Dick Davis buys a five-year-old used Toyota from Pioneer Auto Sales for $7,999. Hey puts $400 down and finances the rest through the car lot at 6.5% add-on interest. He agrees to make thirty-six monthly payments. Find the size of each payment. (Round your answer to the nearest cent.)

Q: Derek plans to buy a $31,184.00 car. The dealership offers zero percent financing for 55.00 months…

A: Discounting is a technique which is used to compute the present value (PV) of future amounts by…

Q: Greg purchased a house recently for $365,000.00. He plans to put a 20% down payment and borrows the…

A: Equivalent amount distributes present worth into equivalent uniform value over its useful life.

Q: ce. She financed the remaining balance for 9 months at an annual interest rate of 5.5% compounded…

A: Answer : Annual interest rate = 5.5% Effective annual interest rate = ((1+5.5%/12)^12-1) Effective…

Q: Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment.…

A: The monthly payment on a loan refers to the periodic payment extended by the borrower for loan…

Q: ack buys a a car from a chant who offers P 748,000.00 at the end of 5 years. Jack wishes to pay…

A: As per the honor code of Bartleby we are bound to give the answer of first three sub part, please…

Q: Sven Lundgren buys a three-year-old Chevrolet from a car dealer for $18,800. He puts $300 down and…

A: Car price = $18,800 Down-payment = $300 Finance amount =( $18,800 - $300) = $18,500 Interest rate =…

Q: Bernie purchased a riding lawn mower for $1,320. The store offered him a 3-year add-on loan at an…

A: Computation:

Q: evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the…

A: In add on method we simply add interest for given period and add to that with principal amount.

Q: Fritz buys a car costing $24,300. He agrees to make payments at the end of each monthly period for 8…

A: A loan is an agreement between two parties where a sum is forwarded in return for periodic payments…

Q: Fritz Benjamin buys a car costing ​ $16700. He agrees to make payments at the end of each monthly…

A: A loan or mortgage is a sum borrowed to finance personal or business needs. The borrower repays the…

Q: Jim made a down payment of 2500 dollars toward the purchase of a car. To pay the balance of the…

A: Given information: Down payment is $2,500 Nominal interest rate is 4% compounded monthly Payment of…

Q: Sven Lundgren buys a three-year-old Chevrolet from a car dealer for $18,300. He puts $200 down and…

A: Given,  Cost of car = $18,300 Down payment = $200 Interest = 12.5% Time = 24 months = 24/12 = 2…

Q: Mason borrows $41,217.00 to buy a car. He will make monthly payments for 6 years. The car loan has…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Sean buys a refrigerator for $899. The dealer gave him a 2-year add-on interest loan at 7.8%…

A: A method of the loan in which the amount of installment is evaluated by combining the principal and…

Q: how much would each monthly payment be? (Please round to two decimal places)

A: The Monthly installment can be calculated using the following formula  = P ×r(1+r)n÷ ((1+r)n-1)…

Q: A firefighter for the National Park Service has a 5-year car loan for which the monthly payment is…

A: It is a case of amortization of a loan for 60 months ( 5 years) and the borrower wants to know the…

Q: Blake bought a new car and financed $⁢15,000 to make the purchase. He financed the car for 60 months…

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

Q: Jack borrows $28,163 to pay for a car. The loan carries an annual rate of 5.7% and he wants to be…

A: ANSWER: Interest on loan = $6,021.6163328  (or) $6,022 EXPLANATION:- Present Value (PV) = $28,163…

Q: Chiara purchased a new natural gas barbecue for $2,300 and made a down payment that was 30% of the…

A: Purchase price = $2300 Down payment = 30% of Purchase price = 0.30×$2300 = $690 Loan amount =…

Q: Karl Yates needs $5,000 to pay for the remodeling work on his house. A contractor agrees to do the…

A: Given, The amount required is $5,000 Rate of interest is 6.3% Term is 10 months

Q: Gerritt wants to buy a car that costs $30,250. The interest rate on his loan is 5.61 percent…

A: Here, Cost of Car (PV) is $30,250 Interest Rate (r) is 5.61% Compounding Period (m) is Monthly i.e…

Q: After starting your full - time job out of college, you decide to buy a new car for $85,000. Create…

A: Car cost = $85,000Number of payments = 84Discount rate = 6.5%To find: Amount owed after the 75th…

Q: A business man who owns a chain of fast foods needs to borrow 15,000 dollars to remodel his…

A:

Q: roy already had a balance of $104.75 on his credit card when he used it to purchase items totalling…

A: In this we need to find out the annual effective interest rate and from than we can get the monthly…

Q: Karl Yates needs $9,000 to pay for the remodeling work on his house. A contractor agrees to do the w…

A: The today value of future amount is the equivalent amount based on time period and interest rate…

Q: Larry purchased a gnu combined that cost 210,500, minus a rebate of 5500, a trade-in of 6500, and a…

A: Combined cost = 210,500 rebate = 5500 trade-in = 6500 Down payment = 9000 APR = 8%

Q: and the interest is 12% compounded monthly

A: Present value computes the existing value of future benefits by discounting future worth with a…

Q: at minimum down payment must Asher make to keep his monthly payment at or below $500? und your…

A: Monthly payment of loan includes the payment of principal and interest payment that goes on changing…

Q: Ephrem bought a home in Des Moines, lowa, for $335,000. He put down 15% and obtained a mortgage for…

A: The time value of money is related to the change in the worth of the money with time. It says that…

Q: A couple with a newborn baby needs a new vehicle. They take out a $29,000.00 car loan at 8.9%…

A: Given: A couple with a newborn baby needs a new vehicle. They take out a $29,000.00 car loan at 8.9%…

Q: Fritz Benjamin buys a car costing $14200. He agrees to make payments at the end of each monthly…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: Aidan wants to pay off the loan on his refrigerated trailer on which he has made 15 payments. If…

A: When a series of equal periodic payment is made against a loan, it is termed as annuity. This…

Q: Karl Yates needs $6,000 to pay for the remodeling work on his house. A contractor agrees to do the…

A: Present Value refers to the discounted value of a single cash flow or multiple cash flows today…

Q: Jenna bought a new car for $⁢39,000. She paid a 10% down payment and financed the remaining balance…

A: Monthly mortgage payment: The monthly mortgage payment is the repayment of a mortgage loan by paying…

Q: Steven wants to buy a new couch priced at $591 and agrees to pay for it over two years with a…

A: Simple interest on a loan is a method of calculating interest where the interest is calculated only…

Q: Stephen plans to purchase a car 4 years from now. The car will cost $35,175 at that time. Assume…

A: The present value concept of the money time value states that the value at two different times is…

Q: Fritz Benjamin buys a car costing $7900. He agrees to make payments at the end of each monthly…

A: The time value of money is the idea that a monetary amount is worth more now than it will be at a…

Q: John is planning to take a loan for a major renovation project for his home. He can afford only 10%…

A: Annual salary of John = $80,000Annual interest rate = 8%Period = 5 years

Q: Dolph can afford a monthly car payment of $418 for the next 5 years, with the first payment…

A: It is a case where the amount of loan to be borrowed by Dolph is to be calculated, based on his…

Q: Todd Gunderson buys a new computer system for $2,000, plus 8% sales tax.  He financed the entire…

A: The purchase value of the system is $2,000, plus 8% sales tax. The installment cost is $60.…