Suppose Capital One is advertising a 60-month, 5.21% APR motorcycle loan. If you need to borrow $8,300 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Becareful not to round any intermediate steps less than six decimal places.)Your monthly payment will be $(Round to the nearest cent.)

Equal monthly installments:"Equal monthly installments" refers to a payment plan where the total…

Answered: Suppose Capital One is advertising a…

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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Similar questions

You're trying to save to buy a new $141,720 Mercedes. You have $74,461 today that can be invested at your bank. The bank pays 5.74 percent annual interest on its accounts. How long will it be (in years) before you have enough to buy the car? Answer to two decimals.
K You have just taken out a $27,000 car loan with a 4% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, $ will go toward the principal of the loan and $ will go toward the interest. (Round to the nearest cent.)
You have saved $6,946 for a down payment on a new car. The monthly payment you can afford is $495. You will make payments for 48 months (starting 1 month from today). If the relevant interest rate is 0.44% per month (this is an Effective Monthly Rate), the price of the car you can afford (taking into account the down payment as well) is $ Hint: Loan problems are typically PV annuity problems, where the amount you are borrowing is the PV of the series of future payments. Margin of error for correct responses: +/- .05
You buy a car costing $28,000 today. What will be the monthly payment on this car if you put no money down (i.e., you borrow/finance the full amount), and the rate of interest on the loan is 7.2%? The loan is to be paid back in equal monthly installments over the next 5 years, with the first payment due one month from the purchase date. $395.54 $500.12 $475.38 $557.08 $484.95
Quantitative Problem: You need $18,000 to purchase a useel car. I Your wealthy uncle is willing to lend you the money as an amortized loan. He would like. would like you to make annual payments for 4 years with the first payment to be made one year from today. He requires on 8% anual return. a) What will be your amual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. b) How much of your payment will be first applied to interest and to principal repayment? Do not round intermediate calculations. Round to the nearest cent. your answers Interest Principal repayment m
Suppose Capital One is advertising a 60 month, 5.58% APR motorcycle loan. If you need to borrow $8100 to purchase your dream Harley- Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) I keep typing this into my Ti - nspire but it keeps giving me the incorrect answer and I do not know why. (8100*0.465)/ (1 - (1 + 0.465) ^ - 60)) which I know isn't nthe correct monthly payment...
You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal interest rate that the bank charges is 7.2%. If you start making equal monthly payments beginning today then what will be your approximate monthly installment? Group of answer choices $170.43 $154.31 $160.31 $171.45
Bha
Suppose that a car that you want costs $9000. You make a down payment of $1000 and finance the rest for 4 years at 1.9% interest, compounded monthly. If you make monthly payments for 4 years, what is the total amount of interest that you'll end up paying? Round your answer to two decimal places if rounding is necessary. The $ sign is already written next to the answer box, so do not type a $ sign in your answer.
You want to buy a $18,500 car. The company is offering a 3% interest rate for 4 years. a. What will your monthly payments be? Round to the nearest cent.
Calculating Loan Payments You want to buy a new sports coupe for $69,300, and the finance office at the dealership has quoted you a loan with an APR of 5.6 percent for 48 months to buy the car. What will your monthly payments be? What is the effective annual rate on this loan?
Suppose Capital One is advertising a 60-month,5.85% APR motorcycle loan. If you need to borrow $7,100 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.)

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