You need to borrow $80,000 to purchase a car. You qualify for a 7-year car loan that requires you to make constantly monthly payments with the first payment one month from today. If the quoted interest rate with monthly compounding is 2.28%, what is the monthly payment that must be made?
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A: a.
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A: (i)
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Q: what price of car can you afford?
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- You have two monthly car payments of $400 each left on your car. If the interest rate is 0.75 percent per month, how much will you be required to pay the lender if you wanted to pay off the loan today?you want to borrow $27,000 from your local bank to buy a new car. you can afford to make monthly payments of $425, but no more. assuming monthly compounding what is the highest annual rate (APR) you can affor on a 72-month loan?You want to buy a car and will need a loan of $22011. This will be a 36 -month loan. If the annual interest rate is 3%, what will be your monthly payment
- You would like to buy a new car and will need to borrow $25,000 to do so. Your loan will be repaid monthly over 6 years at a 5% annual interest rate. Calculate your monthly payment. N (period of time) I (Interest) PV (Present Value) FV (Future Value) PMT (Annuity) Prepare the loan amortization schedule. Period Monthly Payment Interest Expense Principal Payment Principal BalanceYou 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 affordIf you take out an $8,000 car loan that calls for 7 annual payments of $2,400 each. What is the interest rate?
- In order to buy a car, you borrow $22,500 from a friend at 10%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments. d. Three and one-half years after borrowing the money, you decide to pay off the loan. You have not yet made the payment due at that time. What is the payoff amount for the loan?Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48 months. What is the monthly interest rate? Respuesta:You want to buy a $120,000 house, and you apply for a mortgage loan. The bank requires a 20% down payment. It will give you a 25-year loan at 8.75% annual interest rate, payable in monthly installments. How much is your monthly payment? use monthly compunding formula
- You want to buy a car and therefore you need $10,000. You can borrow from a bank today for 6 years. However, the bank requires you to make down payment of 10% of the amount you want to borrow and will lend you the rest. The nominal interest rate that the bank charges is 7.2%. If you intend to make equal end-of-month payments then what will be your approximate monthly installment on the amount that you borrow? Group of answer choices $170.43 $154.31 $171.45 $160.31You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments for 5 years. The bank quoted an APR of 12%. How much is your monthly payment (in $ dollars)? $_______Suppose that after the 6-month grace period after you graduate college, you have $63,000 in student loan debt. If you plan on paying back your loans using the standard repayment plan, you will be paying your loans off in 10 years. You may assume an interest rate of 5.05% which will compound daily. In order to find your monthly payment, you will first need to find your daily payment since the interest is compounded daily. What is your daily payment? [Select] What is your monthly payment for a month with 30 days? [Select]