Suppose you can afford to pay $300 a month for 6 years towards a new car with no down payment. If the current interest rates are 3.5%, how expensive a car can you afford? Car sticker price =

Q: How would you write the official notation for the present value factor for a continuous payment of…

A: Continuous yearly payment: $1 Time period: 45 year  Rate of interest : 5%

Q: Some amount out of $7000.00 was lent at 6% per annum and the remaining at 4% per annum. If the total…

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Q: If you have been hired at an annual salary of $23000 and expect to recieve annual increases of 5%.…

A: Solution

Q: Find the principal if the interest is 18,000 with a rate of 9% at term of 4 years.

A: Given:          Rate of interest (r) = 9 %          Simple interest (SI) = 18,000          Time…

Q: Find what simple interest rate will be necessary for Sonny to get a 40% return on a $500 investment…

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Q: Suppose you see a car with a price of $12,000 that is advertised at $300 per month for 5 years. What…

A: Given: Price of the car=$12000, Payment=$300 per month, time=5 years.

Q: Roslyn plans to use her savings to pay for a holiday. The holiday will cost $6000.  What minimum…

A: Sol

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: loan of P200000 is to be repaid in full after 3years.If the interest rate is 8percent per annum.how…

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Q: Suppose that you decide to buy a car for $32,635, including taxes and license fees. You saved $9000…

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Q: If I can afford $420 a month for a car over the course of 6 years with an interest rate of 6.9% how…

A: If I can afford $420 a month for a car over the course of 6 years with an interest rate of 6.9% To…

Q: Find the cost of purchasing an annuity that pays $25,000 per year for 20 years. The interest rate is…

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Q: you can buy a car for $25200 or lease the same car for 3 years for a down payment of $1500 and…

A: Consider the given information.  The basic price of the car is $25200.    If you are taking a car on…

Q: Suppose you can afford to pay $300 a month for 5 years towards a new car with no down payment. If…

A: Suppose you can afford to pay $300 a month for 5 years towards a new car Then the Future Value of…

Q: If $800 is borrowed and the interest after 6 months is $72, what is the annual interest rate for a…

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Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

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Q: If you put $500 in a bank for 5 years and earn $75 in interest, the interest rate is 4%. O True O…

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Q: You wish to purchase a new house 20 years from today. You currently have $25,000 debt you need to…

A: The annual payment on a loan is given by the formula AP=Pr1-1+r-n. Given data:…

Q: You can afford a monthly payment of $375 for a new car loan.  You want the loan to last for 5 years…

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Q: If you invest $600 into an account that compounds monthly and after 8 years the account has $900.…

A: From the given information, it is observed that P = $600, A = $900, t = 8. Note that, the formula to…

Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: You have the option to take out a 30 year mortgage with an APR of 4.9% what will your monthly…

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