Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12 months,
and Sarah makes 60 end-of month payments thereafter. If the original loan is $29140 and interest is 0.75% per
month, how much will Sarah's monthly payment be?
4
O $1326
O $796
O $530
O$663
O $1193
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- Emily is buying a new car for $1,700. The dealer is charging her an annual interest rate of 10.2%. If she pays off the loan in 24 months, what are her monthly payments? If she makes a down payment of $210, how much will her monthly payments be? Round to two decimal places. OA. $170.57; $74.75 B. $170.57; $10.54 C. $85.28; $74.75 O D. $145.28; $10.54arrow_forwardPhoebe realizes that she has charged too much on her credit card and has racked up $6,000 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?arrow_forwardCharlotte wants to get a loan for $598000 to buy a house. The bank charges an annual interest rate of 2.01%. The loan period is 15 years. How much is the monthly mortgage payment? A. ($3,851) B. ($3,099) O C.($3,028) O D. ($4,678)arrow_forward
- Jason Stein from Topeka, Kansas, borrows $1,500 (including interest) for four years (48 months) at an interest rate of 7% per year. The loan uses the discount method for determining the amount of interest. How much of the loan amount ($1,500) consists of interest? How much of the loan is actually given directly to Jason? What is the monthly payment (rounded to the nearest penny), assuming 48 monthly payments?arrow_forwardTom purchased a laptop through the credit cooperative of their company. The cooperative provides an option for a deferred payment. Adrian decided to pay after 4 months of purchase. His monthly payment is computed as 2,700 payable in 18 months. How much is the cash value of the laptop if the interest rate 8% convertible monthly?arrow_forwardSolve B.arrow_forward
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