What will your monthly payment be for a car you purchase for $70,000 today where the...

What will your monthly payment be for a car you purchase for $70,000 today where the bank will finance it for you for 72 months at 2.99% (APR)?

Expert Solution

jeff jeffy answered 2 years ago

If you are looking at $25000 car, what is your monthly payment under each option?

Loan Plans: (a) 3% financing for 36-month loan or (b) 2% financing for 72-month loan.If you are looking at $25000 car, what is your monthly payment under each option? Over the entire life of the loan, what is the total amount of interest paid under each option? Which financing option should you take?

Say you buy your dream car for 223,695. Determine the monthly payment, the total payment, and...

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Suppose you purchase a new car today for $25,000. You pay $2,000 as down payment towards...

Suppose you purchase a new car today for $25,000. You pay $2,000 as down payment towards this purchase, and finance the balance over 5 years at an annual interest rate of 5%, the first payment to be made in one month. Payments are made every month over the next 5 years. Calculate the monthly payment using both formula and function method. (Hint: need to multiply time by 12 to find the number of months and need to divide interest rate...

You borrow $10,000 today to be repaid over 60 months. What is the monthly payment if...

You borrow $10,000 today to be repaid over 60 months. What is the monthly payment if the interest rate is 2% per month? A. $88 B. $288 C. $305 D. $1003

You purchase an antique car today for $41,774 You expect the price of the car to...

You purchase an antique car today for $41,774 You expect the price of the car to rise by 4% per year for the next 7 years. What do you expect the price of the car to be in year 7?

You purchase an antique car today for $46,260 You expect the price of the car to...

You purchase an antique car today for $46,260 You expect the price of the car to rise by 6% per year for the next 9 years. What do you expect the price of the car to be in year 9?

You are going to buy a new car worth $24,400. The dealer computes your monthly payment...

You are going to buy a new car worth $24,400. The dealer computes your monthly payment to be $504.55 for 60 months of financing. What is the dealer's effective rate of return on this loan transaction? The dealer's effective rate of return is ___%. (Round to one decimal place.)

You have saved $3,000 for a down payment on a new car. The largest monthly payment...

You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have a 11% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the most expensive car you can afford if you finance it for 60 months? Do not round...

You have saved $4,000 for a down payment on a new car. The largest monthly payment...

You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan will have a 9% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the most expensive car you can afford if you finance it for 60 months? Do not round...

You have saved $5,000 for a down payment on a new car. The largest monthly payment...

You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan will have a 6% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $ Financed for 60 months: $ Find the present values of the following...

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