If you chose loan 1, and decide to pay the loan off early (after you've made payments for 24 months) what is the payoff balance of the loan (rounded to the nearest dollar)?

Q: Suppose that you decide to buy a car for $26,635, including taxes and license fees. You saved $7000…

A: Car Value = $ 26,635Down payment =$ 7000Loan Amount = Car Value - Down paymentLoan Amount = $ 26,635…

Q: You are considering either leasing or purchasing a car. You notice an ad that says you can lease the…

A: Lease is a contract between two parties in which one party gives right to use of asset to another…

Q: Lamar plans to buy a used truck that costs $20,000. The dealer requires a 20% down payment. The rest…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: You plan to purchase a house for $166,000 using a 15-year mortgage obtained from your local bank.…

A: Discount points refer to the optional fees (extra charges) over the agreed stated interest rate on a…

Q: You are borrowing $250,000 to buy a house, using a standard, 30-year mortgage. Your mortgage lender…

A: A mortgage is a covered loan taken out to purchase a property with the property itself acting as…

Q: You see that First National Bank is willing to make you a four-year $40,000 car loan with an…

A: Variables in the question:Interest charged on car loan =4.2%Interest charged on credit card=16.5%

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: Option Rex and Bonnie are wanting to buy a new entertainment couch with a sales price of $20,000 for…

A: For Option 1, we are given that the interest is computed using the simple interest method. The…

Q: You plan to purchase a $290,000 house using a 30-year mortgage obtained from your local credit…

A: formula in the below table : Cell reference  ABCDEFGH11 B C D E F G H 22 INTEREST RATE =7.25%/12…

Q: You are considering either leasing or purchasing a car. You notice an ad that says you can lease the…

A: When a car is purchased it is purchased by auto loan and that is paid by monthly payment and there…

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: Loan amortization is the process of repaying a loan over time with regular payments that cover both…

Q: What does this tell you about total cost when financing for longer periods?

A: Leasing a vehicle refers to driving a car through periodic payments towards the car without actually…

Q: your client wants to buy a new car. the financing terms are: sticker price: 100,000.00 usd cash…

A: Upfront purchase price = $ 100,000 - 21% discount = 79,000Hence, PV = - 79,000Otherwise under…

Q: Suppose that you decide to buy a car for $57,000, including taxes and license down payment. The…

A: It is given that, the price of the car is $57,000 and the down payment is $10,000.So, the loan…

Q: You want to buy a new sports coupe for $75,200, and the finance office at the dealership has quoted…

A: Loan is a financial obligation that is repayable in the future. A loan is repayable according to the…

Q: A car manufacturer is offering the choice of a 0.5% loan compounded monthly for 72 months or $2000…

A: The sum borrowed or loan taken to meet the specific business or personal requirements is regarded as…

Q: ou want to purchase an automobile for $31,074 . The dealer offers you​ 0% financing for 48 months or…

A: If we opt for 0% financing then the interest cost will be zero and we can defer the payment over the…

Q: Suppose you decide to obtain a 4-year lease for a car and negotiate a selling price of $28,990,…

A: Negotiated price of car$28,990Down payment$2,400Trade in value of old car$3,850Money…

Q: You want to buy a new sports coupe for $77,500, and the finance office at the dealership has quoted…

A: Compound = n = Monthly = 12Present Value = pv = $77,500Interest rate = r = 5.9 / 12Time = t = 48

Q: A borrower is purchasing a property for $200,000 and can choose between two possible loan…

A: Present value of annuity Annuity is a series of equal periodic payments at equal interval over a…

Q: The first product Suzie represents is a short term loan. Here, customers can borrow small amounts of…

A: Simple Interest: When the interest is charged or paid on a fixed principal over a given period is…

Q: ay you need to take out a loan for $1,500. There are two options for repayment: Option A:…

A: Amortized loans refer to equal payments containing  both principal and interest; in which, first of…

Q: You are considering buying a car (sticker price of $43,000) but need financing. The car dealership…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: You take out a 5-year car loan with monthly payments of $425. The interest rate for the loan is…

A: To calculate the total interest paid over the life of a loan, we need to determine the total amount…

Q: What is the monthly payment for loan 2 (rounded to the nearest whole dollar)?

A: Loan means the amount borrowed by a particular person or business from the bank or other financial…

Q: Suppose that you decide to buy a car for $60,000, including taxes and license fees. You saved…

A: Loans are paid by the monthly payments and these monthly payments carry the payment for interest and…

Q: You want to buy a new sports coupe for $75,400, and the finance office at the dealership has quoted…

A: The idea of figuring out a loan's monthly payment and effective annual rate (EAR) is the foundation…

Q: Please build an excel spreadsheet and show the formulas  to answer a. through g. using the…

A: See the answer in the explanation field.Explanation:Answer information:Step 1:a) Loan Amount = Price…

Q: You consider financing the purchase of a new $159,900 sports car from a local luxury car dealership.…

A: Given:P = $159,900 r = 9.2% / 12 = 0.092 / 12 = 0.00767 (or 0.767% as a decimal) n = 3 years × 12…

Q: John wants to buy a property for $127,500 and wants an 80 percent loan for $102,000. A lender…

A: The mortgage loans are the secured loans and these loans are paid by the monthly payments that carry…

Q: Barry Wood wants to buy a used car that costs $5000. He has two possible loans in mind. One loan is…

A: According to the given information, find the following monthly payment and total interest paid.

Q: ou have agreed to loan some money to a friend at a simple interest rate of 62% your friend needs a…

A: Rate = 62% Principal = $1470 Maturity Value =$3200 Interest = $3200 -$1470 Interest = $1730

Q: Option Rex and Bonnie are wanting to buy a new entertainment couch with a sales price of $20,000 for…

A: For Option 1, we use the simple interest formula I = P * R * T, where P is the principal amount, R…

Q: Option Rex and Bonnie are wanting to buy a new entertainment couch with a sales price of $20,000 for…

A: For Option 1, we are given that the interest is computed using the simple interest method. The…

Q: Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans,…

A: Loan amount, P = $15,000 Interest rate, r = 6.3% Term, t = 3 years Payments per period, n = 12 Using…

Q: The difference in monthly payments between the two offers is $ (Round to the nearest cent as…

A: Monthly payments refer to the fixed amount that a borrower is required to repay on a loan each…

Q: Use an online loan calculator to determine the regular payment amount, rounded to the nearest…

A: The long-term loan that was obtained from the lender is being repaid in monthly mortgage…

Q: Choose the best answer to the following question. Explain your reasoning with one or more complete…

A: Origination Fees refer to the upfront fees that are charged for processing or establishing or…

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.