You are deciding to buy a car to commute to work given the comparatively low interest of 6% per year. You estimate that for the next five years you will be able to allocate $200 monthly towards repayment of the vehicle and a final lump sum of $1000 at the end of five years. Based, on this estimate, how much would you be able to borrow to finance your car?

You have decided to purchase a new car that costs $44,500. You need to make a 20% down payment, then you will finance the rest with a loan. Your bank will extend you a car loan where the APR is 4.32% and you will make monthly payments over five years. What is the monthly payment on the vehicle? O $593.33 O $660.78 O $512.79 O $825.98

You are borrowing money to buy a car. If you can make payments of $280 per month starting one month from now at an interest rate of 9%, how much will you be able to borrow for the car today if you finance the amount over 5 years?

You are saving to buy a new car in two years.  You currently have $5000 in an account that pays 4% annual interest compounded quarterly. You plan on adding to that account with quarterly deposits of $500 each over the next two years.  Then you will take the balance of that account to use as a down payment on your new car.  You expect the car you want will cost $32,000 and that you will be able to get a loan from the dealer at a 12% annual rate for a five-year term.   What will your monthly payments be on the car loan?