Question

In: Finance

You are interested in buying a brand new Jalopy and expect the purchase price to be...

You are interested in buying a brand new Jalopy and expect the purchase price to be $19,000. The car dealership can offer financing at a 6% interest rate over 6 years. If you put $1,000 down towards the purchase and accept the financing terms,what will your monthly payment for the loan be?

Please Show the excel formula

Solutions

Expert Solution


Related Solutions

You are interested in buying a house and renting it out. You expect to receive a...
You are interested in buying a house and renting it out. You expect to receive a monthly net income of $1450 from rent. You then expect to sell the house for $329,000 at the end of 54 months. If your discount rate on this investment is 9% per year (compounded monthly), how much is this property worth to you today? Assume that you receive rent at the beginning of each month and you receive the first rent the same day...
You are interested in buying a house and renting it out. You expect to receive a...
You are interested in buying a house and renting it out. You expect to receive a monthly net income of $1,184 from rent. You then expect to sell the house for $320,000 at the end of 54 months. If your discount rate on this investment is 6.5% per year (compounded monthly), how much is this property worth to you today? Assume that you receive rent at the beginning of each month and you receive the first rent the same day...
You are interested in buying a house and renting it out. You expect to receive a...
You are interested in buying a house and renting it out. You expect to receive a monthly net income of $1,500 from rent. You then expect to sell the house for $300,000 at the end of 60 months. If your discount rate on this investment is 0.8% per month, what is this property worth to you today? Assume that you receive rent at the beginning of each month and you receive the first rent the same day you purchase the...
You are interested in buying a house and renting it out. You expect to receive a...
You are interested in buying a house and renting it out. You expect to receive a monthly net income of $1000 from rent. You then expect to sell the house for $390,000 at the end of 42 months. If your discount rate on this investment is 1.1% per month, what is this property worth to you today? Assume that you receive rent at the beginning of each month and you receive the first rent the same day you purchase the...
1. You are buying a new home with a purchase price of $189,500. You have a...
1. You are buying a new home with a purchase price of $189,500. You have a cash down payment of $18,950 and are financing the remaining amount at an interest rate of 4.5% for 30 years. Provide the following Principal amount to be repaid? Payment amount per month for 30 years    Total interest paid over 30 years? 2. Now suppose that you have financed the new house in problem #1 for 30 years. After 10 years into the Mortgage...
When you purchase a car, you may consider buying a brand-new car or a used one....
When you purchase a car, you may consider buying a brand-new car or a used one. A fundamental trade-off in this case is whether you pay repair bills (uncertain at the time you buy the car) or make loan payments that are certain. Consider two cars, a new one that costs $15,000 and a used one with 75,000 miles for $5,500. Let us assume that your current car’s value and your available cash amount to $5,500, so you could purchase...
Jason is interested in buying a new Maserati Gibli. The sales price of the car is...
Jason is interested in buying a new Maserati Gibli. The sales price of the car is $77,000. Jason intends to put a down payment of $15,000 and take up the balance with a 5 year loan. Since Jason has excellent credit, he anticipates the annual interest rate (APR) for his future loan would be 2.84%. Round your answers to the nearest dollar. 1. Using a spreadsheet model, what will be the monthly payment for his car if he were to...
Jason is interested in buying a new Maserati Gibli. The sales price of the car is...
Jason is interested in buying a new Maserati Gibli. The sales price of the car is $77,000. Jason intends to put a down payment of $15,000 and take up the balance with a 5 year loan. Since Jason has excellent credit, he anticipates the annual interest rate (APR) for his future loan would be 2.84%. Round your answers to the nearest dollar. The maximum down payment Jason can afford is $30,000. Construct a one-way data table with the down payment...
The price of a car you are interested in buying is $93.75k. You negotiate a 6-year...
The price of a car you are interested in buying is $93.75k. You negotiate a 6-year loan, with no money down and no monthly payments during the first year. After the first year, you will pay $1.2k per month for the following 5 years, with a balloon payment at the end to cover the remaining principal on the loan. The annual percentage rate (APR) on the loan with monthly compounding is 5%. What will be the amount of the balloon...
The price of a car you are interested in buying is $93.65k. You negotiate a 6-year...
The price of a car you are interested in buying is $93.65k. You negotiate a 6-year loan, with no money down and no monthly payments during the first year. After the first year, you will pay $1.26k per month for the following 5 years, with a balloon payment at the end to cover the remaining principal on the loan. The annual percentage rate (APR) on the loan with monthly compounding is 5%. What will be the amount of the balloon...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT