You want to buy a new sports car from Muscle Motors for $55,000. The contract is in the form of an annuity due for 48 months at an APR of 7.00 percent.     What will your monthly payment be?     Multiple Choice   $1,335.59   $1,283.22   $1,309.41   $1,317.04   $1,243.93

Q: What is your monthly loan payment? What is your expected balance after five years (60 months)?

A: Purchase Price64900Down Payments10000Loan Amount54900No.of Payments84Monthly Rate0.0033Monthly…

Q: you want to buy a new sports car from muscle motors for 44300. The contract is in the form of a 72…

A: A series of equal payments made or received at the start of each period, as opposed to the…

Q: You want to buy a new sports car from Muscle Motors for $46,000. The contract is in the form of an…

A:

Q: Suppose you want to buy a $146,000 home. You found a bank that offers a 30-year loan at 5.3 % APR.…

A: Amount of Loan is $146,000 Time period is 30 years Interest rate is 5.3% To Find: Monthly payment…

Q: 360 days To complete the sale of a house, the you accept a 240-day note for $9,000 at 7% simple…

A: Note for 240 days  Value of Note = $9,000 Interest rate = 7% Third party note = $9,108 Time period…

Q: You are leasing a new car that costs $89,950, and you will lease it for 3 years at 5.4%. The lease…

A: Present value (PV) is the current value of a future payment or a stream of future payments,…

Q: You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an…

A: The cash price or the purchase price will be the current worth of all the payments made on a monthly…

Q: You wish to buy a $21,500 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are…

A: Given Price of car is $21500 Term is 6 years rate is 7.2%

Q: You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal…

A: Monthly Payment: It is the amount that is paid at the end of each month to the lender of the bond by…

Q: You take out a 5-year car loan with monthly payments of $425. The interest rate for the loan is…

A: To calculate the total interest paid over the life of a loan, we need to determine the total amount…

Q: Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You…

A: purchasing price = $144,000 down payment = $17,000 loan amount = $144,000 - 17,000…

Q: 19 You borrow $5,600 to buy a car. The terms of the loan call for monthly payments for four years at…

A: Periodic payment amount refers to the equal installment amount that is disbursed over the term of…

Q: A friend agreed to lend you money today. You must repay your friend by making payments of $30 per…

A: To solve this problem, first, find the total payment and the present value of the annuity due. Then,…

Q: Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans,…

A: Loan amount, P = $15,000 Interest rate, r = 6.3% Term, t = 3 years Payments per period, n = 12 Using…

Q: You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: You have decided to purchase a new car. The car costs $27,500. The dealer is offering to finance the…

A: compounded interest formula applied for the solution: each monthly payment included interest and…

Q: uppose you want to buy a new car that costs you 11993 OMR by a loan from bank Muscat for 6 years.…

A: Solution: Annual payment to be paid to the bank every year will be computed by dividing the amount…

Q: Fast Eddie's Used Cars will sell you a 1989 Mazda Miata for OMR5,000 with no money down. You agree…

A: Working of the payment made to buy the used car is shown as follows:

Q: You want to purchase a new company car for employees to visit clients. If you purhcase the car for…

A: Time value of money:— According to this concept, value of money in present day is greater than the…

Q: Calculation question take home $3,200.00 per month. You purchase a home, taking out a $250,000.00…

A: An agreement through which a lender lends the money to the borrower, and has the right to take the…

Q: You want a new car. At the dealership, you find a car that you like. The dealership gives you two…

A: Present Value of Annuity = P x [1 - {1 / (1 + r)^n}] / r Here, P = Periodic Annuity Payment i.e.…

Q: You take out a consumer loan at your credit union for new insulated windows for your house. The…

A: A stream of equal cash flows paid or received periodically is termed as annuity. Annuity is either…

Q: You have decided to buy a car that costs $31,000. Since you do not have a big down payment, the…

A: We need to use loan amortisation formula to calculate monthly payment of loan PMT =…

Q: You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: Mr. Paulson has just borrowed $1,000 from Mr. Black. Mr. Paulson has agreed to pay Mr. Black $300 in…

A: Future value of payment = Cash flow * ( 1 + Weekly interest rate )Number of weeks

Q: Calculate the principal portion of the second payment on the required on an amortized loan to…

A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…

Q: You need to have $20,000 for a down payment on a house 4 in years. If you can earn an annual…

A: We need to use the concept of time value of money to solve the question. According to the concept of…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.