Locate advertisements for new auto vehicles in your area. These are often published in local newspapers or on car dealership websites. What is the make and model of the vehicle? , What is the total price listed for the vehicle?, What is the monthly payment for the vehicle?, Is this a lease payment or a purchase payment?, How long is the term of the loan/lease?

Locate advertisements for new auto vehicles in your area. These are often published in local newspapers or on car dealership websites. What is the make and model of the vehicle? , What is the total price listed for the vehicle?, What is the monthly payment for the vehicle?, Is this a lease payment or a purchase payment?, How long is the term of the loan/lease?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 1FPE

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Hello. Could I please get step by step instructions/example of how to compute a car loan to determine amount of monthly payments and interest.
You go to an auto dealer and buy a new car. you drive the car home immediately after making the payment a. Physical assest market b. Financial assest market.
When you purchase a new car, the “sticker price” includes a “destination charge. Are you purchasing the car FOB shipping point or FOB destination? Explain.
Local Real Estate Research the local real estate ads (online) and find a home you would like to purchase. Include a link to the home listing in your report. Also include an estimate of the total cost after financing as well as the time it will take to pay off if paying monthly. Search for houses in Laredo Texas
Assume that you are on your way to purchase a new car. You have already applied and been accepted for an automobile loan through your local credit union. The loan can be for an amount up to $25,000, depending on the final price of the car you choose. The terms of the loan call for monthly payments for a period of four years at a stated interest rate equal to 6 percent. After selecting the car you want, you negotiate with the sales representative and agree on a purchase price of $24,000, which does not include any rebates or incentives. The rebate on the car you 24 chose is $3,000. The dealer offers “0% financing,” but you forfeit the $3,000 rebate if you take the “0% financing.” a. What are the monthly payments that you will have to make if you take the “0% financing”? (Hint: Because there is no interest, the total amount that has to be repaid is $24,000, which also equals the sum of all the payments.) b. What are the monthly payments if you finance the car with the credit union loan?…
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Before you are able to purchase a home you need to get pre-qualified and determine the maximum amount you can afford for the mortgage payment. The mortgage company that you visit uses the qualifying ratios 29/41. After speaking with the mortgage broker and answering several questions, the broker compiles this information regarding your income and expenses: You have a monthly income of $5,500. Your significant other that is living with your and will be on the loan earns $4,500 monthly. You have 2 car payments, one is $325 and the other is $280. Your significant other has a motorcycle payment of $450. You have a credit card payment of $25. Your significant other has a credit card payment of $180. The annual property tax in the area that you are considering to purchase the house has an average amount of $2800, while the average home insurance is $800 annually. Determine the anticipated monthly payment of the mortgage based on the given ratios. A) The Front-End (AKA: Housing) Ratio: ? B)…
The web page of each bank in Turkey has a financial calculator that will prepare a loan amortization table based on your inputs. If you follow the “Auto Loan Calculator” link, you can calculate the monthly payments of your loan and this link will prepare a payment plan for your loan. Suppose that you want to buy an automobile with a bank loan. Search for different “auto loans” of different banks in Turkey and choose the most appropriate one for you. Give the name of the bank. Determine how much you want to borrow and in how many years you can pay it back with monthly payments by yourself. 1) What is the Annual Percentage Rate (APR) (Nominal rate) on this loan? What is the Effective Annual Rate (EAR)?
We will now verify your results using an online Amortization Calculator. Return to www.bankrate.com (Links to an external site.), scroll down the home page and select Amortization Calculator (Links to an external site.) under the Mortgages heading. Enter the amount, time, and rate for the original loan to begin with and click CALCULATE. Your monthly payments will appear on the side. Click Show Amortization Schedule to see the month-to-month breakdown of your loan payments over the entire term of the loan.
REFLECTING Should Jill consider a payday loan to purchase the refrigerator? Explain. Hint APR means annual percent rate. 2. Jill is buying a new refrigerator. She cannot afford to pay cash. Should she use a credit card or get a personal loan? Justify your answer. 3. Liam, a taxi driver in Revelstoke, wants to buy a new taxi. He was approved for the loans in this chart. a) What should Liam think about when he chooses a loan? should Choose the Lost Fixed APR payments for 4 Apprenticeship and Workplace 11 secured personal 5.5% loan auto loan 7.5% b) Which loan should Liam choose? Explain why. 4 yr 6 yr 4. Hannah says that using payday loans and cash advances on credit cards are bad choices for borrowing money. Do you agree or disagree? Explain. NEL
Answer this question for me mate. Appreciate it. :)
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