You are negotiating to buy a new car with a car salesman at a local dealer....

You are negotiating to buy a new car with a car salesman at a local dealer. You have negotiated the price to $31,000. You have $3,000 to put towards the down payment and plan to get a loan for the rest. If you can get an annual interest rate of 5 percent APR (with monthly compounding) over a 5-year period, what would be your monthly payment? Round it to two decimal place (cents)

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jeff jeffy answered 6 months ago

You are negotiating to buy a new car with a car salesman at a local dealer....

You are negotiating to buy a new car with a car salesman at a local dealer. You have negotiated the price to $35,000. You have $5,000 to put towards the down payment and plan to get a loan for the rest. If you can get an annual interest rate of 11 percent APR (with monthly compounding) over a 5-year period, what would be your monthly payment? Round it to two decimal place (cents), e.g., 234.56.

1. You decide to buy a new car. You negotiate with the dealer and get the...

1. You decide to buy a new car. You negotiate with the dealer and get the car for $40,000. What will be your monthly payment if you finance the purchase through your bank with a 6-year, 11% auto loan (assume no down payment). a. What if you made a down payment of $4,000? What would be the monthly payment for the car?

You would like to buy a new car that costs $25,000. The dealer offers you a...

You would like to buy a new car that costs $25,000. The dealer offers you a 3-year loan at an 8% interest rate, and because that rate is higher than market rates they offer to lower the price by $2,000. Assuming you make the required payment, should you accept his offer or seek alternative financing at the 3% rate?

You want to buy a new SUV from your local Ford dealer. The total price of...

You want to buy a new SUV from your local Ford dealer. The total price of the SUV is $40,000 including tax ,tag ,title, and all fees. You can afford to pay 15% as a down payment and will need to finance the remainder. Ford credit offers you a special student rate 2.75% (compounded monthly) for 72 months. You will make monthly payments starting 1-month from today). What is the monthly payment? Answer choices: A.$603.28 B. $543.79 C.$500.92 D. $512.79

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.)

write a conversation between a salesman convincing a customers to buy mercedes car

1.Suppose you want to buy a car that costs $19,000. If the dealer is offering 100%...

1.Suppose you want to buy a car that costs $19,000. If the dealer is offering 100% financing at 6.2% APR for a 5 year loan, what would be the monthly payment? (Answer to the nearest penny) 2.Suppose you want to buy a house that costs $850,000. You are required to put 10% down, which means the amount to be borrowed is 90% of the price of the house. If you want a 30 year mortgage, and the borrowing rate is...

a. You want to buy a car, and a local bank will lend you$30,000. The...

a. You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.Monthly loan payment: $ EAR:b. What is...

You are planning to buy a new car. The cost of the car is $50,000. You...

You are planning to buy a new car. The cost of the car is $50,000. You have been offered two payment plans: • A 10 percent discount on the sales price of the car, followed by 60 monthly payments financed at 9 percent per year. • No discount on the sales price of the car, followed by 60 monthly payments financed at 2 percent per year. If you believe your annual cost of capital is 9 percent, which payment plan...

You need a new car and the dealer has offered you a price of $20,000, with...

You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2000 rebate, or (b) pay a $5000 down payment and finance the rest with a 0% APR loan over 30 months. But having just quit your job and started an MBA program, you are in debt and you expect to be in debt for at least the next 2 1 2 years. You plan...

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You are negotiating to buy a new car with a car salesman at a local dealer....

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You are negotiating to buy a new car with a car salesman at a local dealer....

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