Question
In: Finance
Show work (excel if possible but show formulas you used in excel): If I buy a...
Show work (excel if possible but show formulas you used in excel):
If I buy a new car and pay $399 a month for 5 years and the maintenance costs are $50 the first year and increase by $200 a year for each year after that, how much money would I have to barrow today at a nominal interest rate of 9% to cover my monthly payment and my yearly maintenance bill?
Solutions
Expert Solution
Amount to borrow today =
| $20,837.87 |
step 1: Value of monthly payments
| Monthly payment | 399 |
| Number of months | 60 |
| Rate | 9% |
| Present value of monthly payments | $19,221.18 |
Step 2: PV of maintenance expenses assuming end of year payments.
| Maintenance | |
| Year | Expense |
| 1 | 50 |
| 2 | 250 |
| 3 | 450 |
| 4 | 650 |
| 5 | 850 |
| PV of maintenance | $1,616.69 |
WORKINGS
jeff jeffy answered 7 months agoRelated Solutions
Show work (excel if possible but show formulas you used in excel): If I buy a...
Show work (excel if possible but show formulas you used in
excel):
If I buy a new car and pay $399 a month for 5 years and the
maintenance costs are $50 the first year and increase by $200 a
year for each year after that, how much money would I have to
barrow today at a nominal interest rate of 9% to cover my monthly
payment and my yearly maintenance bill?
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