Question
In: Finance
Amanda purchased a car for $28,000. She made an initial down payment of $4,000 and borrowed...
Amanda purchased a car for $28,000. She made an initial down payment of $4,000 and borrowed the rest of the money. She got an annual rate of 1.99% on her car loan, which was payable over a 5-year period. The loan required monthly payments (end of each month).
1. What is the outbalance for her car loan? Using an excel spreadsheet to calculate Amanda’s monthly car payment. Prepare an amortization table for this loan. How much did Amanda pay in total on the interest component during the 5-year period?
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Amanda purchased a car for $28,000. She made an initial down payment of $4,000 and borrowed...
Amanda purchased a car for $28,000. She made an initial down
payment of $4,000 and borrowed the rest of the money. She got an
annual rate of 1.99% on her car loan, which was payable over a
5-year period. The loan required monthly payments (end of each
month).
1. What is the outbalance for her car loan?
2. Using an excel spreadsheet to calculate Amanda’s monthly car
payment.
3. Prepare an amortization table for this loan.
4. How much did...
Helen purchased a house for $450,000. She made a down payment of 30.00% of the value...
Helen purchased a house for $450,000. She made a down payment of
30.00% of the value of the house and received a mortgage for the
rest of the amount at 3.92% compounded semi-annually amortized over
20 years. The interest rate was fixed for a 3 year period.
a. Calculate the monthly payment amount.
Round to the nearest cent
b. Calculate the principal balance at the end
of the 3 year term.
Round to the nearest cent
c. Calculate the monthly...
Jenna purchased a house for $325,000. She made a down payment of 25.00% of the value...
Jenna purchased a house for $325,000. She made a down payment of
25.00% of the value of the house and received a mortgage for the
rest of the amount at 5.72% compounded semi-annually amortized over
20 years. The interest rate was fixed for a 5 year period.
a. Calculate the monthly payment amount.
b. Calculate the principal balance at the end
of the 5 year term.
c. Calculate the monthly payment amount if the
mortgage was renewed for another 5...
The Taylors have purchased a $250,000 house. They made an initial down payment of $10,000 and...
The Taylors have purchased a $250,000 house. They made an
initial down payment of $10,000 and secured a mortgage with
interest charged at the rate of 8%/year on the unpaid balance.
Interest computations are made at the end of each month. If the
loan is to be amortized over 30 years, what monthly payment will
the Taylors be required to make? (Round your answer to the nearest
cent.)
$ 1761.03
What is their equity (disregarding appreciation) after 5 years?
After...
The Taylors have purchased a $350,000 house. They made an initial down payment of $10,000 and...
The Taylors have purchased a $350,000 house. They made an
initial down payment of $10,000 and secured a mortgage with
interest charged at the rate of 6%/year on the unpaid balance.
Interest computations are made at the end of each month. If the
loan is to be amortized over 30 years, what monthly payment will
the Taylors be required to make? (Round your answer to the nearest
cent.) _____________
What is their equity (disregarding appreciation) after 5 years?
After 10...
The Turners have purchased a house for $130,000. They made an initial down payment of $10,000...
The Turners have purchased a house for $130,000. They made an
initial down payment of $10,000 and secured a mortgage with
interest charged at the rate of 4.5%/year on the unpaid balance.
(Interest computations are made at the end of each month.) Assume
that the loan is amortized over 30 years. (Round your answers to
the nearest cent.)
(a) What monthly payment will the Turners be required to
make?
$
(b) What will be their total interest payment?
$
(c)...
The Turners have purchased a house for $200,000. They made an initial down payment of $20,000...
The Turners have purchased a house for $200,000. They made an
initial down payment of $20,000 and secured a mortgage with
interest charged at a rate of 6.2%/year, compounded monthly, on the
unpaid balance. Assume the loan is amortized over 25 years. (a)
What monthly payment will the Turners be required to make? (b) What
will be their total interest paid over the 25 years? (c) What will
be their equity disregarding depreciation after 5 years?
The Turners have purchased a house for $160,000. They made an initial down payment of $30,000...
The Turners have purchased a house for $160,000. They made an
initial down payment of $30,000 and secured a mortgage with
interest charged at the rate of 7%/year compounded monthly on the
unpaid balance. The loan is to be amortized over 30 yr. (Round your
answers to the nearest cent.)
(a) What monthly payment will the Turners be required to
make?
$
(b) How much total interest will they pay on the loan?
$
(c) What will be their equity...
The Turners have purchased a house for $170,000. They made an initial down payment of $40,000...
The Turners have purchased a house for $170,000. They made an
initial down payment of $40,000 and secured a mortgage with
interest charged at the rate of 7%/year compounded monthly on the
unpaid balance. The loan is to be amortized over 30 yr. (Round your
answers to the nearest cent.) (a) What monthly payment will the
Turners be required to make? (b) How much total interest will they
pay on the loan? (c) What will be their equity after 10...
You have saved $4,000 for a down payment on a new car. The largest monthly payment...
You have saved $4,000 for a down payment on a new car. The
largest monthly payment you can afford is $450. The loan will have
a 9% APR based on end-of-month payments.
What is the most expensive car you can afford if you finance it
for 48 months? Do not round intermediate calculations. Round your
answer to the nearest cent.
$
What is the most expensive car you can afford if you finance it
for 60 months? Do not round...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why would UnderArmour want to be sure that consumers can clearly see different models ( about...
- Five years ago, Miguel invested a stock with price $35 per share. The stock price at...
- You are touring a distant planet on which the magnitude of the gravitational acceleration is 65%...
- GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP? The...
- Forming an Accountable Care Organization in a hospital setting What is an ACO and its reimbursement?...
- Implement a method that meets the following requirements: (a) Has the same requirements as the above...
- The Good’n’Fresh Grocery Store has two checkout lanes and four employees. Employees are equally skilled, and...
ADVERTISEMENT