You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have a 15% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round Intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $ Financed for 60 months: $

You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have a 15% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round Intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $ Financed for 60 months: $

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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You want to buy a car. A dealership in town has the SUV you want to buy for $22,510. Your first financing option is to make a down payment of $2500 and finance the rest at 2.99% APR for 72 months. How much will you be financing? $ How much will your monthly payments be under this financing option? (Round to the nearest dollar.) $ How much total money will you pay for the SUV at the end of the 72 months under this financing option? (Don't forget to include your down payment in this total amount.) $
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan will have a 6% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $ Financed for 60 months: $
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 $
Assume you are taking out a 6-year loan at a rate of 3.5% for this car. a. Compute the monthly payment to the nearest cent. b. Find the total of all of the monthly payments for 6 years. What is the total interest or finance charge? C. car cost:147,500
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 $
You are negotiating to buy a new car with a car salesman at a local dealer. You have negotiated the price to $29,000. You have $3,000 to put towards the down payment and plan to get a loan for the rest. If you can get an annual interest rate of 7 percent APR (with monthly compounding) over a 5-year period, what would be your monthly payment? Round it to two decimal place
You want to buy a new sports coupe for $74,400, and the finance office at the dealership has quoted you a loan with an APR of 6.8 percent for 48 months to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 9% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent.$ What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent. $
You can get a car loan with a term of three years at an APR of 4%. If you can afford a monthly payment of $530, how much can you borrow? Round your answer to the nearest cent. borrowed amount for the car: S
You just bought a used car for $13,000 with no down payment using dealer financing at 7% APR compounded monthly. If you make monthly payments of $425, how many months will it take you to payoff the loan? Your Answer:
You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have an 11% APR based on end-of-month payments. a. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. b. What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent.
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 7 %/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 48 months? Over a period of 72 months? 48 months 72 months $ (b) What will the interest charges be if she elects the 48-month plan? The 72-month plan? 48-month plan 72-month plan 69 $

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