This question has two parts answer both questions please thank you Part 1)When Maria Acosta bought...

This question has two parts answer both questions please thank you

Part 1)When Maria Acosta bought a car 2 1/2 years ago, she borrowed $17,000 for 48 months at 7.8% compounded monthly. Her monthly payments are $413.43, but she'd like to pay off the loan early. How much will she owe just after her payment at the 2 1/2 year mark? (Round your answer to the nearest cent.)

Part 2) A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $800 for 48 months, how much must he put down? (Round your answer to the nearest cent.)

###please use proper formula for both questions, otherwise it will be wrong thank you ###

Expert Solution

Part 1)

We will prepare the loan amortization table as shown below

Since interst rate is compounded monthly we will use monthly interest rate of 7.8/12 = 0.65% per month

Month	Opening Balance A	Interest @ 0.65% B	Instalment C	Closing Balance A+B-C
1	17,000.00	110.50	413.43	16,697.07
2	16,697.07	108.53	413.43	16,392.17
3	16,392.17	106.55	413.43	16,085.29
4	16,085.29	104.55	413.43	15,776.41
5	15,776.41	102.55	413.43	15,465.53
6	15,465.53	100.53	413.43	15,152.63
7	15,152.63	98.49	413.43	14,837.69
8	14,837.69	96.44	413.43	14,520.70
9	14,520.70	94.38	413.43	14,201.66
10	14,201.66	92.31	413.43	13,880.54
11	13,880.54	90.22	413.43	13,557.33
12	13,557.33	88.12	413.43	13,232.03
13	13,232.03	86.01	413.43	12,904.60
14	12,904.60	83.88	413.43	12,575.05
15	12,575.05	81.74	413.43	12,243.36
16	12,243.36	79.58	413.43	11,909.51
17	11,909.51	77.41	413.43	11,573.50
18	11,573.50	75.23	413.43	11,235.29
19	11,235.29	73.03	413.43	10,894.89
20	10,894.89	70.82	413.43	10,552.28
21	10,552.28	68.59	413.43	10,207.44
22	10,207.44	66.35	413.43	9,860.36
23	9,860.36	64.09	413.43	9,511.02
24	9,511.02	61.82	413.43	9,159.41
25	9,159.41	59.54	413.43	8,805.52
26	8,805.52	57.24	413.43	8,449.32
27	8,449.32	54.92	413.43	8,090.81
28	8,090.81	52.59	413.43	7,729.97
29	7,729.97	50.24	413.43	7,366.79
30	7,366.79	47.88	413.43	7,001.24

Outstanding Balance at the end of 2.5 years (30Months) =7001.24

Part 2)

First of all we will calculate the present value of 800 monthly payments for 48 months using the present value annuity factor 1%.48months ie 37.9739

PV of 800 monthly payment = 800 * 37.9739 = 30379

Since the present value of these payments is 30379

The man has to put down (39000 - 30379) = $ 8620.88

jeff jeffy answered 1 year ago

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