17Problem 5-39 Loan Payments (LG5-9)You wish to buy a $20,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do notround intermediate calculations and round your final answer to 2 decimal places.)Answer is complete and correct.Payment $ 425.55 per monthPaymentHow would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2decimal places.)4per month

Answered: Image /qna-images/answer/d6042723-62e5-4b27-b91b-c53b6036bb8d.jpg

You wish to buy a $20,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments round intermediate calculations and round your final answer to 2 decimal places.) Payment Answer is complete and correct. 425.55 per month Payment How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final ans decimal places.) 4 per month

You wish to buy a $20,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments round intermediate calculations and round your final answer to 2 decimal places.) Payment Answer is complete and correct. 425.55 per month Payment How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final ans decimal places.) 4 per month

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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Similar questions

For the car loan described, give the following information. A car dealer will sell you the $30,350 car of your dreams for $6,000 down and payments of $669.06 per month for 60 months. (a) amount to be paid $ (b) amount of interest $ (c) interest rate (Round your answer to two decimal places.) % (d) APR (rounded to the nearest tenth of a percent)
You are looking to buy a car. You can afford $600 in monthly payments for five years. In addition to the loan, you can make a $700 down payment. If interest rates are 9.25 percent APR, what price of car can you afford (loan plus down payment)? Note: Do not round intermediate calculations and round your final answer to 2 decimal places.
You want to borrow $59,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,100 but no more. Assuming monthly compounding, what is the hughest rate you can afford on a 66-month APR loan? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places
You 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. The rebate offer is $1900, and you can obtain a car loan at your local bank for the balance at 2.03% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? $ _______ . Round to the nearest dollar.
You 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:
Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) $ 8938.537
You want to buy a car and you want your payments to be $500 per month. You can finance the car for 1.5% interest for 6 years. How much are you able to borrow for the loan? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.
You wish to buy a $9,700 dining room set. The furniture store offers you a 2-year loan with an APR of 9 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
You 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: Suppose you make a down payment of 10% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan? $ ________ . Round to the nearest dollar. You want to make monthly payments of $431, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make? $ ________. Round to the nearest dollar.
you get a $15000 car loan for 4 years at 6.7% interest. the lender charges $250 for an origination fee(which is added to your loan amount). what is your APR? Round to the nearest hundreth of a percent.

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