Suppose that you decide to buy a car for ​$23,635​, including taxes and license fees. You saved $5000 for a down payment and can get a three​-year car loan at 5.37​%. Use PMT=Prn1−1+rn−nt to find the monthly payment and the total interest for the loan.  Round to the nearest cent as​ needed.

Q: You want to buy a $199,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: Formula; Loan amount = Home value * (1 - Down payment)   Loan amount = $199,000 * (1 - 0.10) Loan…

Q: E-Loan, an online lending service, recently offered 60-month auto loans at 5.7% compounded monthly…

A: Data given: n=60 month Rate=5.7% (compounded monthly) PMT=$355   Required: Loan amount Total…

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Q: For the car loan described, give the following information. A car dealer will sell you the $30,150…

A: Cost of car$30150Down Payment$6000.00Monthly Payment, PMT$663.06Loan period, NPER60

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Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

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Q: Suppose Capital One is advertising a 60-month, 5.62% APR motorcycle loan. If you need to borrow…

A:

Q: 2- A car may be purchased with $3000 down payment now and 60 monthly payment with interest of 480 if…

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A: Using excel PMT function to calculate periodic payment  Interest on Loan =(periodic payment * no. of…

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Q: klp.4

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Q: Use the Buying a Car information above to answer this question. You want to make monthly payments of…

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Q: Monthly payment of loan b, rounded to the nearest cent

A: Monthly payment for the loan is the amount paid for loan over a time.

Q: D Question 1 A borrower takes out a 30-year mortgage loan for $350,000 with an interest rate of 2%.…

A: Given:Principal = PV = $350,000Interest rate = rate = 2% per year or 2 / 12 = 0.1667% per monthNo of…

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.