Dominique is in the process of purchasing a new car. She can only afford monthly car payments up to $640. If the dealer is offering auto loans charging 4.2% interest for 4 years, what would be the largest loan amount that she could take out to purchase a new car? Answer to the nearest penny. < Previous Next >
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- You can afford a $500.00 per month car payment. You can get a loan at 8% interest for 4 years.A. How expensive of a car can you afford? I can afford a car that costs $_________. B. How much total money will you pay the loan company? The total of all my payments will be $_______ . C. How much of that money is interest? The amount of that money that is interest will be $_______You determine that you can afford $356for a car payment but only want to finance it for 4 years. If current auto rate are 8.11% and TTD will cost $1200. How much can you afford to pay for the car itself?You wish to buy a car at a cost of $45,000. Ford Credit will finance the car at 3.9%/year over 48 months OR you can receive a rebate of $1,500 and finance through your credit union at 9.7%/year over 48 months. How should you finance your car and what are your monthly payments? How much of a rebate would Ford have to give to make you indifferent to the financing? Round final answers to 2 decimal places. Show your work in detail for full credit. 27043 16:2206 26-01-201 301-4022- 050-4372
- Trae needs to buy a car, but he doesn’t have any money for a down-payment and can only afford $190 per month for this car payment. If he can finance a car at 5.50% for 4 years, how much car can he afford? N= FV= I%= P/Y= PV= C/Y= PMT= End or Begin $170.00 $220.73 $11,555.84 $8,169.77Alisha is buying a car for $26,000. She has $1,800 for a down payment She plans to borrow the remainder at a 3.2% annual rate for 5 years. How much are her monthly car payments? $442.87 $437.00 $469.50 O$475.47 $425.38 Previous Page Next Page Page 9 of 30 Submit Quiz O of 30 questions savedYou are considering the purchase of a new car. You can afford a payment of $400 per month. You plan to finance the car for 3 years and can borrow at 6%. How much money can you borrow for your car? O 13,148 17,032 20,690 O 23,574 O 24,248
- Suppose you want to buy a new car that costs $32,100. You have no cash- only your old car, which is worth $3000 as a trade-in. The dealer says the interest rate is 4% add-on for 5 years. Find the total amount to be repaid. The total amount to be repaid is $ (Simplify your answer.) Enter your answer in the answer box. op dele insert prt sc f12 F10 fg f6 f4 backspace & 3. 24 15 6 8 E R T L EGO LLI1. Rayleene is getting a loan to buy a used car from a seller on Kijiji. The price of the car is $9200.00. She has a down payment of $500.00 and is able to negotiate an interest rate of 4.5% from her bank. Rayleene is trying to decide whether to get her loan for 3 or 4 years. a. Use an online personal loan calculator to fill in the following table to help her decide: Amount of Principal Interest Rate Length of Loan 3 year loan 4 year loan Monthly Payment Total Payments (Monthly Payment x # of months) Total Cost of the Loan (Total Payments – Principal) b. Should Rayleene take her car loan out for 3 or 4 years? Why?Someone offers an investment opportunity that will pay you $725 at the end of each year for the next 17 years. How much would you be willing to purchase that investment for if you need a 10% annual return on you money? O $3,664.49 $5,815.63 $143.44 O $29.394.91
- A friend of yours just bought a new sports car with a $5,000 down payment,and her $30,000 car loan is financed at an interest rate of 0.75% per month for 48 months. After two years, the “Blue Book” value of her vehicle in the used-car marketplace is $15,000. Solve, a. How much does your friend still owe on the car loan immediately after she makes her 24th payment? b. Compare your answer to Part (a) to $15,000. This situation is called being “upside down.” What can she do about it? Discuss your idea(s) with your instructor.5. Kumal wants to sell her townhouse in Whitehorse. She will spend $2100 updating her home. She has $2100 in cash, but she plans to buy a $2100 RRSP. She will need 120 d to pay off any loan. Interest is compounded daily. a) Complete the chart. Option secured personal loan RRSP loan no loan credit card Detalle Buy the RRSP with $2100 cash. Pay for updating with the loan using her home equity as collateral. Pay for updating with the $2100. Buy an RRSP with an RRSP loan. Pay for updating with the $2100. Do not get an RRSP. Buy an RRSP with the $2100. Pay for updating with a credit card with a 30 d grace period. 1125 APR 2.75% 1.75% 0% 20.1% Total amount A-PH1+ 62 b) Which option should Kumal choose? Explain why. c) Which option should Kumal not choose? Explain why. d) Suppose Kumal uses a RRSP loan instead of her credit card. How much interest will she save? What is equity? What is it used for? Total Interest/A-P REFLECTING Suppose Kumal has a loan with simple interest nstead of compound…Listen Robyn is considering the purchase of a new car that sells for $34,000. Calculate her monthly payment based on a five year car loan charging interest at j12-3.6%. Assume that she makes a down payment of $6,000 and finances the remainder and that the payments are at the end of each month. Your Answer: Answer