Question
In: Finance
It is time to buy a new car. You worked hard and want to buy an...
It is time to buy a new car. You worked hard and want to buy an expensive car (Porsche Cayenne) for $100,000. Porsche dealership will gladly finance your new purchase. However, the only way for you to be financed is to show them that you have 20% of the money needed. As soon as you have that much money in your account, the dealership will finance your new vehicle. You start saving for 52 months with the APR of 7.5%, $875 every month. That account of yours compounds interest monthly. What is the difference between the 20% that Porsche requires you to have and the amount that will actually be in your account at the end of 52 months?
Solutions
jeff jeffy answered 1 year agoRelated Solutions
You want to buy a new sports car for $50,000. The contract is in the form...
You want to buy a new sports car for $50,000. The contract is in
the form of a 60-month annuity due at a 7.2 APR. What will your
monthly payment be? Answer =. $988.85 but I keep getting $994.78
how do I get 988.85
You want to buy a new car for $25,000. You put $2000 down and are given...
You want to buy a new car for $25,000. You put $2000 down and
are given $2000 as trade-in for your current car. You take out a
loan for the remaining $21,000. The terms of the loan are an annual
interest rate of 4.8% compounded monthly. You are to make 60 equal
monthly payments (end of month) to pay off the loan.
how can i get the answer using excel
You want to buy a new sports car for $88,500. Tthe financeoffice at the dealership...
You want to buy a new sports car for $88,500. Tthe finance
office at the dealership has quoted you an APR of 7% for 72 month
loan to buy the car.1. what will your monthly payments be?2. what is the effective annual rate on this loan?
You want to buy a new car at $50K. The loan offered is at 4% per...
You want to buy a new car at $50K. The loan offered is at 4% per
year for 6 years. What is the monthly payment?
You want to buy a new sports car 3 years from now, and you plan to...
You want to buy a new sports car 3 years from now, and you plan
to save $4,000 per year, beginning one year from
today. You will deposit your savings in an account that
pays 6.5% interest. How much will you have just after
you make the 3rd deposit, 3 years from now?
Group of answer choices
$12,986
$12,635
$12,364
$12,486
You want to buy a new sports car 3 years from now, and you plan to...
You want to buy a new sports car 3 years from now, and you plan
to save $4,200 per year, beginning immediately from today. You will
deposit your savings in an account that pays 9.5% interest. How
much will you have 3 years from now?
a. $11,973
b. $12,603
c. $13,267
d. $13,835
e. $15,149
You want to buy a new sports car from Muscle Motors for $34,000. The contract is...
You want to buy a new sports car from Muscle Motors for $34,000.
The contract is in the form of a 60-month annuity due at a 9.75
percent APR. What will your monthly payment be?
ANS:
- $698.19
- $712.44
- $726.68
- $718.22
- $676.81
Which one is the correct answer?
ou want to buy a new car, but you can make an initial payment of only...
ou want to buy a new car, but you can make an initial payment of
only $2,800 and can afford monthly payments of at most $600. a. If
the APR on auto loans is 12% and you finance the purchase over 48
months, what is the maximum price you can pay for the car? (Do not
round intermediate calculations. Round your answer to 2 decimal
places.) b. How much can you afford if you finance the purchase
over 60 months?...
You want to buy a new sports car from Muscle Motors for $58,000. The contract is...
You want to buy a new sports car from Muscle Motors for $58,000.
The contract is in the form of a 48-month annuity due at a 6.50
percent APR.
Required:
What will your monthly payment be?
$1,395.42
$1299.65
$1,340.70
$1,368.06
$1,375.47
Suppose you want to buy a new car and trying to choose between two models: Model...
Suppose you want to buy a new car and trying to choose between
two models:
Model A: costs $17,000 and its gas mileage is 20 miles per
gallon and its insurance is $200 per year.
Model B: costs $25,000 and its gas mileage is 35 miles per
gallon and its insurance is $400 per year.
If you drive approximately 40,000 miles per year and the gas
costs $3 per gallon:
Find a formula for the total cost of owning Model...
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