James wants to purchase a 2017 Porsche 911 for $120,000. Two financing options are available for him: option 1: 6% APR compounded monthly $20, 000 down payment and 60 equal monthly payments option 2: 5% APR compounded continuously, $10,000 down payment and 36 equal monthly payments. What is the monthly payment for each of these financing options?
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- Easton has two options for buying a car. Option A is 1.5% APR financing over 36 months and Option B is 5.5% APR over 36 months with $1800cash back, which he would use as part of the down payment. The price of the car is $35,042 and Easton has saved $3500 for the down payment. Find the total amount Easton will spend on the car for each option if he plans to make monthly payments. Round your answers to the nearest cent, if necessary. Option A: $ Option B: $Harrison has two options for buying a car. Option A is 2.1% APR financing over 36 months and Option B is 5.1% APR over 36 months with $ 1600 cash back, which he would use as part of the down payment. The price of the car is $ 29,089 and Harrison has saved $2900 for the down payment. Find the total amount Harrison will spend on the car for each option if he plans to make monthly payments. Round your answers to the nearest cent, if necessary.Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,100 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $4,100? Yes, under these conditions, Chuck will meet his goal.No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a lower interest ratetry to negotiate a higher interest ratemake a lower down paymenttry to bargain for a higher sale pricemake a higher down paymenttry to bargain for a lower sale price (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down. What…
- I need help solving this on excel 9.You a buying a home for $425,000 and would like to determine the monthly mortgage payment. You can obtain a $340,000 30-year fixed-rate mortgage at 3.5%. What is your monthly payment?Suppose that you decide to borrow 16000 for a new car. You can select one of the following loans each requiring regular monthly payments. Installment loan A three-year loan at 6.3% Installment loan B five -year loan at 6.4% What would be the monthly payments for each loan and total interest for them also? How much will the buyer save in interest?Tim smith is shopping for a used luxury car. He has found one priced at $27,000. The dealer has told Tim that if he can come up with a down payment of $4,800, the dealer will finance the balance of the price at a 8% annual rate over 3 years (36 months). Assuming that tim accepts the dealer's offer, what will his monthly ( end of month) payment amount be? What will Tim's monthly payment be if the dealer were willing ot finance the balance of the car price at an annual rate of 3.1%?
- Tian can afford to put a down payment of $15,000 on a car. He can also afford to make monthly payments of $245.52 at the end of each month for the next seven years. If Tian is quoted an annual interest rate of 3.49%, what is the highest price he can afford to pay for a car? $28,274.25 $18,274.25 $6,521.30 $30,027.21Joel is considering putting a $4600 laptop purchase on his credit card, which has an interest rate of 5.2% compounded monthly. How long will it take him to pay off the purchase if he makes monthly payments of $25?A man plans to take a vacation in 4 years. He wants to buy a certificate of deposit for $1200 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1700 for the trip? Assume that the interest on the loan is computed using simple interest The rate he must obtain is ___%
- Arnold has determined that he can afford a monthly payment of $325 for a car. If he can obtain a 4 year car loan at an annual interest rate of 3.1%, what is the maximum amount (in dollars) he can finance? Round your answer to the nearest cent. Jose wants to cash in his winning lottery ticket. He can either receive eight, $6,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What would be the lump-sum payment?I need the answer of the question attached. Please provide all possible answers. Thank you!