When Maria Acosta bought a car 2 1 2 years ago, she borrowed $13,000 for 48...

When Maria Acosta bought a car
2
1
2
years ago,
she borrowed $13,000 for 48 months at 7.8% compounded monthly. Her monthly payments are $316.15, but she'd like to pay off the loan early. How much will she owe just after her payment at the
2
1
2
-year
mark? (Round your answer to the nearest cent.)
$

Expert Solution

Colby Messinger answered 2 years ago

This question has two parts answer both questions please thank you Part 1)When Maria Acosta bought...

This question has two parts answer both questions please thank you Part 1)When Maria Acosta bought a car 2 1/2 years ago, she borrowed $17,000 for 48 months at 7.8% compounded monthly. Her monthly payments are $413.43, but she'd like to pay off the loan early. How much will she owe just after her payment at the 2 1/2 year mark? (Round your answer to the nearest cent.) Part 2) A man buys a car for $39,000. If the interest...

Anita donates a used car to a qualified organization. She bought it3 years ago for $9000....

Anita donates a used car to a qualified organization. She bought it3 years ago for $9000. A used car guide shows the fair market value for this type of car is $6000. However Anita gets a form 1098-C from the organization showing the car was sold for $2900. The vehicle was neither used nor improved by the organization given nor sold to a needy individual. If Anita itemizes her deductions, what amount csn she deduct for her donation?

John bought a car three years ago for $20,000 for personal use. In 2002, his car was...

John bought a car three years ago for $20,000 for personal use. In 2002, his car was totally destroyed by a tree that fell on the car. John did not have insurance that covered this event. The car’s fair market value before the tree came down was $9,000 and it was worth $0 after the accident. He has no other personal casualty gains or losses and his AGI for the year was $50,000. John’s personal casualty loss is $8,000. True/False and Explain.

1. You bought your house 5 years ago, and your original home value when you bought...

1. You bought your house 5 years ago, and your original home value when you bought it was $450,000, you paid 20% down and you financed closing costs equal to 4% of the mortgage amount. The mortgage was a 30-year fixed rate mortgage with a 6.5% annual interest rate. Rates on 30-year mortgages are now at 5% if you pay 2 points upfront. Your refinancing costs will be 2% of the new mortgage amount (excluding points). You won't finance the...

Bubba bought his house 20 years ago, he is borrowed $200,000 with a 30-year mortgage with...

Bubba bought his house 20 years ago, he is borrowed $200,000 with a 30-year mortgage with a 5.0% APR. His mortgage broker has offered him a 10-year mortgage with a 4% APR with 3 points closing costs. What is Charlie's old monthly payment? What is the balance on Bubba's mortgage? What is Bubba's new monthly payment? What are Bubba's present value savings after paying the points if he plans to live in the house until the mortgage is paid off?

You bought a car three years ago for $20,000 and financed $16,000 at 6 percent APR...

You bought a car three years ago for $20,000 and financed $16,000 at 6 percent APR for 60 months. You are now thinking about trading in your vehicle for a new one and would like to know how much you still owe on the loan. Assuming that you have made 36 payments so far, what is the balance remaining on your loan?

Ms. Cressida bought a car for $48,000 exactly three years ago. After making an up-front...

Ms. Cressida bought a car for $48,000 exactly three years ago. After making an up-front equity payment of $5,000, she borrowed the rest of the car value from her bank in the form of a five-year loan. She negotiated a loan rate of 2.5% APR with semi-annual compounding. She makes loan payments of an equal dollar amount every two weeks (i.e., biweekly), and her first loan payment was due two weeks after she signed the loan contract. (10...

Suppose that 2 years ago you bought an old record player at a yard sale for...

Suppose that 2 years ago you bought an old record player at a yard sale for $8. You saw today on E-bay that the same record player is selling for $55. If you were to sell the record play at that price today, what would be the implied return percentage? (Convert to a percent. An investment will pay $18,219 in 16 years. If the interest rate is 11.09%, how much is it worth today? 3 An investment will pay...

A car loan is taken for $13,000 to be paid back in 5 years, with monthly...

A car loan is taken for $13,000 to be paid back in 5 years, with monthly payments of $495. What nominal annual interest rate is being charged in this loan? 1) 27.42% 2) 42.26% 3) 39.00% 4) 2.29%

Susan bought a 15-year bond when it was issued by Octodan Corporation 3 years ago (NOTE:...

Susan bought a 15-year bond when it was issued by Octodan Corporation 3 years ago (NOTE: the bond was issued 3 years ago. In calculating price today, remember it has only 12 years remaining to maturity). The bond has a $1,000 face value, an annual coupon rate equal to 8 percent and the coupon is paid every six months. If the yield on similar-risk investments is 10 percent, a. What is the current market value (price) of the bond? b....

Question