Suppose Capital One is advertising a 60-month, 5.62% APR motorcycle loan. If you need to borrow $9,400 to purchase yourdream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than sixdecimal places.)Your monthly payment will be $....(Round to the nearest cent.)

Borrowed amount = $9,400APR = 5.62%Number of payments = 60

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

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...
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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?
4. Today you purchase a previously owned Tesla Model 3 for $40,000. You take out a 0.25% per month loan for the full amount to be repaid using 48 equal monthly payments. The first payment is due one month from today. How much of your second monthly payment is interest and how much is principal? You'll need to compute the monthly payment first.
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