Mike wants to buy a scooter that costs 10000, but he cannot afford to buy it cash. He opts for the hire purchase agreement, which requires a 13% deposit and 24 equal monthly instalments at an interest rate of 15% per annum, compounded monthly. How much will his deposit be? Calculate the total amount that he still must pay after the deposit. Calculate the monthly instalments

Q: George buys a car every 6 years for P18,000. He trades in his current car to count as the 20%…

A: Given information: George: Price of car : 18,000 Down payment : 20% Interest rate : 12% Time period…

Q: Derek plans to buy a $31,184.00 car. The dealership offers zero percent financing for 55.00 months…

A: Discounting is a technique which is used to compute the present value (PV) of future amounts by…

Q: Aaron is planning to buy an apartment. He earns a monthly income of RM40,000 and plans to put aside…

A: The is based on the calculation of mortgage loan and value of property as per eligibility of loan .…

Q: You need a 30 year fixed rate mortgage to buy a new home for $400,000. Your mortgage bank will lend…

A: Mortgage/ Borrowings Borrowings are the loan which is taken by the individual to meet its financial…

Q: Tim wants to buy a new boat for &9,500. If the store is going to charge Tim 8% annual interest on…

A: in this we have to calculate total interest to be paid and total principal and then monthly payment.

Q: Peter wants to buy a house in Edmonds that costs $400,000. He plans to pay $100,000 as a…

A: given, price = $400,000 downpayment = $100,000 n =10  r=10% m=12

Q: You are deciding to buy a car to commute to work given the comparatively low interest of 6% per…

A: A loan is a debt arrangement that provides financial assistance to a person to full fill a specific…

Q: Kym plans to deposit $130 in an account at the end of each month for the next three (3) years so she…

A: Future value Future value simply means determining the value of future investments. This approach…

Q: Dean decides to buy a used vehicle. The vehicle cost $10,000 and his car loan APR is 2.5%. If it…

A: Given information: Cost of vehicle is $10,000 APR is 2.5%, Number of years is 4

Q: Down Payment and Loan Payments. Lucas wants to buy a used car that will cost $5,100. How much will…

A: The monthly installment amount includes the interest expense and repayment towards principal.

Q: Lungu wants to buy a Car that costs K25,000. He has saved K6000, which he will use as deposit, and…

A: According to bartleby guidelines , if multiple questions are asked , then 1st question needs to be…

Q: Daniel and Michael are buying a home for $800000. They make a down payment of 30% and finance the…

A: A mortgage refers to a loan availed against the purchase of a house. The lender charges an interest…

Q: Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most…

A: Amount received for trade-in = $6,000  Monthly Payment, P = $500  Interest rate = 2.2%  Number of…

Q: Derek plans to buy a $33,981.00 car. The dealership offers zero percent financing for 59.00 months…

A: Present worth is the current value of the amount that is expected to be spend in future date at…

Q: Albert takes a loan out to buy a second-hand car. The loan is for £1,500. The interest rate on the…

A: Time Value of Money :— According to this concept, value of money in present day is greater than the…

Q: Khiel wants to buy a car that costs $10,000, plus an extra 13% HST for a total price of $11,300. The…

A: Solved using Financial Calculator  1) Monthly payment to be made Pv = 11,300 N = 8 Years * 52 weeks…

Q: Droid buys a vintage pacman machine for $12000. Since he doesn't know when he'll get another chance…

A: The value of loan is determined with the help of checking the monthly payment along with the…

Q: A public relations specialist earns $71,500 salary each year. He/she wants to spend no more than…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Barbie is going to borrow $5,000 to help write a book.  The loan is for one year and the money can…

A: Option 1: 1 year loan borrowed at prime rate = 11%Effective interest cost = 11%Option 2: 1 year loan…

Q: Derek would like to save for a down payment on the purchase of a new SUV in 24 months. The targeted…

A: Down payment = $15,000Monthly interest rate = 0.875%Number of months = 24 months

Q: Charlie wants to withdraw $12,000 each year forever from his account. At an interest rate of 6% per…

A: Perpetuity is the stream of cash flows or payments that are made at equal intervals that do not have…

Q: Benjamin knows that he will be receiving $100,311 to settle an insurance claim, but he will not…

A: Simple discount refers to the method of calculation of the amount received and interest paid where…

Q: Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13%…

A: Solution:-  When a loan is taken, it can either be repaid as a lump sum payment or in instalments.…

Q: Pepito Catamco is excited to own a brand new Toyota car. Toyota is selling the for P1.2million. The…

A: Down payment Whenever an asset (like a car, building, land, etc.)  is bought an advance payment is…

Q: You decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years.…

A: Down payment is defined as an initial partial payment at the time of purchasing an expensive items…

Q: Aidan wants to pay off the loan on his refrigerated trailer on which he has made 15 payments. If…

A: When a series of equal periodic payment is made against a loan, it is termed as annuity. This…

Q: Bozo decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: The periodic payment is the amount that will be paid every period until the loan amortized which…

Q: Ben decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: Using excel PMT function

Q: John is planning to take a loan for a major renovation project for his home. He can afford only 10%…

A: Annual salary of John = $80,000Annual interest rate = 8%Period = 5 years

Q: Tom needs a car to commute to work and has found a suitable Honda Civic from a dealer for $8000. He…

A: Total is the amount of down payment and amount total paid in monthly payments that include payment…

Q: David Puddy is car shopping and plans to buy a 2019 Toyota Corolla. After making a down payment,…

A: An Annuity is simply a fixed amount which is used to pay off a loan in equal installments In this…