Elena bought a car priced at $13,350 for 10% down and equal semi-annualpayments for 5 years. If interest is 10% compounded monthly, what is the size ofthe semi-annual payment?The size of the semi-annual payment is $(Round the final answer to the nearest cent as needed. Round all intermediatevalues to six decimal places as needed.)

Down payment is cash out of pocket made in advance to the dealer of car and remaining amount is…

ena bought a car priced at $13,350 for 10% down and equal semi-annual yments for 5 years. If interest is 10% compounded monthly, what is the size e semi-annual payment? e size of the semi-annual payment is $ ound the final answer to the nearest cent as needed. Round all intermediate lues to six decimal places as needed.)

ena bought a car priced at $13,350 for 10% down and equal semi-annual yments for 5 years. If interest is 10% compounded monthly, what is the size e semi-annual payment? e size of the semi-annual payment is $ ound the final answer to the nearest cent as needed. Round all intermediate lues to six decimal places as needed.)

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

An installment contract for the purchase of a car requires payments of $346.34 at the end of each month for 2 years. Interest is 5% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
you borrow $5,000 at 15% for 12 months. you and your creditor agree, that you will make TWO equal payments, one at 3 months and one at 7 months. using a focal point places at 12 months. what is the amount of the payment? make sure you rond all intermediate calculations to 5 decimal places, round final answer to the nearest penny
How much should a family deposit at the end of every 6 months in order to have $2000 at the end of 3 years? The account pays 5.3% interest compounded semiannually. (Round your final answer to two decimal places.)
Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
If you borrow $5,300 at $900 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) Effective rate a. Annual payment % b. Semiannual payments % c. Quarterly payments % d. Monthly payments %
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Mr. Bean wants to borrow $9,100 for three years. The interest rate is 7.1% compounded monthly. a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT = 24 b. What will be the balance owed on the loan at the start of the third year? Balance owed=
You want to buy a new sports car from Muscle Motors for $87,000. The contract is in the form of a 60-month annuity due at an APR of 7.7 percent, compounded monthly. What will your monthly payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Monthly payment ( Prev 9 of 10 ... Next
Tim Houston purchased a wall unit for $2,300. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
If you were to borrow $8,400 over five years at 0.14 compounded monthly, what would be your monthly payment? Round to two decimal places.
you get a $15000 car loan for 4 years at 6.7% interest. the lender charges $250 for an origination fee(which is added to your loan amount). what is your APR? Round to the nearest hundreth of a percent.

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