Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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(11)Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 3.1% and he made monthly payments of $317, how much interest did he pay?
Please answer only correct with explanation.
Someone give me incorrect answer.
I will really upvote. Thanks
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- A friend of yours just bought a new sports car with a $5,000 down payment,and her $30,000 car loan is financed at an interest rate of 0.75% per month for 48 months. After two years, the “Blue Book” value of her vehicle in the used-car marketplace is $15,000. Solve, a. How much does your friend still owe on the car loan immediately after she makes her 24th payment? b. Compare your answer to Part (a) to $15,000. This situation is called being “upside down.” What can she do about it? Discuss your idea(s) with your instructor.arrow_forwardIm struggling to to do this question. My main concern is part (c).arrow_forwardA 148.arrow_forward
- Q2.6: Anika received a loan of $9,000 at 4.72% compounded semi-annually from a credit union to use as working capital for his business. He had to make semi-annual payments for a period of 5 years to settle the loan. a. Calculate the size of his payments. b. What was the total interest paid during the period? c. What was the interest portion of payment number 3? Kindly keep all the decimals for all the preocedures, DO NOT ROUNDarrow_forward5. math of interest. please solve correctlyarrow_forwardA man borrowed $950. Six months later, he repaid the loan (principal and interest) with $1,000. What simple interest rate did he pay? Round your answer to two decimal places.arrow_forward
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