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- You want to financed a car that advertised at $31318 but you don't have money. However after checking your credit the dealer offered you that if you pay $571 per month for 6 years, they will give you the car. What is the total amount you will have to pay to the dealer if you finance the car? Write the answer without the "$" sign. Add your answer IA car dealer offers to buy your car for $9,500 so that you can purchase a new one. If your monthly payment is $464.23 with an annual interest rate of 4.8% and you have 20 more payments remaining, is the present value of your car loan more or less than the amount the dealer is offering? How much more or less (in dollars) is the present value of your car loan compared to the amount the dealer is offering? (Enter a number. Round your answer to the nearest cent.)Someone needs to borrow $14,000 to buy a car and the person has determined that monthly payments of $300 are affordable. The bank offers a 3-year loan at 6% APR, a 4-year loan at 6.5%, or a 5-year loan at 7% APR. Which loan best meets the person's needs? Explain. ... Which loan best meets the person's needs? (Round to the nearest cent as needed.) O A. The second loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $300 per month. O B. The third loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $300 per month OC. The first loan best meets the person's needs because the monthly payment of S is less than the maximum budgeted amount of $300 per month. O D. None of the loans meet the person's needs.
- Someone needs to borrow $14,000 to buy a car and the person has determined that monthly payments of $300 are affordable. The bank offers a 3-year loan at 6% APR, a 4-year loan at 6.5%, or a 5-year loan at 7% APR. Which loan best meets the person's needs? Explain. Which loan best meets the person's needs? (Round to the nearest cent as needed.) O A. The second loan best meets the person's needs because the monthly payment of $ amount of $300 per month. OB. The third loan best meets the person's needs because the monthly payment of $ of $300 per month. OC. The first loan best meets the person's needs because the monthly payment of $ of $300 per month. OD. None of the loans meet the person's needs. is less than the maximum budgeted is less than the maximum budgeted amount is less than the maximum budgeted amountSomeone needs to borrow $14,000 to buy a car and the person has determined that monthly payments of $300 are affordable. The bank offers a 3-year loan at 7% APR, a 4-year loan at 7.5%, or a 5-year loan at 8% APR. Which loan best meets the person's needs? Explain. Which loan best meets the person's needs? (Round to the nearest cent as needed.) OA. The third loan best meets the person's needs because the monthly payment of $ OB. The second loan best meets the person's needs because the monthly payment of $ OC. The first loan best meets the person's needs because the monthly payment of $ OD. None of the loans meet the person's needs. is less than the maximum budgeted amount of $300 per month. is less than the maximum budgeted amount of $300 per month. is less than the maximum budgeted amount of $300 month perA car dealer offers to buy your car for $9,500 so that you can purchase a new one. If your monthly payment is $464.23 with an annual interest rate of 3.9% and you have 20 more payments remaining, is the present value of your car loan more or less than the amount the dealer is offering? How much Less?
- Someone needs to borrow $13,000 to buy a car and the person has determined that monthly payments of $250 are affordable. The bank offers a 4-year loan at 8% APR, a 5-year loan at 8.5%, or a 6-year loan at 9% APR. Which loan best meets the person's needs? Explain. Question content area bottom Part 1 Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The third loan best meets the person's needs because the monthly payment of $ enter your response here is less than the maximum budgeted amount of $ per month. B. The first loan best meets the person's needs because the monthly payment of $ enter your responseWhen would leasing a vehicle be a better option than buying? Describe in at least five sentences how you will prepare to purchase your next vehicle in order to (1) get the appropriate vehicle, (2) to get the best deal, and (3) to avoid getting ripped off. For the Questions 3-5 assume you want to finance (borrow) $12,000 for your next car and your interest rate will be 6%. What will be your monthly payment and the total amount paid over the life of the loan if you finance for 48 months? Provide the car payment and the TVM inputs you used to calculate the payment. Payment Total of all payments PV FV RATE/INTEREST PERIODS/N (See next page for Questions 4 and 5) What will be your monthly payment and the total amount paid over the life of the loan if you finance for 60 months? Provide the car payment and the TVM inputs you used to calculate the payment. Payment Total of all payments PV FV…Suppose you want to buy a car. You have surveyed the dealers' newspaper advertisements, and the one shown has caught your attention. You can afford to make a down payment of $2,678.95, so the net amount to be financed is $20,000.(a) What would the monthly payment be?(b) After the 25th payment, you want to pay off the remaining loan in a lumpsum amount. What is this lump sum?
- You are planning to buy an used car from a local dealer. The list price of the car is $12,000. If you pay cash, the cost of car is $11,000. The dealer also offers you the choice of paying $5,500 down with 3 equal year-end payment of $2,100. You have $5,500 cash. If you prefer, you can borrow the rest from your bank with a personal loan of 10% interest rate. What is the dealer's implied interest rate? Do you accept the dealer credit sale or borrow from the bank? List price of car Downpayment Cash cost of car Bank rate of interest Year 0 1 2 3 12,000 5,500 11,000 10% Payment in cash -11,000 0 0 0 Payment with credit -5,500 -2,100 -2,100 -2,100 Cash spent or saved with credit plan 5,500 -2,100 -2,100 -2,100You 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?Yuli plans to purchase a vehicle, and she is working with two bank offers. . Bank One Loan Offer: $73,800, 6% annual interest, 60 months. . Bank Two Loan Offer: $73,800, 3% annual interest, 84 months. Yuli's ultimate financial goal is to select the loan with the lowest monthly payment regardless of duration. Based on her financial goal, which loan will Yuli choose? O A. Bank One: Loan Offer O B. Bank Two: Loan Offer OC. Both monthly payments are the same. O D. Not enough information given to answer the question.