An auto dealer agrees to sell a used car for $1,000 down and payments for 3 years at $550 per month. The interest rate is 12%. What is the cost of the automobile, including interest?
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- You buy a ten-year-old car for $12,000. You decide to pay $2000down, and the used car dealer gives you a “special” rate of “9% monthly” for 48 months.a) What is your monthly payment?b) How much of your first payment goes to interest?c) How much interest do you pay for the entire loan?d) What is your final payment for this car? tvm solverYou buy a ten-year-old car for $12,000. You decide to pay $2000 down, and the used car dealer gives you a “special” rate of “9% monthly” for 48 months. a) What is your monthly payment? b) How much of your first payment goes to interest? c) How much interest do you pay for the entire loan? d) What is your final payment on this car?You can afford to pay $560 each month for a new car. The dealership offers you a 5-year loan at 6.4% interest, compounded monthly. Which of the following formulas would be used to compute the amount of money you can afford to borrow in order to purchase a new car?
- A 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?A new engineer buys a car with 0% down financing from the dealer. The cost with all taxes, registration, and license fees is $15,732. If each of the 48 monthly payments is $398, what is the monthly interest rate? What is the effective annual interest rate?You are interested in purchasing a new automobile that costs $35,000. The dealership offers you a special financing rate of 6% in APR for 48 months. The repayment needs to be made on the monthly frequency. Assume that you do not make any down payment on the auto and take the dealer's financing deal. What is your monthly car payment? O $1533.4 O $8,859.65 O $821.98 O $729.2
- A car dealer will sell you a used car for $6798 with $798 down and payments of $162.51 per month for 47 month for 48 months. What is the simple interest rate ?You wish to buy a car that has a monthly payment of $250 and with a down payment of $1000. You find a car at a dealership with an interest rate of 4.5% that took you 5 years to pay off, what was the original price of the car from the dealership ( including the downpayment)?The price of a new car is $20000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at a rate of 4.2% per year compounded monthly. What monthly payment will the individual be required to make if the car is financed over a period of 48 months? What will the individual pay in interest charges over the period of 48 months?
- You buy a new car for $22,222. You must also pay tax and license fees of $1,570. You borrow $20,000 at 5.9% interest for 7 years with monthly payments of $291.21. What is the total cost of the truck, including tax and license fees and finance charges.What is the highest price they can pay on the new vehicle if they can afford a down payment of $4,000?Assume they finance their purchase for 48 months at 7.5%?A used car can be purchased for $15,200 with monthly payments spread over 4 years. the person has poor credit so the interest rate is 12%. The monthly payments are $468.10. Calculate the total installment cost of the loan.