Find the monthly payments on a 3-year lease for a $26,467 car if the car's residual value is $17,194 and the lease has an annual interest rate of 3.9%.
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- Find the interest paid on a 3-year lease for a $28,867 car if the car depreciates at an annual rate of 11% and the lease has an annual interest rate of 4.8% Round your answer to the nearest dollar.A vehicle can be purchased by paying $18,000 now, or it can be leased by paying $515 per month for the next three years, with the first payment due on the day of signing the lease. What nominal annual rate of interest compounded monthly is charged on the lease?Compute the interest paid on a 4-year lease for a $25,894 car if the annual rate of depreciation is 17% and the lease's annual interest rate is 3%. Round your answer to the nearest dollar.
- An installment contract for the purchase of a car requires payments of $202.94 at the end of each month for 3.5 years. Interest is 8 % per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost?Use the Amortization Table to determine the payment required to amortize a loan of $7500 at an annual interest rate of 12% with a term of 15 years. Payments are to be made monthly.What is the amount of each payment?An installment contract for the purchase of a car requires payments of $311.25 at the end of each month for 5 years. Interest is 4% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost?
- You are preparing a loan amortization table for a 1-year loan of $1000 with a monthly interest rate of 1%. What is your principal payment in month 3 of the amortization schedule?Lease payments of $675 per month on a car costing $59,000 are advertised by a dealer. The lease is for 6 years, requires a down payment of $11,000 and has a residual value of $9,000 at the end of the lease. What rate of interest compounded semi-annually is built into the lease? Correct your answer to 2 decimal places.Determine the annual payment on a OMR15,000 loan that is to be amortized over a four-year period and carries a 10 percent interest rate. Also prepare a loan amortization schedule for this loan.
- Determine the monthly amortization for a 5-year car loan worth P800,000 at a 5.5% interest rate, compounded monthly. Then compute for the total interest of the loan.What is the cash value of a three-year lease that require payments of $2097.64 payable at the beginning of each month for five years if interest is 10% compounded semi-annually?What is the present value of a 7 - year lease with monthly rental payments of $4, 200 due at the beginning of each month, if the opportunity cost of capital is 9% ?
