Compute the monthly payments $16400 if you financed the entire an annual interest rate of 6.50 p oan payments assuming rates a percent. Compare the total amo under each assumption.
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- Suppose you purchase a car for a total price of $25,445, including taxes and license fee, and finance that amount for 4 years at an annual interest rate of 8%. Please provide step by step to find the monthly payment and what is the total amount of interest paid over the term of the loan? ThanksCompute the monthly payment for a vehicle that cost 12, 300 if you finance the entire purchase over four years at an annual interest rate of 7.75% also calculate the loan payments assuming rates of 675% and 875% compare the total amount spent on the vehicle under each assumption the monthly payment for a vehicle that cost 12, 300 if you finance entire purchase over four years at an annual annual interest rate of 7.75 is whatCompute the monthly payment and the total amount spent for a vehicle that costs $24,000 if you finance the entire purchase over 5 years at an annual rate of 8 25 percent. Calculate the payment if you finance the car for only four years. Finally, calculate the payment for three years. What do you notice about the payment under the different time assumptions? Note: Round intermediate computations to at least five (5) decimal places Click on the table icon to view the MILPF table The monthly payment, PMT, on the 5-year auto loan is $ (Round to the nearest cent.) The total amount spent if you financed $24,000 for 5 years at 8 25 percent per year is $ (Round to the nearest cent.) The monthly payment, PMT, on the 4-year auto loan is $ (Round to the nearest cent.) Finally, the monthly payment, PMT, on the 3-year auto loan is $ (Round to the nearest cent.) What do you notice about the payment under the different time assumptions? (Select the best choice below.) OA. As the number of payments…
- Suppose you purchase a car for a total price of $22,565 including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answer to the nearest cent) a)find the monthly payment? b) what is the total amount of interest paid over the term of the loan?Assume that you want to buy a house and have to borrow $80.000 over a term of 25 years. The annual percentage rate (APR) is quoted as 7% per annum. Calculate the monthly payments in 3 different ways a) annual payment method b) annual interest method c) effective interest method. Compare the methods and find out which method is correct.Suppose you purchase a car for a total price of $24,790 including taxes and licensee and finance that amount for five years at an annual interest rate of 6%. (Round your answer to the nearest cent) Find the monthly payment? What is the total amount of interest paid over the term of the loan?
- Suppose you purchase a car for a total price of $21,750, including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answers to the nearest cent.) (a) Find the monthly payment.$ (b) What is the total amount of interest paid over the term of the loan?$Suppose you wish to purchase heavy equipment machinery and a commercial bank will lend you $65,000 for the transaction. The loan will be amortized over 5 years and the nominal interest rate will be 8% payable monthly. Calculate the monthly payment and the annual percentage rate (EAR) of the loan to be amortized.Assume you are taking out a 6-year loan at a rate of 3.5% for this car. a. Compute the monthly payment to the nearest cent. b. Find the total of all of the monthly payments for 6 years. What is the total interest or finance charge? C. car cost:147,500
- Suppose you purchase an automobile for a selling price of $1,600,000. You make a down payment of 5% of the selling price and finance the remaining balance for 4 years at an annual interest rate of 5%. The sales tax is 7.5% of the selling price, and the license fee is 0.8% of the selling price. Find the monthly payment.Suppose you buy a car for $18,400 and finance it at 8%. Determine the monthly payment and total cost if the car is financed over the number of years given:You are financing a car worth $29039.30 including tax. The interest rate is 10.8% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 3 years. You have a down payment of $1700. Calculate the total amount paid for the car if purchased and financed with monthly payments for the length of your financing loan. (Purchase price = down payment + total of all payments made) Round your answer to two decimal places. PLEASE SHOW STEP BY STEP SOLUTION - NOT IN EXCEL.