Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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What would your monthly payment be for a 4-year 12,000 car loan with an APR of 7.99?
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- The formula below finds the monthly payment for a loan (car, mortgage, student): P=I (r/1-(1+r)-n ) 7. If you want to buy a car that costs $16,000 with a loan at 3% APR how many years should you finance the car if you want your payment to be below $230? Do this problem any way you want, but clearly communicate your thinking.arrow_forwardYou are looking to buy a car. You can afford $460 in monthly payments for four years. In addition to the loan, you can make a $1100 down payment. If interest rates are 7.25 percent APR, what price of car can you affordarrow_forwardDo all parts its urgentarrow_forward
- Suppose that you borrow $17,000 for five years at 6% toward the purchase of a car. Find the monthly payments and the total interest for the loan. The monthly payment is $arrow_forwardThe present value price of a car you would like to purchase today is $17,990. You are approved for a 60 month (5-year) loan at 3.5% compounded monthly with no money down. What is your monthly car payment? Round your answer to the nearest cent (i.e. 2 decimal places)arrow_forwardYou can afford to pay $15,000 at the end of each of the next 30 years to repay a home loan. If the interest rate is 7.50%, what is the most you can borrow?arrow_forward
- You can afford a $800 per month mortgage payment. You've found a 30 year loan at 8%6 interest a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?arrow_forwardSuppose you take a 6 year loan of $50,000 with an annual interest rate of 13% and monthly payments starting at the end of year 1. What are the monthly loan payments? Enter your response below.arrow_forward(4-8) Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment? What is the loan's EFF%?arrow_forward
- Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.arrow_forwardYou determine you can afford $300 per month for a car. What is the maximum amount you can afford to pay for a car if the interest rate is 9% and you want to repay the loan in 5 years?arrow_forwardWhat is the maximum APR you can accept if you can afford to make monthly payments of $120 on a 7-year, $8000 loan?arrow_forward
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