You want to buy a car worth $20,000. The dealership offers a 4-year loan at 6% APR. What would be your monthly payment, assuming no down payment? a) $416.67 b) $452.10 c) $468.37 d) $474.21
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- You take out a 5-year car loan with monthly payments of $425. The interest rate for the loan is 4.75%. How much total interest will you pay over the life of the loan? Group of answer choices $1,575.06 $22,658.31 $25,500.00 $2,841.69Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% PA [¹-(1+] Use PMT= -nt7 to complete parts (a) through (c) below. a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.)d You have decided to buy a car that costs $31,000. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.27 percent compounded monthly for 7 years with the first monthly payment due today. What is the amount of your loan payment? Multiple Choice $294.91 $454.51 $456.89 $374.71 $293.38
- Suppose that you decide to buy a car for $25,635, including taxes and license fees. You saved $6000 for a down payment and can get a four-year car loan at 6.53%. Use PMT= total interest for the loan. tbook The monthly payment is $You borrow $10,000 to buy a car. You agree to pay $207.58. If your APR is 9%, how many years will it take for you to pay off the loan? Select one: a. 5 years b. 4.5 years C. 4 years d. 3.5 years e. 2.5 years CheckYou want to buy a car worth $20,000. The dealership offers a 4-year loan at 6% APR. What would be your monthly payment, assuming no down payment?(General Finance)
- You need a $6000 loan to buy a used car. Your bank offers a 4-year loan at 9% APR. Calculate your monthly paymentStep by step answerYou 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
- Suppose that you decide to buy a car for $26,635, including taxes and license fees. You saved $7000 for a down payment and can get a five-year car loan at 7.71%. Use PMT= find the monthly payment and the total interest for the loan. CE to [-]Suppose that you decide to buy a car for $27,635, including taxes and license fees. You saved $7000 for a down payment and can get a four-year car loan at 7.12%. Use PMT= to find the monthly payment and the total interest for the loan. The monthly payment is $ (Round to the nearest cent as needed.) D PAYou are purchasing a new car for $27,600. The dealership offers you three options: • 0% financing: 0 down and 0% financing for 48 months. • Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank. • Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months: