Help me with step by step answers on a TI 83, TVM solver and forumulas and timelines. You want to buy a car and need to see how big of a car loan you can afford. Your budget allows you allocate $289.99 per month for car loan payments. The bank will offer you a loan at 6% interest on an APR basis and monthly payments over five years. What is the amount of the loan you can afford? Use the $ symbol and round to the nearest dollar (no decimal places). Use commas in your answer if applicable.

Help me with step by step answers on a TI 83, TVM solver and forumulas and timelines. You want to buy a car and need to see how big of a car loan you can afford. Your budget allows you allocate $289.99 per month for car loan payments. The bank will offer you a loan at 6% interest on an APR basis and monthly payments over five years. What is the amount of the loan you can afford? Use the $ symbol and round to the nearest dollar (no decimal places). Use commas in your answer if applicable.

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

See similar textbooks

Similar questions

In the Excel Payment Function file that follows, you are looking to see what your basic mortgage payment will be if you buy a home for $250,000. It will be a 30-year mortgage. The interest your bank will charge will be 7.5%. In cell C5, use the PMT function to determine what your monthly payment will be. Submit the spreadsheet in Canvas.
You are interested in saving for a trip when you graduate in three years. You can save $75 each of the next 36 months and earn 2.75% interest on your money. How much money would you have in your savings account in 36 months for your trip? ( Please reference the loan infromation in the "Task 5 Data " cells as the argument for your functions
In the Excel Payment Function file that follows, you are looking to see what your basic mortgage payment will be if you buy a home for $250,000. It will be a 30-year mortgage. The interest your bank will charge will be 7.5%. In cell C5, create a function that determines what your monthly payment will be.
suppose 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: 3-year loan at 5.9% Installment loan B: 5-year loan at 6.4% a.- find the monthly payments and the total interest for loan A b.-find the monthly payments and the total interest for loan B c.- compare the two loans. which is more economical?
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 $_______
An online lending company is offering simple interest personal loans based on consumer creditscores. With your credit score, you can borrow $5000 for 3 years at an interest rate of 17.73%. Howmuch money will you pay the lending company at the end of 3 years?
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
You can afford a $350 per month car payment. You've found a 5 year loan at 6% interest. How big of a loan can you afford? Submit Question Search hp
Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. 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.) Need Help? Read It Watch It Master It
You will usually have choices of interest rates and loan term when seeking a loan. For the following, calculate the monthly payment and total interest over the loan term with each option.You need a $20,000 to buy a used car. Your bank offers a 3 year loan at 5%, a 4 year loan at 6%, and a 5 year loan at 7%.3 year loan at 5%: Monthly payment: $ Total: $ Total interest: $ 4 year loan at 6%: Monthly payment: $ Total: $ Total interest: $ 5 year loan at 7%: Monthly payment: $ Total: $ Total interest: $
Assume that you are on your way to purchase a new car. You have already applied and been accepted for an automobile loan through your local credit union. The loan can be for an amount up to $25,000, depending on the final price of the car you choose. The terms of the loan call for monthly payments for a period of four years at a stated interest rate equal to 6 percent. After selecting the car you want, you negotiate with the sales representative and agree on a purchase price of $24,000, which does not include any rebates or incentives. The rebate on the car you 24 chose is $3,000. The dealer offers “0% financing,” but you forfeit the $3,000 rebate if you take the “0% financing.” a. What are the monthly payments that you will have to make if you take the “0% financing”? (Hint: Because there is no interest, the total amount that has to be repaid is $24,000, which also equals the sum of all the payments.) b. What are the monthly payments if you finance the car with the credit union loan?…
You are considering buying a new home and are planning to take out a 30-year, $300,000 mortgage. You are told that the interest rate on your loan will be 3%. You want to figure out how much you will have to pay on the mortgage each month. To analyze your potential loan, you have decided to use Microsoft Excel to calculate the monthly payments. To earn full credit your spreadsheet must contain the following elements: Calculate the required monthly payment using a built-in Excel function. Reference the interest rate via a cell name rather than a cell location Build a 360-month amortization table including the outstanding loan balance at the end of each month. Suppose instead of paying the required monthly payment, you decide to pay an extra $250 per month. How much sooner will you be able to pay off your loan?

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS