The price of a new car is $32,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 7yearcompounded monthly. (Round your answers to the nearest cent.)(a) What monthily payment will she be required to make if the car is financed over a period of 24 months? Over a period of 72 months?24 months $ 1074.5472 months(b) What will the interest charges be if she elects the 24-month plant The 72-month plan?24-month plan $ 267072-month pianNeed Help?

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

The price of a new car is $32,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 7year compounded monthly. (Round your answers to the nearest cent.) (a) What monthiy payment will she be required to make if the car is financed over a period of 24 months? Over a period of 72 months? 24 months $ 1074.54 72 months (b) What will the interest charges be it she elects the 24-month plant The 72-month plan? 24-month plan $ 2679 72-month plan

The price of a new car is $32,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 7year compounded monthly. (Round your answers to the nearest cent.) (a) What monthiy payment will she be required to make if the car is financed over a period of 24 months? Over a period of 72 months? 24 months $ 1074.54 72 months (b) What will the interest charges be it she elects the 24-month plant The 72-month plan? 24-month plan $ 2679 72-month plan

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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Corey received a 30 year loan of $345,000 to purchase a house. The interest rate on the loan was 5.00% compounded semi-annually. Question 5 of 6 a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent SUBMIT QUESTION SAVE PROGRESS
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Fernando Jose would like to buy a cellphone payable for 6 months starting at the end of the month. How much is the cost of the cellphone if his monthly payment is P3.000 and interest is 9% compounded semi-annually? a. P17,545.08 b. P18,674.80 c. P20,000.00 |d. P21,785.45
If you were to finance a $50,000 car purchase with a 6 year, 4% compounded monthly loan, your monthly payments will be closest to:A) 622B) 782C) 750D)800
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1. A house costs P500,400 cash. A purchaser will pay P100,000 cash, P50,000 at the end of 2 years and a sequence of 6 equal annual payments starting with one at the end of 4 years to discharge all his liabilities at 7% compounded annually. Find the annual payment which may be made for 6 years. 2.Mr. Tolentino wants to deposit a lump sum on the day his son is born into an account bearing an interest of 5% compounded annually in order to withdraw P35,000 each on his son's 18th, 19th, 20th and 21st birthdays How much is the lump sum?
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April borrows $20000 at an interest rate of 7% to purchase a new automobile. At what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 years? (Use decimal notation. Give your answer to two decimal places.) withdrawal rate: $ per year
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A person wishes to have $13000 cash for a new car 4.5 years from now. How much should be placed in an account now, if the account pays 15% compounded monthly? Round your answer to two digits!

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