Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $30,000. The dealer has told Tim that if he can come up with a down payment of $6,300, the dealer will finance the balance of the price at a 5% annual rate over 2 years (24 months). a. Assuming that Tim accepts the dealer's offer, what will his monthly (end-of-month) payment amount be? b. Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 3.5 %? a. Tim's monthly (end-of-month) payment amount is $. (Round to the nearest cent.)

Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $31,000. The dealer has told Tim that if he can come up with a down payment of $6,200, the dealer will finance the balance of the price at a 6% annual rate over 5 years (60 months). a. Assuming that Tim accepts the dealer's offer, what will his monthly (end-of-month) payment amount be? b. Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 3.8%? a. Tim's monthly (end-of-month) payment amount is $ (Round to the nearest cent.)

Michael wants to buy some new exercise equipment for his home gym for ​$312,000 financed at an annual interest rate of 13​% using the​ add-on method. If Michael wants to pay off the loan in 4 ​years, what will be his monthly​ payment?       Question content area bottom Part 1 His monthly payments are ​$enter your response here. ​(Round to the nearest cent as​ needed.)

You want to purchase a new company car for employees to visit clients. If you purhcase the car for $60,000 with a loan that has an APR of 12% in which interest accrues monthly, what would you expect the monthly payments to be if the term of the loan is 5 years?     $1,683     $572     $1,322     $1,000

Loan A B с Principal $7,000 $7,000 $7,000 Annual payment $2,914.24 $2,256.61 $1,846.48 Term (years) 3 345 4

Not sure where to start this one Suppose that you purchase a new home that costs $180,000. A local bank offers you a 3% fixed rate mortgage loan for 30 years. Also, you are required to make a 20% down payment immediately.  a) Find your monthly payment. b) Find the interest amount and the principal amount in your first monthly payment. c) Find the total interest paid for 30 years.

Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $18,000 loan given that the lender requires her to make annual end-of-year installment payments of $3,379. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 11%? c. How long will it take if she has to pay 18% annual interest? d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully. a. If Mia can borrow at an annual interest rate of 14%, the amount of time it will take for her to repay the loan fully is years. (Round to two decimal places.) C

Calculating Loan Payments You want to buy a new sports coupe for $69,300, and the finance office at the dealership has quoted you a loan with an APR of 5.6 percent for 48 months to buy the car. What will your monthly payments be? What is the effective annual rate on this loan?

Save Answer Mike is able to pay a monthly 30-year mortgage payment of $1,800. After shopping around, he found a bank that will loan him money at a 4.8% annual interest rate, compounded monthly. What is the most expensive home Mike can afford? Enter your answer as a numerical value (no labels) and round to the nearest dollar.