Nina buys a new sport utility vehicle for $31,000. She trades in her old truck and receives $10,000, which she uses as a down payment. She finances the balance at 4% APR over 36 months. Before making her 6th payment, she decides to pay off the loan. Answer parts a) through d) below.a)Use the given table to determine the total interest Nina would pay if all 36 payments were made.b) What were Nina montly payment?c)How mucg interest will nina save by paying off the loan early?D) What is the total amount due to pay off the loan? **Finance Charge Table Overview**This table provides a comprehensive breakdown of finance charges associated with various loan payment plans based on the Annual Percentage Rate (APR). It shows the finance charge per $100 of amount financed.**Table Structure:**- **Columns:** - The first column represents the "Number of Payments" a borrower can opt for: 30, 36, or 48 payments. - The remaining columns correspond to different Annual Percentage Rates: 4.0%, 4.5%, 5.0%, and 5.5%.- **Rows:** - Each row indicates the specific finance charge for a respective number of payments at a given APR. The charges are expressed in dollars per $100 of the financed amount.**Details:**- **30 Payments:** - At 4.0% APR: $5.25 - At 4.5% APR: $5.92 - At 5.0% APR: $6.59 - At 5.5% APR: $7.26- **36 Payments:** - At 4.0% APR: $6.29 - At 4.5% APR: $7.09 - At 5.0% APR: $7.90 - At 5.5% APR: $8.71- **48 Payments:** - At 4.0% APR: $8.38 - At 4.5% APR: $9.46 - At 5.0% APR: $10.54 - At 5.5% APR: $11.63This table is essential for borrowers to understand the additional costs they would incur based on the loan period and interest rate, assisting them in making informed financial decisions.

Name: Nina buys a new sport utility vehicle for $31,000. She trades in her o
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Description: Nina buys a new sport utility vehicle for $31,000. She trades in her old truck and receives $10,000, which she uses as a down payment. She finances the balance at 4% APR over 36 months. Before making her 6th payment, she decides to pay off the loan

Amount=$31,000-$10,000Amount(P)=$21,000 Annual Percentage Rater=4% Payments made in a yearn=12…

Answered: Nina buys a new sport utility vehicle…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Nina buys a new sport utility vehicle for $31,000. She trades in her old truck and receives $10,000, which she uses as a down payment. She finances the balance at 4% APR over 36 months. Before making her 6th payment, she decides to pay off the loan. Answer parts a) through d) below.

a)Use the given table to determine the total interest Nina would pay if all 36 payments were made.

b) What were Nina montly payment?

c)How mucg interest will nina save by paying off the loan early?

D) What is the total amount due to pay off the loan?

**Finance Charge Table Overview**

This table provides a comprehensive breakdown of finance charges associated with various loan payment plans based on the Annual Percentage Rate (APR). It shows the finance charge per $100 of amount financed.

**Table Structure:**

- **Columns:**
- The first column represents the "Number of Payments" a borrower can opt for: 30, 36, or 48 payments.
- The remaining columns correspond to different Annual Percentage Rates: 4.0%, 4.5%, 5.0%, and 5.5%.

- **Rows:**
- Each row indicates the specific finance charge for a respective number of payments at a given APR. The charges are expressed in dollars per $100 of the financed amount.

**Details:**

- **30 Payments:**
- At 4.0% APR: $5.25
- At 4.5% APR: $5.92
- At 5.0% APR: $6.59
- At 5.5% APR: $7.26

- **36 Payments:**
- At 4.0% APR: $6.29
- At 4.5% APR: $7.09
- At 5.0% APR: $7.90
- At 5.5% APR: $8.71

- **48 Payments:**
- At 4.0% APR: $8.38
- At 4.5% APR: $9.46
- At 5.0% APR: $10.54
- At 5.5% APR: $11.63

This table is essential for borrowers to understand the additional costs they would incur based on the loan period and interest rate, assisting them in making informed financial decisions.

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