You are looking at buying your first car. Based on your budget you can afford up to $400 per month payments. You go to the DATCU branch in the Union Building and they give you 3 options for preapproved loans. Fill in the table below. Check your answers in Canvas to make sure you got them right before the due date! Unlimited attempts to check your math for the tables! DATCU Options Term in Months (N) Down Payment Required 48 60 72 10% 10% 10% Interest Rate (I/Y) 5.49% 6.49% 6.99% Hint: Convert to monthly on calculator $ 400 $ 400 $ 400 Monthly Payment (PMT) Hint: make it negative on calculator Maximum Amount Financed (PV) Down Payment Required in $$ Maximum Price willing to pay for Car including Tax, Title, and License If you paid the maximum price on the car calculate the following: Total Interest paid on the Car Total Amount paid for car Hint: It is all the payments and down payment
You are looking at buying your first car. Based on your budget you can afford up to $400 per month payments. You go to the DATCU branch in the Union Building and they give you 3 options for preapproved loans. Fill in the table below. Check your answers in Canvas to make sure you got them right before the due date! Unlimited attempts to check your math for the tables! DATCU Options Term in Months (N) Down Payment Required 48 60 72 10% 10% 10% Interest Rate (I/Y) 5.49% 6.49% 6.99% Hint: Convert to monthly on calculator $ 400 $ 400 $ 400 Monthly Payment (PMT) Hint: make it negative on calculator Maximum Amount Financed (PV) Down Payment Required in $$ Maximum Price willing to pay for Car including Tax, Title, and License If you paid the maximum price on the car calculate the following: Total Interest paid on the Car Total Amount paid for car Hint: It is all the payments and down payment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:+
You are looking at buying your first car. Based on your budget you can afford up to $400 per month
payments. You go to the DATCU branch in the Union Building and they give you 3 options for
preapproved loans. Fill in the table below. Check your answers in Canvas to make sure you got them
right before the due date! Unlimited attempts to check your math for the tables!
DATCU Options
Term in Months (N)
Down Payment Required
48
60
72
10%
10%
10%
Interest Rate (I/Y)
5.49%
6.49%
6.99%
Hint: Convert to monthly on calculator
$ 400
$ 400
$ 400
Monthly Payment (PMT)
Hint: make it negative on calculator
Maximum Amount Financed (PV)
Down Payment Required in $$
Maximum Price willing to pay for Car
including Tax, Title, and License
If you paid the maximum price on the car calculate the following:
Total Interest paid on the Car
Total Amount paid for car
Hint: It is all the payments and down payment
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