Assume a car can be purchased for 0% down for 60 months (in lieu of rebate). For a car with a sticker price of $42,900 with factory and dealer rebates of $5,100., find the monthly payment if financed for 60 months at 0% APR.
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- Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker price of $42,800 with factory and dealer rebates of $5,100. Hint: See Section 11.2, Example 5. (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)$ (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)$ (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) %(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker price of $36,500 with factory and dealer rebates of $4,200 (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)$ (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)$ (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)%(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker price of $42,750 with factory and dealer rebates of $5,100. Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)$ ?Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)$ ?Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)? %
- Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A BMW that has a sticker price of $62,440 with factory and dealer rebates of $6,000 (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)$ (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)$ (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) %(d) State whether the 0% APR or the 2.5% add-on rate should be preferred. 0% APR2.5% add-on rateAssume the car can be purchased for 0% down for 60 months (in lieu of rebate). A BMW that has a sticker price of $62,470 with factory and dealer rebates of $6,000. Hint: See Section 11.2, Example 5 (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)$ (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)$ (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) %(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.A metallurgist purchases a car for total cost including tax and license of $35,295.66. If the metallurgist obtains a 4-year loan at an annual interest rate of 4.3% compounded monthly, what is the monthly car payment (in dollars)? (Enter a number. Round your answer to the nearest cent. See Example 1 in this section.)
- A metallurgist purchases a car for total cost including tax and license of $31,795.66. If the metallurgist obtains a 4 year loan at an annual interest rate of 4.4% compounded monthly, what is a monthly car payment (in dollars)? Round your answer to the nearest cent. An auto dealership is advertising that a new car with a sticker price of $33,768 is on sale for $25,995 if payment is made in full, or it can be financed at 0% interest for 72 months with a monthly payment of $469. Note that 72 payments × $469 per payment = $33,768, which is the sticker price of the car. By allowing you to pay for the car in a series of payments (starting one month from now) rather than $25,995 now, the dealer is effectively loaning you $25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan? (Hint: Discount the payments back to current dollars, and use Goal Seek to find the discount rate that makes the net present value of the payments = $25,995.)An auto dealership is advertising that a new car with a sticker price of $34,128 is on sale for $25,995 if payment is made in full, or it can be financed at 0% interest for 72 months with a monthly payment of $474. Note that 72 payments x $474 per payment $34,128, which is the sticker price of the car. By allowing you to pay for the car in a series of payments (starting one month from now) rather than $25,995 now, the dealer is effectively loaning you $25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan? (Hint: Discount the payments back to current dollars, and use Goal Seek to find the discount rate that makes the net present value of the payments $25,995.) Enter your answer as a percentage. If required, round your answer to one decimal digit. 9.42% Hide Feedback Incorrect
- How much would you need to pay up front for a car that sells for $13,000, with 7% sales tax, a $2,600 down payment, a $78 license and registration fee, and a first month's car insurance premium of $99?An auto dealership is advertising that a new car with a sticker price of $33,408 is on sale for $25,995 if payment is made in full, or it can be financed at 0% interest for 72 months with a monthly payment of $464. Note that 72 payments × $464 per payment = $33,408, which is the sticker price of the car. By allowing you to pay for the car in a series of payments (starting one month from now) rather than $25,995 now, the dealer is effectively loaning you $25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan? (Hint: Discount the payments back to current dollars, and use Goal Seek to find the discount rate that makes the net present value of the payments = $25,995.) Enter your answer as a percentage. If required, round your answer to one decimal digit.You are interested in purchasing a new automobile that costs $35,000. The dealership offers you a special financing rate of 6% in APR for 48 months. The repayment needs to be made on the monthly frequency. Assume that you do not make any down payment on the auto and take the dealer's financing deal. What is your monthly car payment? O $1533.4 O $8,859.65 O $821.98 O $729.2
