You have just purchased a new car! You made a down payment of $5,000 andfinanced the balance. According to the purchase agreement, you must pay$600/month for four years, beginning one month from today. The creditagreement is based on an annual interest rate of 12%. What was the cost of thecar?Select one:O a. 6,822O b. 22,784с.27 ,784d. 28,800e. None of the aboveO

Given:Down payment from today => $5,000Monthly payment => $600Term period => 48 months (4…

Answered: You have just purchased a new car! You…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

A friend agreed to lend you money today. You must repay your friend by making payments of $30 per month for the next six months. The first payment must be paid today. In addition, you must pay 2 percent interest per month. How much total interest will you end up paying your friend? Multiple Choice о $9.50 О $4.50 о $4.68 C $8.60
Problem: Yuseff was able to sell a car whose suggested retail price is $1,2000.000. The vehicle will be financed through a bank. The required down payment was $120,000.00 and the monthly amortization for 6 years will be 22,000.00. The car dealer gave 4% commission rate. Questions: 1. What percent of retail price is the down payment? 2. How much was the gross balance or the amount to be financed by the bank?
You Borrowed $150,000 to for a period of 15 years at fixed APR of 6% to buy a house. How much is your total payments over 15 years for this loan. Use 6 digits after decimal when calculating. But give your final answer with 2 digits after decimal. choose the closet answer to yours choices 198756.43 227841.17 179459.38
can you solve this? thank you...
The buyers paid $6,125 for a 1 point origination fee and a 1.5 discount point fee, what is the amount of their loan? If the buyers are obtaining an 80 percent LTV, what is the purchase price of their new home?
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 6%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly 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 $ 72 months $ (b) What will the interest charges be if she elects the 24-month plan? The 72-month plan? 24 months $ 72 months $
The price of a new car is $36,000. 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 9% / year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 36 months? Over a period of 72 months? 36 months. $ 72 months $ (b) What will the interest charges be if she elects the 36-month plan? The 72-month plan? 36-month plan $ 72-month plan $
Please answer and show complete detailed solution.
You bought a used car for $4,000.00 at a nominal interest rate of 6%. You agreed to pay for the car in 12 equal monthly payments, beginning with the first payment at the time of the purchase of the car. b) Immediately after making the sixth payment, you made an arrangement with the company to pay back the rest of the loan with one single payment at the time when the seventh payment was due. What is your seventh payment?
You have decided to purchase a new car. The car costs $27,500. The dealer is offering to finance the car for 6 years at a rate 8.75%. How much would your monthly payment be? Question 3 options: $492 $495 $504 $518 $511
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 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 $ 1074.54 72 months (b) What will the interest charges be if she elects the 24-month plant The 72-month plan? 24-month plan $ 2670 72-month pian Need Help?
Cc. 177.

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