Question

In: Finance

8) You can afford to pay $375 monthly car payments. Assume an annual interest rate of...

8) 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


Related Solutions

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?
You are looking to buy a car. You can afford $650 in monthly payments for five...
You are looking to buy a car. You can afford $650 in monthly payments for five years. In addition to the loan, you can make a $750 down payment. If interest rates are 8 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
You plan to buy ahouse and you can afford to pay a monthly mortgage of...
You plan to buy a house and you can afford to pay a monthly mortgage of $801 over 30 years. The bank has offered you a 3.34% interest rate, compounded monthly.How much you can afford to borrow for the house?Please round your answer to the second decimal without a dollar sign. E.g. 1234.56
If you take out a car loan for $35,000, will pay an annual interest rate of...
If you take out a car loan for $35,000, will pay an annual interest rate of 4% on the loan, and make monthly payments of $547.58, how many payments will you need to make? -What are you solving for? -What is your answer?
10. Bob can afford car payments of $365 per month for 5 years. If the annual...
10. Bob can afford car payments of $365 per month for 5 years. If the annual interest rate is 4.9%, how much money can he afford to borrow now? A) $7,026,73 B) $15,880.60 C) $19,338.64 D) $19,819.16 E) $21,247.83
For 50000, Smith purchases a 36-payment annuity-immediate with monthly payments. Assume an effective annual interest rate...
For 50000, Smith purchases a 36-payment annuity-immediate with monthly payments. Assume an effective annual interest rate of 12.68%. For each of the following cases find the unknown amount X. (a) The first payment is X and each subsequent payment is 50 more than the previous one. (b) The first payment is X and each subsequent payment until the 18th pay- ment (and including the 18th payment) is 0.2% larger than the previous one. After the 18th payment, each subsequent payment...
You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is...
You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is 16 percent. How much will you pay over the course of the loan? With four years left on the loan, how much will you still owe? Excel
You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is...
You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is 16 percent. How much will you pay over the course of the loan? With four years left on the loan, how much will you still owe? excel
You currently have a 30-year mortgage with annual payments of $6000. Annual interest rate is 8%....
You currently have a 30-year mortgage with annual payments of $6000. Annual interest rate is 8%. In how many years, the balance on your mortgage will drop to half of its current value? Round your result to two decimal places (i.e., if the result is 7.6542, enter it as 7.65).
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?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT