If you make a down payment of $5000 on a car that costs $54,000+u compute the monthly payments on a 4 year auto loan if the apr is 7.39% U=12

Q: Can you solve using excel formulas please. If you have 7% APR loan for 25, 000, your monthly…

A: Time, value of money refers to a concept used for evaluating the present value of an asset that will…

Q: You want to bought a car for $8,000. You have monthly wage is $1,800 of which $600 will be saved for…

A: The term "annuity" refers to a contract created and offered by financial institutions with the goal…

Q: What monthly amount is needed for a car loan with a starting balance of $8,000 over 3 years with the…

A: Car loan implies when car is purchased by making small initial payment called down-payment and rest…

Q: Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the…

A: APR = Annual Percentage Rate

Q: A Chevrolet Sonic hatchback costs 14,450.00. With a 13% down payment you can have amortized loan for…

A: Given: Variables in the question:Cost of Chevrolet Sonic hatchback=$14,450Down payment=13%N=9…

Q: PV AND LOAN ELIGIBILITY You have saved $5,000 for a down payment on a new car. The largest monthly…

A: When we take loans we repay that loan in the form of fixed periodic payments. The present value of…

Q: A Chevrolet Sonic Hatchback costs $14,375.00. With a 7% down payment, you can have an amortized loan…

A: Initial cost of car = $14,375 Down payment = initial cost of car * 7% = 14,375 * 0.07 = $1006.25…

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Amount of home = $255,000 Down payment = 5%  The time duration of the loan = 30 years

Q: Suppose you have a student loan of $35,000 with an APR of 6% for 40 years. Complete parts (a)…

A: Loans are paid by equal monthly installments and these monthly installments carry the payment for…

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: Suppose you want to apply for a loan of $500,000 with repayment tenure of 5 years. The interest rate…

A: The objective of the question is to calculate the Annual Percentage Rate (APR) of the loan. The APR…

Q: You would like to purchase a car with a negotiated price of $39,000, and the dealer offers financing…

A: Present value refers to whether money received in the current period or today is worth more than…

Q: A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one…

A: Annual rate of return = (Monthly fee / Amount Borrowed) * 12 Amount Borrowed = P200 Monthly Fee =…

Q: Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the…

A: Loan amount= $8000 Time period= 4 years Rate= 10% interest Monthly payment= ?

Q: Suppose you have a student loan of $35,000 with an APR of 6% for 40 years. Complet parts (a) through…

A: A loan is a financial arrangement in which one party, typically a lender or a financial institution,…

Q: 2- A car may be purchased with $3000 down payment now and 60 monthly payment with interest of 480 if…

A: Monthly payment is that amount which is paid by the borrower to lendor every month. It includes the…

Q: Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the…

A: Using excel PMT function to calculate periodic payment  Interest on Loan =(periodic payment * no. of…

Q: How much the monthly payment on a $135k home be if you get 3.6% interest over a 15 year loan with a…

A: Given information: Amount of loan : $135,000 Interest rate : 3.6% Time period : 15 years Balloon…

Q: Suppose Marty borrows $300,000 at 4% for 30 years, monthly payments. The APR on the loan is 4.25%.…

A: Step 1: I/Y=4.25%/12N=12*30PV=300000CPT PMT=$1,475.82 Step 2:PMT=1475.82I/Y=4%/12N=12*30CPT…

Q: Compute the monthly payment on a car loan of $23,000 for 35 months, if the APR is 8.4%. Formula…

A: Loan = $23,000Period = 35 monthsAPR = 8.4%

Q: Bob Rohrman is offering a 2017 Toyota Camry for $29,000. If you have a 7% down payment and are able…

A: Cash price = $ 29,000 Down payment = 7% Annual interest rate = 2.99% Period = 48 Months

Q: You are looking to buy a $350,000 home Your household has a combined income of $97,000 The…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss…

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

Q: A Chevrolet Sonic Hatchback costs $ 14,980.00. With a 9 %  down payment, you can have an amortized…

A: Down payment- While purchasing a asset, the payment which is made upfront is called down payment.…

Q: 13. If you botrow $1823 and pay back $2,728 in three years, what annual rate of interest are you…

A: Time Value of Money is a fundamental financial concept that recognizes the idea that the value of…

Q: You want to buy a computer for $2,000.  The interest rate is on the loan is 12%, and you have 18…

A: First we will calculate EMI, so that we know how much we are paying in each payment.  Formula for…

Q: A Chevrolet Sonic Hatchback costs $14,640.00. With a 9%​ down payment, you can have an amortized…

A: Initial cost of car = $14,640Down payment = initial cost of car * 9% = 14,640 * 0.09 = $…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.