Suppose that you decide to buy a car for $26,635, including taxes and license fees. You saved $7000 for a down payment and can get a three-year car loan at 5.94%. Use PMT= to find the monthly payment and the total interest for the loan. The monthly payment is S (Round to the nearest cent as needed.) The total interest for the loan is S (Round to the nearest cent as needed.) P(A) HT HEEEE

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A: The computation of monthly payments:Hence, the monthly payment is 212.66.

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

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Q: Please show all steps and formulas in an excel spreadsheet to answer a. through g. using the…

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Q: Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Use PMT= find the…

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A: P = $24,200 (loan amount),(monthly interest rate),n=6×12 (number of months in 6 years).

Q: You wish to buy a car that has a monthly payment of $250 and with a down payment of $1000. You find…

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Q: You are looking to buy a car and you have been offered a loan with an APR of 6.2%, compounded…

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Q: Suppose you want to borrow $90,000 and you find a bank offering a 20-year term for a loan of that…

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Q: You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over…

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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.