Dave Krug finances a new automobile by paying $7,300 cash and agreeing to make 30 monthly payments of $460 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Monthly Payment Table Values are Based on: Present Value of Loan n X = = + Table Factor Cash Down Payment = = Present Value of Loan Cost of the Automobile
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- Dave Krug finances a new automobile by paying $7,100 cash and agreeing to make 10 monthly payments of $540 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Monthly Payment Table Values are Based on: Present Value of Loan n i Table Factor Cash Down Payment Present Value of Loan Cost of the AutomobileDave Krug finances a new automobile by paying $7,100 cash and agreeing to make 20 monthly payments of $480 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1. FV of $1. PVA of $1, and FVA of $1) Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places. Monthly Payment Table Values are Based on: Present Value of Loan n = = Table Factor Cash Down Payment Present Value of Loan Cost of the AutomobileDave Krug finances a new automobile by paying $6,800 cash and agreeing to make 40 monthly payments of $580 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1. EV of $1. PVA of $1. and EVA of $1) Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places. Monthly Payment 580 Table Values are based on: Present Value of Loan n = Table Factor $ 40 12% Cash Down Payment 6,800 - Present Value of Loan Cost of the Automobile
- Compute the monthly payment and the total amount spent for a vehicle that costs $24,000 if you finance the entire purchase over 5 years at an annual rate of 8 25 percent. Calculate the payment if you finance the car for only four years. Finally, calculate the payment for three years. What do you notice about the payment under the different time assumptions? Note: Round intermediate computations to at least five (5) decimal places Click on the table icon to view the MILPF table The monthly payment, PMT, on the 5-year auto loan is $ (Round to the nearest cent.) The total amount spent if you financed $24,000 for 5 years at 8 25 percent per year is $ (Round to the nearest cent.) The monthly payment, PMT, on the 4-year auto loan is $ (Round to the nearest cent.) Finally, the monthly payment, PMT, on the 3-year auto loan is $ (Round to the nearest cent.) What do you notice about the payment under the different time assumptions? (Select the best choice below.) OA. As the number of payments…Sam would like to use the PMT function in Excel to calculate the monthly payments on a car loan of $35,000 which is to be paid off in full after 3 years. Interest is charged at a rate of 4.43% per year and the payment to the loan is to be made at the end of each month. Which function argument is correct? (Reminder: =PMT(rate, nper, pv, [FV], [type]) =PMT( 4.43%, 36, -35000) =PMT( 4.43%/12, 36, -35000) =PMT( 4.43%/12, 3, -35000) =PMT( 4.43%, 3, -35000)A design studio received a loan of $8,950 at 5.60% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? ← a acer SUBMIT QUESTION SAVE PROGRESS V SUBMIT ASSIC
- We will use Excel PMT function to calculate the payment Rand then create an amortization schedule for the problem below: The Turners have purchased a house for $250,000. They made an initial down payment of $50,000 and secured a mortgage with interest charged at the rate of 6%/year on the unpaid balance . Interest computations are made at the end of each month . Assume that the loan is amortized over 15 years . Determine the size of each installment such that the loan is amortized at the end of the term Type the raw data of P, r, m, t into cells Calculate i by its definition Calculate n by its definition Calculate R by Excel function PMT. Note : please reference in PMT What will be their total interest payment ?A cloud storage engineer purchased a new car for $31,990. Complete the table below to determine the cost of owning the car for the first year of ownership. Assume the car has an average fuel efficiency of 35 miles per gallon and a 4-year loan at an annual interest rate of 3.75% on the purchase price less the down payment. (Round your answers to the nearest cent.) What are the loan payments for 1 year?A loan of $5,000 with interest at 7.75% compounded annually is amortized by equal payments at the end of each year for five years. 1. Show your financial calculator inputs for the payment calculation. 2. Create a full amortization schedule for the loan. A template is available in the Test folder (underneath the link to our test. You can fill in the Word file template and attach below,
- Compute the monthly payments for a vehicle that costs $16400 if you financed the entire purchase over 4 years at an annual interest rate of 6.50 percent. Also, calculate the loan payments assuming rates of 5.50 percent and 7.50 percent. Compare the total amount spent on the vehicle under each assumption.A computer chip designer purchased a car for $59,476.47, which includes sales tax and registration. The designer obtains a 5-year loan for the total amount at an annual interest rate of 6.3% compounded monthly. The designer will make monthly payments. The payments calculation for this type of loan uses the formula for the present value of which type of annuity? Given the formula for the payment amount of annuity where PMT is the payment amount in dollars, PV is the present value in dollars, n is the number of payments, and i is the interest rate per period. PMT= ? Determin the following values. PV= $ n= i= What is the designer’s monthly payment? (Round your answer to the nearest cent.)A friend of yours is interested in purchasing a motor vehicle with at a cost of $3.5 million. The bank has indicated that they are willing to finance 80% of the purchase price at a rate of 12% p.a. over 4 ½ years with equal monthly repayments. Your friend has asked you to Compute the required monthly payments. (round to the nearest dollar) Prepare the Loan amortization schedule for the first 4 months (round to the nearest dollar). Determine how much would be required to close the loan after 2 ½ years.