Derek plans to buy a $29,486.00 car. The dealership offers zero percent financing for 52.00 months with the firstpayment due at signing (today). Derek would be willing to pay for the car in full today if the dealership offers him $cash back. He can borrow money from his bank at an interest rate of 4.72%.SubmitAnswer format: Currency: Round to: 2 decimal places.

Cost of car = $29,486Number of months = 52 monthsInterest rate = 4.72%

Answered: Derek plans to buy a $29,486.00 car.…

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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Derek borrows $40,041.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.01%. After a 11.00 months Derek decides to pay off his car loan. How much must he give the bank? Submit Answer format: Currency: Round to: 2 decimal places. C unanswered not submitted Attempts Remaining: Infinity
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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)
answer in text form please (without image)
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** HINT: Look online or look back at your worksheets for "add- on interest" problems! Melanie bought a used car for $10,000. (S)he put $100 down and financed the balance with the dealer at 5% add-on interest. If they agreed to make 36 monthly payments, then: (Round each answer to the nearest penny) What is the total payback amount of the loan? $ What is the amount of each payment? $ /month What is the total amount of interest paid on the loan? $
Ee 167.
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Problem:Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places.On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020.1. What is the exact time from June 26, 2019, to November 15, 2020? 2. What is the approximate time from June 26, 2019, to November 15, 2020? 3. What is the Ordinary simple interest using exact time? 4. What is the Ordinary simple interest using approximate time? 5. What is the Exact simple interest using exact time? 6. What is the Exact simple interest using approximate time? 7. If Naomi was given the option to choose the type of interest to use, which should she had chosen? Explain why in one sentence.

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