Question
In: Advanced Math
A firefighter for the National Park Service has a 5-year car loan for which the monthly...
A firefighter for the National Park Service has a 5-year car
loan for which the monthly payment is $610.46 with an annual
interest rate of 4.75% compounded monthly. After making 36
payments, the firefighter decides to trade in the car for a new
car. Calculate the amount (in dollars) the firefighter still owes
on the car. (Round your answer to the nearest cent. See Example 3
in this section.)
(PLEASE WORK IT OUT FOR ME IM SO CONFUSED)
Solutions
Colby Messinger answered 2 years agoRelated Solutions
A car loan is taken for $13,000 to be paid back in 5 years, with monthly...
A car loan is taken for $13,000 to be paid back in 5 years, with
monthly payments of $495. What nominal annual interest rate is
being charged in this loan?
1) 27.42%
2) 42.26%
3) 39.00%
4) 2.29%
1. The National Park Service has asked you to construct a value of the Grand Canyon....
1. The National Park Service has asked you to construct a value
of the Grand Canyon. Explain the pros and cons of using the travel
cost method to do this. Would you prefer the hedonic method or the
stated preference method? Why or why not?
1. The National Park Service has asked you to construct a value of the Grand Canyon....
1. The National Park Service has asked you to construct a value
of the Grand Canyon. Explain the pros and cons of using the travel
cost method to do this. Would you prefer the hedonic method or the
stated preference method? Why or why not?
You purchase a car for 10,000 The car loan is financed with a 5% per year,...
You purchase a car for 10,000
The car loan is financed with a 5% per year, 5 year loan with
annyual payments starting at time 1 (1 year from today) through
time 5
Each payment reduces the principal by a certain amount until the
loan is completely paid off.
What is the interest component of the first payment?
(I am allowed to use the TI-34 and BAII Plus calculators)
You have a car loan that requires monthly payments of $300 for the first year and...
You have a car loan that requires monthly payments of $300 for
the first year and $500 per month during the second year. The
annual rate on the loan is 12% and payments begin in one month.
What is the present value?
A borrower has obtained a 25-year, $2,500,000 loan at 5% with monthly payments from Bank A....
A borrower has obtained a 25-year, $2,500,000 loan at 5% with
monthly payments from Bank A. Ten years later, Bank B wants to
purchase the mortgage from Bank A and Bank B wants to get at least
6% return from the purchase. How much would Bank B be willing to
pay for the loan?
a) $1,538,918.3 b) $1,625,978.1 c) $1,731,899.4 d)
$1,848,111.9
You have just taken out a $23000 car loan with a 5% APR, compounded monthly. The...
You have just taken out a $23000 car loan with a 5% APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.) When you make your first payment,
$___ will go toward the principal of the loan and...
1. What would be the monthly payment on a 5 year loan of $35,000 if the...
1. What would be the monthly payment on a 5 year loan of $35,000
if the interest rate is 6.0% compounded monthly?
2. Sarah bought a raft for $664 using her credit card. The
interst rate is 0.186 compounded monthly. If she pays $23 a month,
how long will it take her to pay off the credit card?
3. What would be the monthly payment on a 5 year loan of $24,000
if the interest rate is 5.0% compounded monthly?
You took a loan to buy a new car. The monthly interest rate on the loan...
You
took a loan to buy a new car. The monthly interest rate on the loan
is 1.5% and you have to pay $240 every month for 60 months
1)What is the Present value of the Cash flows if its an
ordinary annuity?
2)What is the future value of cash flows if its an ordinary
annuity?
3)What is the present value of the cash flows if its an
annuity due?
4)What is the future value of cash flows if its...
What is the basic paradox or conflict found within the mission of the National Park Service?
What is the basic paradox or conflict found within the mission
of the National Park Service?
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