You buy a car with a down payment of $3000 and payments of $600 per month...

You buy a car with a down payment of $3000 and payments of $600 per month for 3 years. If the interest rate is 3.6% compounded monthly, what is the total cost of the car?

Expert Solution

jeff jeffy answered 1 year ago

saved $3000 for a down payment on a car. the largest monthly payment you can afford...

saved $3000 for a down payment on a car. the largest monthly payment you can afford is $400. The loan will be at 8%APR based on end of month payments. a) What is the most expensive car you can afford if you finance for 48 months? b) What is the most expensive car financing 60 months?

You lease a car with a $600 down payment (due at the start of the lease),...

You lease a car with a $600 down payment (due at the start of the lease), 48 monthly payments of $553 (first payment due one month from today), and a $12,000 residual value. You plan to keep the car for 6 years total and sell it for an estimated $7,000. If your cost of capital is an APR of 4.8% (compounded monthly), what is the net cost of the lease including the effects of down payment, lease payments, residual value,...

You want a bank loan in order to buy a car (with no down payment of...

You want a bank loan in order to buy a car (with no down payment of your own). You already own a house on which you pay $1,600 per month in mortgage payments, $300 per month in property taxes and $100 per month in utilities. Your gross family income is $80,000 per year. You have no other debts. The bank is willing to give you a loan which will be amortized over 5 years (i.e., 60 monthly payments). The interest...

In order to buy a new car, you finance $23,000 with no down payment for a...

In order to buy a new car, you finance $23,000 with no down payment for a term of five years at an APR of 6%. After you have the car for one year, you are in an accident. No one is injured, but the car is totaled. The insurance company says that before the accident, the value of the car had decreased by 25% over the time you owned it, and the company pays you that depreciated amount after subtracting...

You would like to buy Tesla Model 3 car. The car loan requires payments of $600...

You would like to buy Tesla Model 3 car. The car loan requires payments of $600 per month for the first year and payments of $800 per month during the second year and also payments of 1,200 per month during the third year. The APR is 24% and payments begin in one month. What is the present value of this 3-year loan?

You want to buy a car valued at $48,000. You will make an upfront down-payment of...

You want to buy a car valued at $48,000. You will make an upfront down-payment of $5,000 on the car, and borrow the rest of the money from your bank. Your bank will give you a 5-year loan at 2.5% APR compounded semi-annually. You plan to make biweekly payments (i.e., one payment every two weeks) on the loan. The bank requires that you make the first payment two weeks after you signed the loan contract. Find the answer to the...

You have an outstanding student loan with required payments of $ 600 per month for the...

You have an outstanding student loan with required payments of $ 600 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final...

You want to buy a new car. You can only afford $600/month. (Don’t forget to use...

You want to buy a new car. You can only afford $600/month. (Don’t forget to use autofill features) How much can you pay for the car? Highlight this answer in your favorite color. Be sure to make three worksheets in one excel file. a. Prepare a loan amortization table for a 5% 5-year loan. b. If you were able to get a 3% loan, how much more could you spend on a car. (Use spinners) Lock the 3% cell in...

A car may be purchased with $3,500 down payment now and 72 monthly payments of $489....

A car may be purchased with $3,500 down payment now and 72 monthly payments of $489. If the interest rate is 9% per year compounded monthly, what is the price of the car?

"Ms. Jones wants to buy a new car for $30,000. She will make a down payment...

"Ms. Jones wants to buy a new car for $30,000. She will make a down payment of $15,000. She would like to borrow the remainder from a bank at an interest rate of 9.6% compounded monthly. She agrees to pay off the loan monthly for a period of 3.25 years. Assume that Ms. Jones has made 16 payments and wants to figure out the balance remaining immediately after the 16th payment. Determine the remaining balance." Show all work

Question