please show your work and formula on excel
You can afford to pay $375 monthly car...
please show your work and formula on excel
You can afford to pay $375 monthly car payments. Assume an
annual interest rate of 6%, and assume 60 monthly payments. You can
afford to put down $3,000. Can you afford to buy a car that costs
$30,000?
Solutions
Expert Solution
As per the Question Car cost will be $30,000,
Down payment $3000,
Balance $27000 to be paid on monthly basis ( $30000-$3000)
Intrest rate was 6% per anam.
No of Months for repayment =60 months.
Ans: After
60 months Repayment Balance Value left for payment will be
$10255.19.
As per question he will not be able to buy the car at that
cost.
If he wants to buy the car he has to make the payment up to 90
Months.
Formula for working: out of 27000 monthly
payment will be $375 out of which intrest portion will be $135
(27000*6%/12), and the balance will be Principle payment. after
deducting the Principle (27000-240) = 26760 will be the opening
balance for next month on which again intrest will be caliculated.
Same formula will repet up to balance principle become "0".
8) You can afford to pay $375 monthly car payments. Assume an
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afford to put down $3,000. Can you afford to buy a car that costs
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jeff jeffy answered 2 years ago