Purchase CostsDown paymentLoan paymentEstimated value at end of loanOpportunity cost interest rateLeasing CostsSecurity depositBuying and LeasingTotal purchase costTotal leasing cost$ 1,700+$ 620 for 36 months$ 4,500Lease payment$ 530 for 36 months.$ 740End of lease charges.Based on the costs listed in the table above, calculate the costs of buying and of leasing a motor vehicle.Note: Round your answers to the nearest whole number.4 percent$ 1,180Pro4 of 4NextChe

Cost refers to an amount that is being incurred for manufacturing the goods or for purchasing the…

Purchase Costs Down payment Loan payment Estimated value at end of loan. Opportunity cost interest rate Buying and Leasing $ 1,700 Total purchase cost Total leasing cost $ 620 for 36 months $ 4,600 Leasing Costs Security deposit Lease payment $ 530 for 36 months - $ 740 End of lease charges Based on the costs listed in the table above, calculate the costs of buying and of leasing a motor vehicle. Note: Round your answers to the nearest whole number. 4 percent wwwwwwww $ 1,180

Purchase Costs Down payment Loan payment Estimated value at end of loan. Opportunity cost interest rate Buying and Leasing $ 1,700 Total purchase cost Total leasing cost $ 620 for 36 months $ 4,600 Leasing Costs Security deposit Lease payment $ 530 for 36 months - $ 740 End of lease charges Based on the costs listed in the table above, calculate the costs of buying and of leasing a motor vehicle. Note: Round your answers to the nearest whole number. 4 percent wwwwwwww $ 1,180

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

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 3FPE: Evaluating financing packages. Assume that you’ve been shopping for a new car and intend to finance...

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Use the following data: Purchase Costs Leasing Costs Down payment: $4,800 Security deposit: $1,600 Loan payment: $1,440 for 48 months Lease payment: $1,440 for 48 months Estimated value at end of loan: $5,100 End-of-lease charges: $765 Opportunity cost interest rate: 2 percent Calculate the costs of buying versus leasing a motor vehicle. Cost of buying $ Cost of leasing $
Purchase Costs Leasing Costs Down payment $ 1,900 Security deposit $ 1,040 Loan payment $ 550 for 36 months Lease payment $ 400 for 36 months Estimated value at end of loan $ 5,000 End of lease charges $ 900 Opportunity cost interest rate 5 percent Based on the costs listed in the table above, calculate the costs of buying and leasing a motor vehicle. (Round your answers to the nearest whole number.) Buying & Leasing Total purchase cost Total leasing cost
Use the following data: Down payment (to finance vehicle) Monthly loan payment Length of loan. Value of vehicle at end of loan Buying Leasing $ 5,000 $ 700 48 months Buying O Leasing $ 9,200 Down payment for lease Monthly lease payment Length of lease End-of-lease charges b. Based on your answers in part a, would you recommend buying or leasing? $1,700 $ 540 $ a. What is the total cash outflow for buying and for leasing a motor vehicle with a cash price of $29,500? Total Cash Outflow 48 months 850
Based on the following, calculate the costs of buying versus leasing a motor vehicle. Purchase Costs Leasing Costs Down payment: $1,500 Security deposit: $500 Loan payment: $450 for 48 months Lease payment: $450 for 36 months Estimated value at end of loan: $4,000 End-of-lease charges: $600 Opportunity cost interest rate: 4 percent
Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?
Complete the following table. Purchase price of product Schwinn Mountain Bike $242, Down payment $100, Amount financed $142, Number of monthly payments 12, Amount of monthly payments $13.50, Total of monthly payments $162. What is the total finance charge?
Based on the following data, prepare a financial comparison of buying and leasing a motor vehicle with a $24,000 cash price: (LO 6.2) Down payment (to finance vehicle), $4,000 Down payment for lease, $1,200 Monthly loan payment, $560 Monthly lease payment, $440 Length of loan, 48 months Length of lease, 48 months Value of vehicle at end of loan, $7,200 End-of-lease charges, $600 What other factors should a person consider when choosing between buying or leasing?
Learning Activity No. 2 – Abstraction (Critical Thinking) Instructions: Fill in the blanks and calculate the monthly payments for a car loan having the details as provided below. Item Computation Sticker price of a car Excise tax Licensing Fee Down Payment Annual interest rate "r" Number of payments a year Number of years Periodic rate of interest i Php 1,700,000.00 20% Php 20,000.00 35% 6.0% 12 3 Answer: Loan PV Answer: PMT Answer:
Calculate Loan Amount Enter the cost of the potential car, down payment, and fees below. Press calculate when you're ready. Cost of Potential Car 7,000 Down Payment 500 Taxes and Fees 340 Calculate Incorrect Correct Correct First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers into the calculator and press calculate to see how much money you will need for your loan.
Evaluating financing packages. Assume that you’ve been shopping for a new car and intend to finance part of it through an installment loan. The car you’re looking for has a sticker price of $18,000. Custom Vehicles has offered to sell it to you for $3,000 down and finance the balance with a loan that will require 48 monthly payments of $333.67. However, a competing dealership will sell you the exact same vehicle for $3,500 down, plus a 60-month loan for the balance, with monthly payments of $265.02. Which of these two financing packages is the better deal?
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) *****Tables attached****** Purchase price of used car=$4,195 Down Payment=95 Number of monthly payments=60 Amount Financed=(need answered) Total of monthly payments=5,944 Total Finance Charge=(need answered) APR=(need answered)
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. Note: Do not round intermediate calculations. Round the "Finance charge" to the nearest cent and "APR" to the nearest tenth percent. Purchase price of a used car $ Down payment 5,673 $ Number of monthly payments 1,223 Total of monthly Amount financed payments Total finance charge APR 48 $ 5,729.76