Question: You decide to finance a $12,000 car at 3% compounded
monthly for 4 years. What...
Question: You decide to finance a $12,000 car at 3% compounded
monthly for 4 years. What will the monthly payments be? How much
interest will you pay over the life of the loan?
Show in excel formula please and thank you
Solutions
Expert Solution
Please upvote if the ans is helpful. In case of doubt,do
comment.Thanks.
You have just taken out a $29,000 car loan with a 4% 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...
3 a)
An investment of $11,550 is deposited for 3 years at 2.2%
compounded monthly. At this point, the interest rate is changed to
1.95% compounded semi-annually. The investment earns interest for 5
more years.
What is the value of FV1?
b)
Money is invested at 8.27% p.a. compounded semi-annually for 39
months.
What is the numerical value of n?
State your answer with 6 decimals.
You have borrowed $39,168 at 2.41%pa compounded monthly with
monthly repayments. You decide to repay $632 per month. How long
(in years)will it take you to repay the loan?
Please give your answer in years, correct to 2 decimal
places
(1)You have just taken out a $20 000 car loan with a 4% 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 to fewer than
six decimal places.)
2)You have just sold your house for $ 1 100 000 in cash. Your...
You receive a $25,000 car LEASE at 6% nominal annual for 3
years. Interest is compounded monthly and you make monthly
payments. Your Residual value at the end of your lease is $15,000.
Assume LEASE payments are made at the END of the month, (first
payment due end of first month). You can also get a LOAN for the
same terms (although you will pay off the entire car in 3
years).
Assume your MARR for investment is 4% annual...
You receive a $25,000 car LEASE at 6% nominal annual for 3
years. Interest is compounded monthly and you make monthly
payments. Your Residual value at the end of your lease is $15,000.
Assume LEASE payments are made at the END of the month, (first
payment due end of first month). You can also get a LOAN for the
same terms (although you will pay off the entire car in 3
years).
Assume your MARR for investment is 4% annual...
4. Calculate the payments and amortization table of a 3-year car
loan for $12,000 at a 6% rate of interest. The loan will be repaid
with three annual payments.
You decide to buy a new car, with a drive-out price of $37,500.
You finance the car at 4.8% APR for 5 years, with end of month
payments. Answer the following questions. Show your inputs for
potential partial credit. Show your answer to the nearest $.01 a.
What is your monthly payment? b. How much of your 25th payment is
payment of principal? c. Over the entire life of the loan (assuming
you pay on time), what was the total...
Abdalla took a $12,000 loan at an interest of 12 % compounded
bi-monthly. He needs to pay it over 5 years.
Construct the amortization schedule on this loan for the first
three bi-monthly payments.
Ann took a $12,000 loan at an interest of 12 % compounded
bi-monthly. He needs to pay it over 5 years.
Construct the amortization schedule on this loan for the first
three bi-monthly payments.