You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $93,500. You negotiate a six-year loan,with no money down and no monthly payments during the first year. After the first year, you will pay $1,300 per month for the followingfive years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with monthlycompounding is 5 percent. What will be the amount of the balloon payment six years from now?Note: Do not round monthly interest rate calculation. Round intermediate value calculation and final answer to the nearest dollar.Amount of balloon payment

To find the amount of the balloon payment six years from now, we'll first calculate the loan amount…

Answered: You are looking to purchase a Tesla…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $95,500. You negotiate a six-year loan, with no money down and no monthly payments during the first year. After the first year, you will pay $1,500 per month for the following five years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with monthly compounding is 4.4 percent. What will be the amount of the balloon payment six years from now? (Do not round monthly Interest rate calculation. Round Intermediate value calculation and final answer to 2 decimal places) Amount of balloon payment
You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $95,250. You negotiate a six-year loan, with no money down and no monthly payments during the first year. After the first year, you will pay $1,475 per month for the following five years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with monthly compounding is 4.2 percent. What will be the amount of the balloon payment six years from now? Note: Do not round monthly interest rate calculation. Round intermediate value calculation and final answer to 2 decimal places. Amount of balloon payment
You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $94, 500. You negotiate a six-year loan, with no money down and no monthly payments during the first year. After the first year, you will pay $1,400 per month for the following five years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with monthly compounding is 3.6 percent. What will be the amount of the balloon payment six years from now? Thank you!
You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $93,500. You negotiate a six-year loan, with no payments during the first year. After the first year, you will pay $1,300 per month for the following five years, with a ballon payment at the principal on the loan. The APR on the loan with monthly compounding is 5 percent. What will be the amount of the balloon payment six years from now?
You agree to finance your new SUV with an auto loan of $38,000. This loan will be repaid over three years with monthly payments (and compounding) at a 4% annual interest rate (0.33% per month). What will your monthly loan payment be ?
Vijay
Please fast solution.
You have an outstanding student loan with required payments of $600 per month for the next 4 years. The interest rate on the loan is 9.50% APR (monthly). You are considering making an extra payment of $100 today (i.e., you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? (Note: Be careful not to round any intermediate steps less than six decimal places.) If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)
you want to borrow $27,000 from your local bank to buy a new car. you can afford to make monthly payments of $425, but no more. assuming monthly compounding what is the highest annual rate (APR) you can affor on a 72-month loan?
You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $150?
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $200? If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ (Round to the nearest cent.)
Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…

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