QUESTION 8 Auto Loans R Them loans your $24,000 for four years to buy a car. The loan must be repaid in 4 years (48 monthly) payments. The annual interest rate on the loan is 3.5%. What are the annual payments? $86.08 $1,039.36 $536.54 $6,534.03

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
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QUESTION 8
Auto Loans R Them loans your $24,000 for four years to buy a car. The loan must be repaid in 4 years (48 monthly)
payments. The annual interest rate on the loan is 3.5%. What are the annual payments?
$86.08
$1,039.36
$536.54
$6,534.03
QUESTION 9
How much money do I need to place into a bank account that pays a 5% rate in order to have $500 at the end of 7
years?
$355.34
$629.52
$751.82
$463.77
QUESTION 10
An investment advertisement boasts you can double your money. If you have $4,000 to invest and the interest rate is
7.5%, how long would it take? [To one decimal point, X.X]
Transcribed Image Text:QUESTION 8 Auto Loans R Them loans your $24,000 for four years to buy a car. The loan must be repaid in 4 years (48 monthly) payments. The annual interest rate on the loan is 3.5%. What are the annual payments? $86.08 $1,039.36 $536.54 $6,534.03 QUESTION 9 How much money do I need to place into a bank account that pays a 5% rate in order to have $500 at the end of 7 years? $355.34 $629.52 $751.82 $463.77 QUESTION 10 An investment advertisement boasts you can double your money. If you have $4,000 to invest and the interest rate is 7.5%, how long would it take? [To one decimal point, X.X]
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