Kim buys a car by putting a down payment of $2000 and monthly payments of $128 for the next 6 years. If the interest rate is 10% compounded monthly, what is the value of the car today? Answer: $
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- Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years. a.What is Dave’s monthly payment if the annual interest rate is 3%? b.In total, how much will Dave pay for the car?Mr. Alex Murphy wants to buy a car in 10 years and he wants to deposit 6000 BDT each month for 5 years. The car price is 756000BDT. What rate will meet his desire to buy the car?A couple wants to purchase a house. Suppose they invest $500 per month into an ordinary annuity. How much will they have for a down payment after 9 years if the annual interest rate is 9% compounded monthly?
- Tian can afford to put a down payment of $10,000 on a car. He can also afford to make monthly payments of $348.52 at the end of each month for the next five years. If Tian is quoted an annual interest rate of 3.49%, what is the highest price he can afford to pay for a car? O $29,162.86 O $19,162.86 O $27,563.75 O $10,761.96If Sam can afford payments at $390 per month for 6years. what is the price of a car that she can afford now? Assume an interest rate of 6.6 percent.You decide to finance a $10,000.00 car at a 7% interest rate for 4 years. A. How much will your monthly payment? My payment will be a month $_______. B. By the end of the loan what will be the total of all your payments? The total of all my payments will be $________. C. How much interest will you pay over the life of the loan? I will pay $_________ in interest over the life of the loan.
- Can you show me how this is done? Ava Darling plans to buy a home and can deposit $1,703 per year for the next 5 years.. If the annual interest rate is 6%, how much can Ava Darling expect to have for a down payment in 5 years? Selected Answer: 65,579 Correct Answer: 9,600 ± 5An aunt gifts you with $12,000, but only after you invest it for one year. She givesyou two choices.1. Invest the entire sum at 4.2% compounded monthly.2. Invest $1000 at 7.1% each month in an annuity that pays every month.(a) What is the future value of the money invested with method 1?(b) How much interest is earned with method 1?(c) What is the future value of the money invested with method 2?(d) How much interest is earned with method 2?(e) Which method would you choose?You are planning to buy a new car/truck (of your dreams) 7 years’ time at a cost of $134,956. How much will you need to save each month to be able to buy the car with cash assuming an annual interest rate of 10%?
- Jack and Jill need to save $8600 toward a new car. How long will it take them if they save $210 a month earning interest at 6.2% per year? (Treat as an ordinary annuity.) (State your answer in years rounded to the second decimal place, e.g., 12.34) Answer: CheckPlease help me answer the following time value of money question. Michael makes a $500 investment. At the end of 5 years, he has 700. Assuming that the interest is compounded monthly, what is the interest rate earned on his investment?Cheryl is setting up a payout annuity with her bank. She wants to receive a payout of $1200 per month for 20 years. A. How much will she have to deposit if she earns 8% interest compounde monthly? B. What's the total she will receive from her payout annuity?