You are considering buying 2024 BMW M340i xDrive Sedan for $61945 for a 5-year term at an annual rate of 5.25%. Calculate monthly payment for a variety of principal balances from $52,000 to $70,000 (in $2000 increments) and for a variety of terms ranging from 3 years to 6 years.
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- You are considering purchasing a new automobile with the upfront cost of $26,000 or leasing it from the dealer for a period of 48 months. The dealer offers you 2.80% APR financing for 5 years (with payments made at the end of the month). Assuming you finance the entire $26,000 through the dealer, your monthly payments will be closest to $425.09 $429.11 O $473.25 $428.85You want to borrow $100,000 for five years when the interest rate is 5%. You will make yearly payments of $23,097.48 for five years. Fill in the blanks in the amortization table below. Assume that the loan was created on January 1, 2018 and totally repaid by December 31, 2022, after five equal, annual payments. year1. 100,000 23,097.48 year2. 23,097.48 year3 23,097.48 year4 23,097.48 year5 23,097.48you are analyzing a GPM. the terms are $60,000 loan amount, 9% note rate, 30 years, monthly payments, OFV, payments in year one based based upon 7%, and payment in year two based on 8%. how much will you owe on this loan at the end of the second year? Please assist, using HP 10bII+.
- ou plan to purchase a car that costs $42,100. You deposit a down payment of $4,000 and finance the remaining amount over a period of 5 years. Your quoted annual rate is 9.30% compounded monthly Create a single-variable data table in Excel highlighting the monthly payment as a function of the length of the car loan. The table should indicate monthly payment figures for a loan term of a minimum of 2 years and a maximum of 7 years.Suppose you borrow $20,000 at the start of 2022 to buy a car. Your loan is for 4 years at an effective rate of 0.5% per month. Your first uniform monthly payment to pay back the loan is due at the end of January 2022. Please answer the following questions: a. What is your uniform monthly payment if you pay it off over 48 months? b. What is the remaining balance of your car loan immediately after making the 36th monthly payment at the end of year 3? c. Suppose instead you send the bank a check for $550 every month. Rounding off to the nearest number of months, how many months are required to pay off the loan by paying $550 each month assuming that the bank applies the proper portion of each payment to interest or principle at 0.5% per month?A person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1,2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account onApril 1, 2021? The account pays 5% compounded monthly TVM FORMULA
- Suppose you borrow $20,000 at the start of 2022 to buy a car. Your loan is for 4 years at an effective rate of 0.5% per month. Your first uniform monthly payment to pay back the loan is due at the end of January 2022. Please answer the following questions: a. What is your uniform monthly payment if you pay it off over 48 months? b. What is the remaining balance of your car loan immediately after making the 36th monthly payment at the end of year 3? c. Suppose instead you send the bank a check for $550 every month. Rounding off to the nearest number of months, how many months are required to pay off the loan by paying $550 each month assuming that the bank applies the proper portion of each payment to interest or principle at 0.5% per month? Display equations used.You plan to purchase a car that costs $42,100. You deposit a down payment of $4,000 and finance the remaining amount over a period of 5 years. Your quoted annual rate is 9.30% compounded monthly Create a single-variable data table in Excel highlighting the monthly payment as a function of the length of the car loan. The table should indicate monthly payment figures for a loan term of a minimum of 2 years and a maximum of 7 yearsYour uncle will sell you his bicycle shop for $170o,000, with "seller financing," at a 6.0% nominal annual rate. The terms of the loan would require you to make 12 equal end-of-month payments per year for 4 years, and then make an additional final (balloon) payment of $50,000 at the end of the last month. What would your equal monthly payments be? O a. $2,792.07 O b. $3,681.84 C. $3,068.20 O d. $3,129.57 e. $2,362.52
- You are considering two options in purchasing an automobile:Option A: Purchase the vehicle worth $26,200 and pay for the vehicle over3 years with equal monthly payments at 3% APR financing.Option B: Purchase the vehicle at a discount price of $24,000 to be paid immediately.The funds, which would be used to purchase the vehicle, are presently earning6% annual interest compounded monthly. Which of the following statements isincorrect?(a) If you go with Option A, the monthly payment would be $761.93.(b) Option B is a better choice if you have enough money to purchase in cash.At the end of 2021, the MSRP of a brand new 2021 Tesla Model 3 is $43, 190. Suppose you take out a 3-year car loan with $41, 000 at 2.475% interest. How much would the minimum monthly payment be? Now, suppose you took out a 6-year car loan for the same amount. How much would the new minimum monthly payment be?A machine selling for $10000 may be purchase by paying a $1000 deposit and the balance in equal monthly installments for 3 years. Find these monthly installments if the cost of financing is 18% per year.
