Q1:Alice Cohen buys a two-year-old Honda from U-Pay-Less-Cars for $19,000. She puts$500 down and finances the rest through the dealer at 13% add-on interest. If she agrees to make thirty-six monthly payments, find the size of each payment? Q2: Jackson won $15,000 in a lottery. He wished to buy a car for about $20,000. Ifhis money can earn interest at 6% simple interest, for how long must he invest hismoney to buy the car? Q3: A man wants to invest $10,000 at 3.5% interest. How much he will have in hisaccount in 7 years and three months?
Q1:Alice Cohen buys a two-year-old Honda from U-Pay-Less-Cars for $19,000. She puts$500 down and finances the rest through the dealer at 13% add-on interest. If she agrees to make thirty-six monthly payments, find the size of each payment? Q2: Jackson won $15,000 in a lottery. He wished to buy a car for about $20,000. Ifhis money can earn interest at 6% simple interest, for how long must he invest hismoney to buy the car? Q3: A man wants to invest $10,000 at 3.5% interest. How much he will have in hisaccount in 7 years and three months?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Q1:Alice Cohen buys a two-year-old Honda
from U-Pay-Less-Cars for $19,000. She
puts$500 down and finances the rest through
the dealer at 13% add-on interest. If she
agrees to make thirty-six monthly payments,
find the size of each payment?
Q2: Jackson won $15,000 in a lottery. He
wished to buy a car for about $20,000. Ifhis
money can earn interest at 6% simple interest,
for how long must he invest hismoney to buy
the car?
Q3: A man wants to invest $10,000 at 3.5%
interest. How much he will have in hisaccount
in 7 years and three months?
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