Michelle bought a new car for $⁢38,000. She paid a 20% down payment and financed the remaining balance for 60 months with an APR of 5.5%. Determine the monthly payment that Michelle pays. Round your answer to the nearest cent, if necessary.

Q: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her…

A: Deferred payment price refers to a pricing model where the buyer is allowed to pay for a product or…

Q: Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment…

A: Given: Hot tub cost = $5,070 Down payment = $1,300 Finance = 24 months Payments each month = $179.77

Q: Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance…

A: > Given data:> Calculation of  APR as follows below:> APR = ((Amount paid / Loan amount ) /…

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: 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: omplete amo

A: fixed Monthly payment = P*R* ((1+r)^n)/((1+r)^n-1) P= Loan amount R= 5.90%/12= 0.4916% N= 12*0.5= 6…

Q: and financed the balance with an installment loan for 48 months. It payments are $43.50 per month,…

A: in this we to calculate present value FACTOR and than find out period required.

Q: ane needs $30,000  to buy a new car in four years. How much should she deposit at the endof each…

A: We will use the concept of time value of money here. The concept of time value of money states that…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The Annual percentage rate(APR) is the percentage rate that shows the interest rate calculates on…

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: 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: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

Q: Christina bought a new car for $32,000. She paid a 20%down payment and financed the remaining…

A: Amortization is the process of calculating the equal and regular repayments of a financed amount.…

Q: Gwen decides to make regular deposits every month into an account that earns 8% annual interest,…

A: The question is based on concept of present value and future value of money .  formula as: FV=pmt…

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: What is the amount of each payment?

A: Given in the question: Borrow amount = $50,000 Interest Rate = 12% Time = 4 Years Loan has to be…

Q: Panpan purchased a car. She paid 250,000 as down payment, and 5,500 payable at the beginning of each…

A: Equivalent cash price refers to the equivalent present cost of the car at the time of purchase. It…

Q: Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment…

A: The formula for the calculation of APR is as follows: APR=Fees+InterestPrincipalTime period×12

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Loans are paid back in fixed periodic payments.   The amount of the periodic payments depends on the…

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: Chiara purchased a new natural qas barbecue for $2,200 and made a down payment that was 30% of the…

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

Q: Michelle bought a new car for $⁢34,000. She paid a 20% down payment and financed the remaining…

A: A loan refers to a contract between two parties where an amount is forwarded by one party to the…

Q: Casey secured a 5-year car loan at 6.20% compounded annually that required him to make payments of…

A: Present Value represents the value of a future amount in today's dollars, taking into account…

Q: Alexandria has $400,000 saved for retirement in an account earning 2.45% interest, compounded…

A: Solution:- When an equal amount is withdrawn each period, it is called annuity. We know, present…

Q: Jack and Jill buy a used car from Rockies Auto for $7,000. They put $700 down and finance the rest…

A: of J and J took a loan to buy RA for $7,000 and their loan needs to be repaid in three years we need…

Q: Tabatha has saved $85, 700.00. If she decides to withdraw $2,726.00 at the beginning of every month…

A: The present value of an annuity is the current worth of a series of cash flows at a certain rate of…

Q: Answer all parts to the question please. Part 1. Logan had seamless rain gutters installed around…

A: Present value is the estimation of the current value of future cash value which is likely to be…

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: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The APR is used for representing the interest rate paid on the outstanding loan balance. It takes…

Q: Yolanda deposited $1,800 at the end of each six months for 2 years in a savings account. If the…

A: The value of money differs with the time passage and the value of it at present is worth more than…

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: Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance…

A: Given, Wall unit Cost =$2300 Down payment =$600 Loan Installment = 48 months Payments = $43.5 per…

Q: Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Andy wants to buy a car that costs $22,750. The dealership will finance the car for 5 years, at…

A: Loans are the debt obligations of a company that are shown on the liabilities side. These are paid…

Q: Tim Houston purchased a wall unit for $2,400. He made a $800 down payment and financed the balance…

A: Step 1 APR The annual percentage rate is the rate that investors receive on deposits and that…

Q: Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning…

A: The company would be considering the value for future through the compounding of interest rates over…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Monthly payments interest rate is calculated by excel function RATE, where the inputs are: pv:…