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Purchase Costs Down payment $2,100 Loan payment $530 for 36 months Estimated value at end of loan $4,900
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- Use the following data: Purchase Costs Down payment: $3,900 Loan payment: $370 for 48 months Estimated value at end of loan: $4,800 Opportunity cost interest rate: 4 percent Leasing Costs Security deposit: $1,300 Lease payment: $370 for 48 months End-of-lease charges: $720 Calculate the costs of buying versus leasing a motor vehicle. Cost of buying Cost of leasingBased on the following, calculate the costs of buying versus leasing a motor vehicle. Purchase Costs Leasing Costs Down payment: $1,500 Security deposit: $500 Loan payment: $450 for 48 months Lease payment: $450 for 36 months Estimated value at end of loan: $4,000 End-of-lease charges: $600 Opportunity cost interest rate: 4 percentUse the following data: Down payment (to finance vehicle) Monthly loan payment Length of loan Value of vehicle at end of loan . What is the total cost for buying and for leasing a motor vehicle with a cash price of $38,500? Buying Leasing Total Cost $6,600 $ $ 920 48 months. 12,400 Down payment for lease. Monthly lease payment. Length of lease End-of-lease charges $ 2,500 $ 700 48 months $1,250
- Use the following data: Purchase Costs Leasing Costs Down payment: $4,800 Security deposit: $1,600 Loan payment: $1,440 for 48 months Lease payment: $1,440 for 48 months Estimated value at end of loan: $5,100 End-of-lease charges: $765 Opportunity cost interest rate: 2 percent Calculate the costs of buying versus leasing a motor vehicle. Cost of buying $ Cost of leasing $Use the following data: Purchase Costs Down payment: $4,800. Loan payment: $340 for 48 months Estimated value at end of loan: $5,100 Opportunity cost interest rate: 2 percent per year Calculate the costs of buying versus leasing a motor vehicle. Cost of buying Cost of leasing Leasing Costs Security deposit: $1,600 Lease payment: $340 for 48 months End-of-Lease charges: $765Use the following data: Down payment (to finance vehicle) Monthly loan payment Length of loan. Value of vehicle at end of loan Buying Leasing $ 5,000 $ 700 48 months Buying O Leasing $ 9,200 Down payment for lease Monthly lease payment Length of lease End-of-lease charges b. Based on your answers in part a, would you recommend buying or leasing? $1,700 $ 540 $ a. What is the total cash outflow for buying and for leasing a motor vehicle with a cash price of $29,500? Total Cash Outflow 48 months 850
- Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?Based on the following data, prepare a financial comparison of buying and leasing a motor vehicle with a $24,000 cash price: (LO 6.2) Down payment (to finance vehicle), $4,000 Down payment for lease, $1,200 Monthly loan payment, $560 Monthly lease payment, $440 Length of loan, 48 months Length of lease, 48 months Value of vehicle at end of loan, $7,200 End-of-lease charges, $600 What other factors should a person consider when choosing between buying or leasing?Complete the following table: Purchase price of product Schwinn Mountain Bike Down payment Amount financed Number of monthly payments Amount of monthly payments Total of monthly payments Total finance charge $250 $100 12 $15.50
- Based on the car you chose (2021 Jeep Wrangler), state: 1. The total price of the car: $38, 5302. Down payment percent: 20%3. Interest rate: 3.79%4. Loan term: 72 Months Calculate: 1. Down payment amount.2. Amount financed (loan amount).3. Monthly payment.4. Total interest paid.5. Amortization schedule for the first three months.7a. A 48-month lease plan on a luxury car that costs $46,700 consists of a $2.875 down payment, monthly payments of $594.80, and a residual value of $28,400. A purchase plan for the car requires a down payment of $3,250 and a 4-year loan with monthly payments of $1,082. a. What is the total cost of leasing? b. What is the total cost of purchasing? c. Which plan gives the lowest total cost? d. What is the difference in the plans over four years? ✪ ED B OCalculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. Note: Do not round intermediate calculations. Round the "Finance charge" to the nearest cent and "APR" to the nearest tenth percent. Purchase price of a used car $ Down payment 5,673 $ Number of monthly payments 1,223 Total of monthly Amount financed payments Total finance charge APR 48 $ 5,729.76