Question
In: Finance
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with
payments made at the end of the month) with a loan at 5.9% APR. Your monthly payments aare $617.16 and you have just made your 24th monthly payment on your SUV.
Required: Assuming that you have made all of the first 24 payments on time, how much
interest
have you paid over the first two years of your loan?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with...
Two years ago you purchased a new SUV. You financed your SUV for
60 months (with payments made at the end of the month) with a loan
at 6.3% APR. You monthly payments are $640 and you have just made
your 24th monthly payment on your SUV.
a. What is the amount of your original loan?
The amount of the original loan is
$. (round to the nearest dollar)
b. Assuming that you have made all of the first 24...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with...
Two years ago you purchased a new SUV. You financed your SUV for
60 months (with payments made at the end of the month) with a loan
at 6.2% APR. You monthly payments are $635 and you have just made
your 24th monthly payment on your SUV.
a. What is the amount of your original loan?
The amount of the original loan is
$. (round to the nearest dollar)
b. Assuming that you have made all of the first 24...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with...
Two years ago you purchased a new SUV. You financed your SUV for
60 months (with payments made at the end of the month) with a loan
at 6.0% APR. You monthly payments are $625 and you have just made
your 24th monthly payment on your SUV.
a) What is the amount of your original loan?
The amount of the original loan is
$ ------
b) Assuming that you have made all of the first 24 payments on
time, what...
Two years ago, you purchased your first car and financed your purchase with a five-year loan...
Two years ago, you purchased your first car and financed your
purchase with a five-year loan
at 6.0% p.a. You were making monthly payments of $1,160 on the
car loan and you have just
made your 24th monthly payment on the car today. Assuming that
you have made all 24
payments on time, the current principal balance outstanding on
your car loan is closest to:
a) $26,170.
b) $27,840.
c) $38,130.
d) $41,760.
Seven years ago, Emmanual purchased a beautiful new home. He financed the acquisition with a 30-year...
Seven years ago, Emmanual purchased a beautiful new home. He
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per year (compounded monthly). The mortgage requires monthly
payments. Today, Emmanuel decided he wants to pay off the
loan. What is the current outstanding balance on
this mortgage? (Assume the mortgage has 23 years
remaining, and the next payment is due in one month.)
If you borrow $34,000 at 4.2% for your new SUV for four years, what are your...
If you borrow $34,000 at 4.2% for your new SUV for four years,
what are your monthly payments?
A perpetuity is
A) an infinite series of equal payments
B) an infinite series of unequal payments
C) a finite series of equal payments where the first cash flow
comes at the beginning of the first year
D) a finite series of unequal payments where the first cash flow
comes at the end of the first year.
If the car I purchased has payments of $350 per month for 60 months, and the...
If the car I purchased has payments of $350 per month for 60
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please show work.
Scheduled debt payments of $750 due seven months ago, $600 due two months ago, and $900...
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Determine the size of the equal replacement payments at 9% p.a.
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Larry purchased a house 10 years ago. The house cost $450.000 and the bank financed the...
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