12. Matthew wants to take out a loan to buy a car. He calculates that he can make repayments of $4,700 per year. If he can get a four-year loan with an interest rate of 7.3%, what is the maximum price he can pay for the car?

Q: Mack wants to buy an used car that has a sticker price of $15600 .he has a down payment of $5000 and…

A: Simple Interest is method of computing interest where compounding is ignored and interest is…

Q: ou want to buy a home but not take out a mortgage. You want to buy it outright when you are able to…

A: Future value is the value of present cashflow compounded to future date at specified rate. formula:…

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: The loan amount would be the remaining amount after deducting the down payment from the purchase…

Q: You are deciding to buy a car to commute to work given the comparatively low interest of 6% per…

A: A loan is a debt arrangement that provides financial assistance to a person to full fill a specific…

Q: Dennis Lamenti wants to buy a new car that costs $15,177.57. He has two possible loans in mind. One…

A: In Add-on loan calculation for interest, the Principal and the total interest which is due is…

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Amount of home = $255,000 Down payment = 5%  The time duration of the loan = 30 years

Q: Down Payment and Loan Payments. Lucas wants to buy a used car that will cost $5,100. How much will…

A: The monthly installment amount includes the interest expense and repayment towards principal.

Q: Lungu wants to buy a Car that costs K25,000. He has saved K6000, which he will use as deposit, and…

A: According to bartleby guidelines , if multiple questions are asked , then 1st question needs to be…

Q: Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most…

A: Amount received for trade-in = $6,000  Monthly Payment, P = $500  Interest rate = 2.2%  Number of…

Q: You plan to fina

A: future annuity – suppose an equal sum of money is invested in the bank on a recurring basis what…

Q: Derek plans to buy a $33,981.00 car. The dealership offers zero percent financing for 59.00 months…

A: Present worth is the current value of the amount that is expected to be spend in future date at…

Q: You are thinking of purchasing a house. The house costs $400,000. You have $57,000 in cash that you…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: 2. I decided to buy a house for $289,900. I have enough in savings to put 10% down on the house and…

A:

Q: Dennis Lamenti wants to buy a new car that costs $15,326.72. He has two possible loans in mind. One…

A: In this question, we have to find out the monthly payment of loan

Q: You want to buy a $189,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Home value = $189,000Down payment = 0.15 (15%)Monthly interest rate (r) = 0.003291666667 (0.0395 /…

Q: n Guimo is going to purchase a house with a purchase price of P. ay as a down payment. He is going…

A: It is assumed that monthly payments are to be made. The given problem can be solved using PMT…

Q: Ali is willing to pay $210 a month for 5 years for a car payment. If the interest rate is 5%,…

A: A loan is a type of credit that is given to an individual by the financial institution and on the…

Q: Thomas has $1,000 in his bank account today to spend on a TV in one year.  Thomas needs exactly…

A: Maturity Value is that value which will be received by the investor at the end of investment period.…

Q: Hank purchased a car for $26,000 two years ago using a 5-year loan with an interest rate of 9.0…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: You are planning to buy a new car/truck (of your dreams) 7 years’ time at a cost of $134,956. How…

A: Here, The monthly rate of interest is 'r' Number of months is 'n'

Q: Suppose you take out a loan for $15,000 to buy a car to start driving Uber as a side hustle. Suppose…

A: The objective of the question is to determine how long it will take to pay off a loan of $15,000…

Q: Fou want to buy a $221,000 home. You plan to pay 15% as a down payment, and take OL he rest. a) How…

A: Down payment is the advance cash payment that is made out of pocket for the purchase of a home and…

Q: You are considering buying a new car worth $I5,000. You can finance the car either by withdrawing…

A: The present worth an investment is based on the time value of money concept. The present value of…

Q: how much can Marcus spend on a car (that is, what is the total cost of the car that Marcus can…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: per for 48 Jasmin has found a car she wants to buy. The used-car dealer says months. If the interest…

A: To determine the PV of loan payments we can use an ordinary annuity formula. An annuity is a type of…

Q: Derek decides to buy a new car. The dealership offers him a choice of paying $588.00 per month for 5…

A: A purchase can be made by paying in cash or paying in installments.

Q: fter 5 years, you decide not to use the money for a car. Instead, you'll take $10,000 to buy a…

A: Price of home=$375000Down payment=$8000Interest rate=5.75%Period=30 years(Note=in this first three…

Q: Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13%…

A: Solution:-  When a loan is taken, it can either be repaid as a lump sum payment or in instalments.…

Q: You have clients who are in the market for a new car and real estate. Both purchases require loans.…

A: The amortization schedule refers to the statement showing the interest and principal amount and…

Q: You decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: suppose Tim is buying a new car. He agreed to a price of $21,000 and he has $3,500 for a down…

A: Price of car = $21,000 Down Payment = $3,500 Time Period = 6 Years Interest rate = 3.6%

Q: If Blitzen wants to buy a $150,000 house. Blitzen is going to pay $60,000 down and make monthly…

A: When a property is finance with loan, bank charges processing fees which is on the finance amount…

Q: His monthly payment will be $ (Round to the nearest cent.)

A: Annuity Payment: These payments are made in a series having equal intervals. Examples of annuity…

Q: John is looking for a new car. He has a down payment of $1,750.00 and wants to pay $300.00 per month…

A: A loan refers to a contract where money is borrowed by one party on the promise of future repayment…

Q: Your parents are planning to buy a second house at the price of $400,000 with 20% down payment.…

A: The price of the house is $400,000Down payment of 20%The annual interest rate is 4%The time period…

Q: Barry Wood wants to buy a used car that costs $5000. He has two possible loans in mind. One loan is…

A: According to the given information, find the following monthly payment and total interest paid.

Q: nnis Lamenti wants to buy a new car that costs $15,326.72. He has two possible loans in mind. One…

A: In this question, we have to find out the interest paid on loan by dealer and by bank

Q: 7. Mark Hohman has decided that it is time to buy a new car. He has found his dream car for $25,502…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: My daughter wants to buy a new car. Here are the parameters. The car cost $12,000 with terms of 5%…

A: While taking a loan for any purpose one should evaluate the payment schedule where the requirement…

Q: uture Value. You have $5000 in cash received as gifts. You want to invest in a brokerage account so…

A: The future value is the future worth of the amount that wiil be paid or received in the present or…

Q: 10.) Jojuan wants to buy a used for 12,000 dollars but can only afford 200 dollars. What interest…

A: The amount for which a loan is taken is known as the loan amount or the principal amount. A lender…

Q: 4. You are considering buying a new house. The house you want will cost you $150,000. You have…

A: A mortgage is a type of loan that is used to purchase a property or real estate. The borrower (also…

Q: Suppose you want to buy a car right now. Your credit is pretty good so you can get an 4% I interest…

A: Monthly payment (C) = $300Monthly interest rate (r) = 0.00333333333333333 (i.e. 0.04 / 12)Number of…