Sly's Used Cars just sold you aclunker (you need it to get toclass on time). You financed the$4,728.48 purchase price for 24months. They said your paymentwould be $250. What interestrate did they charge you (assume monthly compounding)?

Loan amount = $4,728.48Monthly payment = $250Number of months = 24 months

Answered: S Cars Just sold you a clunker (you…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Do the task with the excel or manually if possible,thx If a family who owns a food stall is planning to buy a car in the next 3 years for $13920,89. The family is able to set aside 20% of their income from $1392,09/month by saving (1% bank interest/month). Is that money enough to buy a car? If not, how much should the family add?
You are the manager of a rental car company. A customer, Sandy Furrow, has asked you for an estimate of charges for a nine day rental of an SUV. She expects to drive 670 miles. If the company charges $52.50 per day plus 17 1/2 cents per mile for this category of vehicle, what would be the total rental charge (in $) for Sandy's trip?
Sultan’s Used Cars just sold you a clunker (you need it to get to class on time). You financed the $8,000 purchase price for 48 months. They said your payment would be $250. What interest rate did they charge you (assume monthly compounding)?
A 110. Subject:- finance
Kindly solve it completely& correctly. Also, please provide your own solution. Thanks. 5. Ahmed bought a Machinery for RO46500. He made a down payment of RO15000and paid RO500 monthly for 65 months. i. Compute the total amount financed by Ahmed? ii. Compute the finance Charged to Ahmed? iii. Compute the deferred payment price paid by Ahmed?
You're trying to save to buy a new $150,000 Ferrari. You have $31,000 today that can be invested at your bank. The bank pays 6.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car?
You run a school in Florida. Fixed monthly cost is $5,220.00 for rent and utilities, $5,974.00 is spent in salaries and $1,762.00 in insurance. Also every student adds up to $102.00 per month in stationary, food etc. You charge $612.00 per month from every student now. You are considering moving the school to another neighborhood where the rent and utilities will increase to $10,325.00, salaries to $6,544.00 and insurance to $2,172.00 per month. Variable cost per student will increase up to $157.00 per month. However you can charge $1,180.00 per student. At what point will you be indifferent between your current of operation and the new option? PLEASE SHOW EASIEST MOST SIMPLE WAY TO FIND THE ANSWER
The local electronics store is offering a promotion "1-year: same as cash," meaning that you can buy a TV now, and wait a year to pay (with no interest). So, if you take home a $1,200 TV today, you will owe them $1,200 in one year. If your bank is offering 4% interest, what is the true cost of the TV to you today? The true cost of the TV to you today is $ (Round to the nearest cent.)
Please show working and answer a and b 1. You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have an 8% APR based on end-of-month payments. (A) What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent.$ What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent.$

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

S Cars Just sold you a clunker (you need it to get to class on time). You financed the $4,728.48 purchase price for 24 months. They said your payment