is financing a new luxury truck.…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

On April 8, Manuel borrowed S700.00 from his uncle at 5.6% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00 dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment O Apr. 8 $700.00 1 May 8 $700.00 $110.00 2 June 8 $110.00 %$4 3 July 8 $110.00 4 Aug. 8 $110.00 5 Sept. 8 $110.00 6 Oct. 8 $110.00 7 Nov. 8 $0.00 Totals:
A patient’s insurance policy states:Annual deductible: $300.00Coinsurance: 70-30This year the patient has made payments totaling $533 to all providers. Today the patient has an office visit (fee: $80). The patient presents a credit card for payment of today’s bill. What is the amount that the patient should pay?
On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.2% per annum calculated on the daily balance. He gave the credit union six cheques for $160.00 dated the 15th of each of the next six months starting July 15 and a cheque dated January 15 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Balance Before Payment Amount Paid Payment Number 0 June 15 1 July 15 $1,070.00 $160.00 Interest Paid Principal Repaid Balance After Payment $1,070.00 S
You purchased a car on January 1, 2022 with a 10,000 dollar loan. Your loan carries an interest rate of 6% per year convertible monthly. You will pay 1150 per month starting February 1, 2022, plus an additional 2200 on August 1, 2022. The last payment will be a partial payment. Determine for how many months you will be making loan payments, including the last partial payment
What is the annual amortization of a 7% loan of P1.5M that is paid back in five annual end-of-period installments?*
Use nt" to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $120,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 15-year fixed at 7.25% with closing costs of $1400 and 1 point. Mortgage B: 15-year fixed at 5.25% with closing costs of $1400 and 3 points. Choose the correct answer below, and fill in the answer box to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.). OA. Mortgage B has a larger total cost than mortgage A by S OB. Mortgage A has a larger total cost than mortgage B by S
Suppose that a loan is being repaid with 60 equal monthly payments, the first coming a month after the loan is made. If the rate of interest is 9.7 percent convertible monthly, and the amount of principal in the 22nd payment is 230, how much interest is in the 44th payment? Thank you!
In order to make some home improvements, a home owner spent $24000. He paid 18% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5% Determine the home owner's total finance charge and monthly payment. a. Total finance charge = $3074.40; Monthly payment = $752.07 b. Total finance charge = $1156.06; Monthly payment = $579.03 c. Total finance charge = $3381.02; Monthly payment = $640.58 d. Total finance charge = $1395.12; Monthly payment = $585.42

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS