Full Name: 3. After a few years of saving you decide to purchase a car currently on sale for $25,000. You use the $5000 you had in your bank account as a down payment and make a monthly payment plan for the rest. The dealership is offering 2.99% per year financing for 4 years. a) What will your monthly payment be?

Full Name: 3. After a few years of saving you decide to purchase a car currently on sale for $25,000. You use the $5000 you had in your bank account as a down payment and make a monthly payment plan for the rest. The dealership is offering 2.99% per year financing for 4 years. a) What will your monthly payment be?

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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You want to buy a car and have negotiated a sale price of $50,000. You can get a loan from your local bank at a rate of 6% annually for 6 years. What is your MONTHLY payment? Reference the below formulas when solving the problem above: PV = FV / (1+r)^t FV = PV(1+r)^t FVA = PMT(((1+r)^t) -1) / r FVA = PMT((1+(r/12)^t(12))-1)/(r/12) PVA = PMT(((1-(1+r)^-t) / r)) PVA = PMT((1-(1+(r/12))^-t(12)))/(r/12)
You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over 10 years, and the nominal interest rate will be 8% with interest paid annually. 1: What will be the annual loan payment? 2: Construct Amortization Schedule Table.
Give typing answer with explanation and conclusion you want to borrow $71,400 from your local bank to buy a nee sailboat. you can afford to make monthly paymnets of $1,480 but no more. assuming monthly compounding, what is the highest rate per year you can afford on a 78- month-loan?
Do all parts its urgent
You have decided to purchase a new car that costs $44,500. You need to make a 20% down payment, then you will finance the rest with a loan. Your bank will extend you a car loan where the APR is 4.32% and you will make monthly payments over five years. What is the monthly payment on the vehicle? O $593.33 O $660.78 O $512.79 O $825.98
consider purchasing a car that has a price of $18,700. You make payments for 6 years at an APR of 2.2%. If you paid a 10% down payment, what would you need to take out for their loan
You want to buy a $15,000.00 car. You can make a 10% down payment, and will finance the balance with a 5% interest rate for 48 months (4 years). What will your monthly payment be? My monthly payment will be $________
Graduation is 2 years away and you want to have $1000 available for a trip. If your bank is offering a 2-year CD (certificate of deposit) paying 2.6% simple interest, how much do you need to put in this CD to have the money for your trip? +A $
You can afford a $350 per month car payment. You've found a 4 year loan at 2% interest. How big of a loan can you afford?
Suppose you want to buy a car right now. Your credit is pretty good so you can get an 4% I interest rate on the loan for the car. You can afford to make payments of $300 each month. You would like to pay this loan back over 4 years. How much car can you afford?
You want to buy a $13,000.00 car. You can make a 10% down payment, and will finance the balance with a 3% interest rate for 36 months (3 years). What will your monthly payment be? My monthly payment will be $______
The purchase price of an item is $15,000. You decide to buy it using an installment plan. You put 20% down. You agree to pay $275 per month for 5 years. a.) what is the amount of your down payment? b.) how much are you borrowing? c.) how much will you pay in interest? d.)how much will this item cost you in total?

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