You want to buy a new car after your graduation. The price of the car is $20,000. The car dealer requires a 20% down payment; the remaining balance will be paid off over the next 72 months with an 8 percent annual interest rate on the unpaid balance. What is your monthly car payment?
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Q: over 4 years with monthly payments. Calculate your monthly payment.
A: Information Provided: Amount borrowed = $15,000 Interest rate = 3.3% Term = 4 years or 48 months
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Q: You have two monthly car payments of $400 each left on your car. If the interest rate is 0.75…
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A: Car cost = $85,000Number of payments = 84Discount rate = 6.5%To find: Amount owed after the 75th…
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Q: You can afford to pay $560 each month for a new car. The dealership offers you a 5-year loan at 6.4%…
A: Given:M = $560 (the amount you can afford each month) r = 6.4% per year = 6.4/12 = 0.5333% per month…
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A: given PMT = 500 r= 9/12 = 0.75% per month n=12*4 = 48 present value of the payment PV =…
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Q: After starting your full-time job out of college, you decide to buy a new car for $85,000. Create a…
A: Loan amount = $85,000Number of payments = 84Interest rate = 6.5%To find: Amount owed after 75th…
You want to buy a new car after your graduation. The price of the car is $20,000. The car dealer requires a 20% down payment; the remaining balance will be paid off over the next 72 months with an 8 percent annual interest rate on the unpaid balance. What is your monthly car payment?
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- After deciding to get a new car, you can either lease the car or purchase it with a three-year loan. The car you wish to buy costs $39,500. The dealer has a special leasing arrangement where you pay $108 today and $508 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an APR of 6 percent, compounded monthly. You believe that you will be able to sell the car for $27,500 in three years. What is the cost today of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cost of purchasing $ What is the cost today of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cost of leasing S What break-even resale price in three years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Break-even…After deciding to buy a new car, you can either lease the car or purchase it on a three- year loan. The car you wish to buy costs $35,000. The dealer has a special leasing arrangement where you pay $99 today and $499 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at a 6 percent APR. You believe you will be able to sell the car for $23,000 in three years. What break-even resale price in three years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Break-even sale price What is the present value of purchasing the car? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) $ Present valueYou have two monthly car payments of $400 each left on your car. If the interest rate is 0.75 percent per month, how much will you be required to pay the lender if you wanted to pay off the loan today?
- After starting your first full-time job out of college, you decide to buy a new car for $12,000. Using Excel, create a complete amortization table for this car-loan: You make 36 equal end- of-month payments. The discount rate is 7.25% compounded monthly. How much would you owe after the 15th payment is made? Use excel to solveAfter graduating from college and securing your first job in your field of study, you need to purchase a new car. You are looking at a Tesla Model X which is priced at $92500. You are able to make a 2.00% down payment at signing and will finance the remaining balance with a 5 year loan. If the interest rate is 4.50%, what is the monthly payment, assuming you'll make the car payment at the end of every month. _____________Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48 months. What is the monthly interest rate? Respuesta:
- After deciding to acquire a new car, you realize you can either lease the car or purchase it with a two-year loan. The car you want costs $34,000. The dealer has a leasing arrangement where you pay $97 today and $497 per month for the next two years. If you purchase the car, you will pay it off in monthly payments over the next two years at an APR of 6 percent. You believe that you will be able to sell the car for $22,000 in two years. What is the present value of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value of lease $ What is the present value of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value of purchase $ What break-even resale price in two years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your answer to 2…After deciding to acquire a new car, you can either lease the car or purchase it with a three-year loan. The car you want costs $37,000. The dealer has a leasing arrangement where you pay $2,400 today and $580 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an APR of 6 percent. You believe that you will be able to sell the car for $22,000 in three years. a. What is the present value of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the present value of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What break-even resale price in three years would make you indifferent between buying and leasing?You can afford to pay $560 each month for a new car. The dealership offers you a 5-year loan at 6.4% interest, compounded monthly. Which of the following formulas would be used to compute the amount of money you can afford to borrow in order to purchase a new car?
- After starting your full-time job out of college, you decide to buy a new car for $85,000. Create a complete amortization table in excel for this car loan: You make 84 equal end-of-month payments. The discount rate is 6.5 percent compounded quarterly. How much would you owe after the 75 th payment? Please show both regualr and formula format of the spreadsheet.In order to buy a car, you borrow $22,500 from a friend at 10%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments. d. Three and one-half years after borrowing the money, you decide to pay off the loan. You have not yet made the payment due at that time. What is the payoff amount for the loan?You want to save for a new car so you make payments of $573 at the end of every month into the bank. When you receive your birthday present every year, you put an extra $1620 into a payment on Dec 31 (at the end of the year). The interest rate on your account is 4% compounded semiannually. Assume today is January 1, and that you are going to purchase this new car with cash only in seven years. What is the value of your new car?The value of the new car is $