A) You just purchased a new car and had to borrow $25,000. According to the financing...

A) You just purchased a new car and had to borrow $25,000. According to the financing arrangement, you must repay the loan via 5 years of monthly payments at a nominal rate of 7%. How much the 3rd payment consists of how much interest?

Expert Solution

interest on 3rd payment is 141.75(ipmt function in excel)

jeff jeffy answered 1 year ago

A) You just purchased a new car and had to borrow $25,000. According to the financing...

A) You just purchased a new car and had to borrow $25,000. According to the financing arrangement, you must repay the loan via 5 years of monthly payments at a nominal rate of 7%. How much the 3rd payment consists of how much interest?

You will buy a new car today. You will borrow the full price of the car. You will...

You will buy a new car today. You will borrow the full price of the car. You will get a FIVE year loan that will be paid back annually. It will take you the full FIVE years to pay back the loan. (In other words, you will not pay it off early.) You will pay back the same amount every year (an annuity). The auto dealership offers you 3 choices. 1) Pay $30,000 for the car at 0% interest for the FIVE years. 2) Pay $28,000 for the car at...

1/ Assume you purchased a car that costs $14,000. The car dealership is offering financing at...

1/ Assume you purchased a car that costs $14,000. The car dealership is offering financing at 5% per year. How much is your annual payment assuming you financed the car for 5 years? How much did the car actually cost? 2/ At the beginning of the season on April 1, Green Acres Golf Course completed a physical inventory count and found that $3,000 of inventory was still on hand. Throughout the month of April, Green Acres had the following purchase...

If you borrow to buy a new car, which of the following items on the balance...

If you borrow to buy a new car, which of the following items on the balance sheet will be affected? unable to determine debts only assets and debts assets only

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You would like to buy a new car that costs $25,000. The dealer offers you a 3-year loan at an 8% interest rate, and because that rate is higher than market rates they offer to lower the price by $2,000. Assuming you make the required payment, should you accept his offer or seek alternative financing at the 3% rate?

You want to buy a new car for $25,000. You put $2000 down and are given...

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You are taking out a $25,000 loan for a new car. You will make monthly payments...

You are taking out a $25,000 loan for a new car. You will make monthly payments for 5 years. You are given the choice between putting nothing down and a 7% APR OR putting $5000 down and a 5% APR. Which do you choose?

You are considering buying a new car. The sticker price is $85,000 and you have $25,000...

You are considering buying a new car. The sticker price is $85,000 and you have $25,000 to put toward a down payment. If you can negotiate a nominal annual interest rate of 6.5 percent and you wish to pay for the car over a 5 year period, what are your monthly car payments? DO NOT USE EXCEL

You borrow $26,500 to purchase a brand new car. The interest rate is 6%, and the...

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you are planning to borrow $10,000 to buy a new car. the loan is being made...

you are planning to borrow $10,000 to buy a new car. the loan is being made to you ag 8.0% annual percentage rate. you will make monthly payment for four years. how mi h of the third monthly payment will go to the paymebt of principal

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A) You just purchased a new car and had to borrow $25,000. According to the financing...

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