Chad purchased a new Toyota 4-runner for $32,500. He put a $5,000 down payment and inanced the remaining amount. The loan on his truck is for 60 months and has a finance charge of $6,000. What is the APR on the loan? (Round to the tenth of a percent) 6.9% 8.0% 0.3% 7.5% Click the answer you think is right.

Chad purchased a new Toyota 4-runner for $32,500. He put a $5,000 down payment and inanced the remaining amount. The loan on his truck is for 60 months and has a finance charge of $6,000. What is the APR on the loan? (Round to the tenth of a percent) 6.9% 8.0% 0.3% 7.5% Click the answer you think is right.

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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A few years down the road you move out, buying your own home. You decide to take another look at your finances. Your outstanding loan of $250 per month only has 10 payments left on it (out of the original 60) with an interest rate of 12.75%. What is the finance charge “f” what is the unearned intrest how much would it cost to pay it off on payment 51
A friend of yours bought a new sports car with a $4,500 down payment plus a $27,000 car loan that is financed at an interest rate of 0.75% per month for 60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 24th monthly payment? c. If, after the 24th payment, she decides to pay $100 more each month, how many months will it take her to payoff the remaining loan she owes? a. The required monthly payment is (Round to the nearest cent.) b. Your friend still owes $on the car loan. (Round to the nearest dollar.) c. It will take her months (Round-up to the nearest month)
Gordon Rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. Please solve Gordon's problem. Round time in years to the nearest tenth.
You decide to do some remodeling in the kitchen. Your parents agree to lend you the money, but you insist on paying them interest. The agreement is that they will lend you $8000.00 at a simple interest rate of 2% per year. Once the interest amounts to $480, you agree to pay them back the $8000 plus the $480 interest. After how many months will you have to pay them back? Please answer step by step
A friend agreed to lend you money today. You must repay your friend by making payments of $30 per month for the next six months. The first payment must be paid today. In addition, you must pay 2 percent interest per month. How much total interest will you end up paying your friend? Multiple Choice о $9.50 О $4.50 о $4.68 C $8.60
Apply 11. Jarvis is buying a boat that costs $6,000. He has $500 for a down payment. He is deciding between a 2-year loan and a 3-year loan. Use the rates in the table to determine how much Simple Interest Rate () Time (years) 1 1.5 money he will save if he chooses the 2-year loan instead of the 3-year loan. Round to the nearest cent. 2.25 3 3.0 2.
Martin wants to buy a new bedroom set that costs $1709 including tax. Unfortunately, he doesn't have $1709, so he secures a 2-year loan from the furniture store at 12% interest to be repaid in 24 equal monthly installments. Find the monthly payment. Round your intermediate steps to the nearest cent. st esc The monthly payment is S ? Check 44°F Clear @2 सं 3 $ 4 X 15 % 5 Q Search 16 & 7 Ig 18 * 00 hip Submit Assignmen © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility 9 Save For Later W backspace
Jorge is buying a new car for $24,750. Compare the two loan offers by finding the monthly payments for each and calculating the total amount paid for each. Loan Options Down Payment Monthly Payment Total 5% down payment, 4.25% APR for 5 years 10% down payment, 3.25% APR for 4 years
You Borrowed $150,000 to for a period of 15 years at fixed APR of 6% to buy a house. How much is your total payments over 15 years for this loan. Use 6 digits after decimal when calculating. But give your final answer with 2 digits after decimal. choose the closet answer to yours choices 198756.43 227841.17 179459.38
Help pls
You are financing a car worth $26194.15 with tax included. Interest rates are 11.9% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $1274, Calculate the finance charge (interest charged on purchase). Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 1564.23 (Hint: Take the down payment off the total worth of the car including tax; this is your PVn. Then, find the monthly payment by hand using the ordinary general annuity formuls or use the TVM salver, You will need an interest conversion if you do this question by hand or Excel because we have daily interest but monthly payments, you will need a monthly periodic interest rate. Then find the total value of ALL your monthly payments (e. g., PMT x Total Number of Monthly Payments) and add this to your down payment; subtract the purchase price including tax of the car from this figure-the difference is the interest you'll…
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