The price of a car is OMR 6,500. After a down payment of OMR 500, the remaining balance is financed over 18 months with a monthly payment of OMR 450. What is the annual percentage rate on this car? a. 0.053% b. 35% c. 53% d. 0.35%

Q: A $31,000 new car loan is taken out with the terms 3​% APR for 48 months. How much are monthly…

A: Loan amount (PV)=$31,000 Rate per period (i)=0.0312=0.0025 Duration (n)=48 periods Monthly amount…

Q: An installment contract for the purchase of a car requires payments of $311.25 at the end of each…

A: The amount financed for the car is approximately $16,900.60. The total interest cost over the 5…

Q: What monthly amount is needed for a car loan with a starting balance of $8,000 over 3 years with the…

A: Car loan implies when car is purchased by making small initial payment called down-payment and rest…

Q: Hunan bought a car priced at dollar 15,700 for 15% down and equal monthly payment for five years, if…

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Q: An apartment sells for BRL 675,000, with 25% down payment and the remainder financed by the PRICE…

A: The process of fixing loan payments at a fixed rate every month is called loan amortization. Equal…

Q: An installment contract for the purchase of a car requires payments of $272.71 at the end of each…

A: We need to use loan amortisation formula below for calculation of amount financed.  PV…

Q: The APY of a credit card is 62% per year. Payments are monthly. What is the APR of this car.

A: APY stands for Annual Percentage Yield and it is a standardized way of representing the interest or…

Q: An installment contract for the purchase of a car requires payments of $263.53 at the end of each…

A: Monthly payment (M) = $263.53 n = 6 years = 72 payments r = 9% per annum = 0.75% per month

Q: A $40,000 new car loan is taken out with the terms 12% APR for 48 months. How much are monthly…

A: New car loan = $40,000 APR = 12% Time period = 48 Months

Q: 1. The total price of the car : 24,000 2. Down payment percent: 10% 3. Interest rate: 7.5% 4. Loan…

A: Loan can be referred as the long-term debt or the lump sum funds that an investor seeks from the…

Q: A house costs $148,000. It is to be paid off in exactly ten years, with monthly payments of…

A:

Q: If you make a down payment of $5000 on a car that costs $54,000+u compute the monthly payments on a…

A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…

Q: An installment contract for the purchase of a car requires payments of ​$217.43 at the end of each…

A: Interest expenses The amount that the borrower pays for the funds borrowed is called the interest…

Q: A car can be purchased for 0% down for 60 months (in lieu of rebate). It has a sticker price of…

A: First let's define what is add on interest is Add on interest is a method of calculating the…

Q: For item (13) A car is to be purchased in monthly payments of P17,000 for 4 years starting at the…

A: Present value of any loan or borrowing is the sum of the down payment initially and the value of…

Q: An installment contract for the purchase of a car requires payments of ​$217.43 at the end of each…

A: The loan can be repaid by making periodic payments which can be monthly or annual etc. These…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: A $33,000 new car loan is taken out with the terms 3% APR for 48 months. How much are monthly…

A: Car loan = 33000 APR = 3% APR per month = 3%/12= 0.25% Total Months= 48 PMT find out: Option C)…