suppose Tim is buying a new car. He agreed to a price of $21,000 and he has $3,500 for a down payment. He is taking out a 6-year loan with a 3.6% annual interest rate. How much are his monthly car payments? 274.58 329.50 373.92 324.74 270.61

Q: Mr. James is going to buy a car for $12,000. He can finance with the car dealer for 3 years at 12%…

A: Loan is a contract between lender and borrower where lender provide funds to borrower for definite…

Q: Suppose a man took out a 30-year loan with an annual rate of 6% to put an addition on his house. His…

A: Loan year=30 years Interest=6% Computer cost =$ 1,500 Here,we need to find amount of interest paid…

Q: Tim wants to buy a new boat for &9,500. If the store is going to charge Tim 8% annual interest on…

A: in this we have to calculate total interest to be paid and total principal and then monthly payment.

Q: Charles buys a used car by paying GH¢1500 down and GH¢182.50 a month for 3 years. a. what was the…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: Roger is saving up money for a down payment on a house. He currently has $5351$⁢5351, but knows he…

A: Future value is the estimated value of current assets that is discounted at an assumed rate of…

Q: ou want to buy a $224,000 home. You plan to pay 15% as a down payment, and take out a 20 year loan…

A: Monthly payments on an amortized loan refer to a fixed amount of money that a borrower pays each…

Q: Tian can afford to put a down payment of $10,000 on a car. He can also afford to make monthly…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Todd can afford to pay $390 per month for the next 7 years in order to purchase a new car. The…

A: Present Value is the current price of future value which will be received in near future at some…

Q: Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most…

A: Amount received for trade-in = $6,000  Monthly Payment, P = $500  Interest rate = 2.2%  Number of…

Q: Suppose a man can afford monthly car payments of $380 per month, and his bank is offering a…

A: We need to use loan amortization  formula to calculate amount of loan that can be afford Loan…

Q: How much will he have to repay?

A: Simple interest means interest on principle amount. Principle = $3000 Interest rate = 5.5% Period =…

Q: Khiel wants to buy a car that costs $10,000, plus an extra 13% HST for a total price of $11,300. The…

A: Solved using Financial Calculator  1) Monthly payment to be made Pv = 11,300 N = 8 Years * 52 weeks…

Q: A public relations specialist earns $71,500 salary each year. He/she wants to spend no more than…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: 2.63. Louis Trichardt would like to save $15,000 to use as a down payment on a house. He will…

A: Data given is as below: Monthly payment = $500 Interest rate = 6% per year Future value = $15000…

Q: ou just purchased a $30,000 car by taking out a $25,000 loan. If the loan requires 6 yearly payments…

A: Present value of annuity. PV = A × Where,PV = Present value of annuity A = periodic payments r =…

Q: Miguel can afford to pay $125.00 per month for a car. He has $5,000.00 saved up for a down payment.…

A: When a borrower borrows a loan from the lender, He has to pay some interest charges on the loan…

Q: Rosie is buying a car for $25,500; She is Scheduled to make 7 annual instalments. Given an interest…

A: Given that, Cost of car = $25,500 Number of instalments = 7 Interest rate = 8%

Q: Ken wants to remodel his basement and he wants to pay back no more than $18,000. If he gets a low…

A: Given Information, Payment made after 3 years =$18,000 Interest rate =0.0375/2=0.01875(As the period…

Q: Jonathon wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the…

A: Computation as follows: Therefore, the payment amount and total interests are $286.18 per month and…

Q: .  You are purchasing a house for $310,000. You plan to take out a 25-year loan to pay for the…

A: a. The monthly payments will be $1812. Note: The calculation has been made on excel.

Q: Alex would like to purchase a new car for $15,000. How much will his monthly payments be if he took…

A: Given The cost of new car is $15,000 Term of loan is 3 years Interest rate is 7%

Q: John Lloyd and Izan want to buy a $138,000 home. They plan to pay 20% as a down payment, and take…

A: Price of house  $ 1,38,000.00 Down payment 20% Interest rate 4.15% Time period 30 years To…

Q: at minimum down payment must Asher make to keep his monthly payment at or below $500? und your…

A: Monthly payment of loan includes the payment of principal and interest payment that goes on changing…

Q: Patrick Cantlay just purchased a home for $500,000. His mortgage is a 30-year mortgage, that…

A: Mortgage loans are secured loans in which a home is collateral and are paid in equal monthly…

Q: 1. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is…

A: The portion of interest during a particular period can be determined using CUMIPMT function in…

Q: You wish to buy your first home. Your annual gross income is $84,000. You also have monthly payments…

A: Mortgage loans are given on the basis of monthly income and other expenses related to the housing…

Q: Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years.…

A: Down payment is defined as an initial partial payment at the time of purchasing an expensive items…

Q: 1. George bought a new car with a 4.1% interest rate for 5 years. The loan is $35,000. What is the…

A:

Q: Ingrid wants to buy a $16,000 car in 8 years. How much money must she deposit at the end of each…

A: Solution:-When an equal amount is deposited each period at end of period, it is called ordinary…

Q: William borrows $22,000 to buy a car. He will repay the loan through 4 years of equal monthly…

A: Variables in the question:Loan amount=$22000N=4 yearsRate=4.5%Working Note#1:nper=4 years x 12=48…

Q: Michaela buys a new car for $31,600. The simple interest rate is 5.6% and the amount of loan…

A: In simple interest there is interest on the principal amount only and no interest on interest in…

Q: John is looking for a new car. He has a down payment of $1,750.00 and wants to pay $300.00 per month…

A: A loan refers to a contract where money is borrowed by one party on the promise of future repayment…

Q: Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th…

A: a) Value of chevy malibu = $12,500 Down payment =$1,000 Loan Amount =$12,500 -$1,000 Loan amount…