Question
In: Advanced Math
The price of a new car is $16,000. Assume that an individual makes a down payment...
The price of a new car is $16,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 7%/year compounded monthly. (Round your answers to the nearest cent.)
(a) What monthly payment will she be required to make if the car is financed over a period of 36 months? Over a period of 72 months?
| 36 months | $ |
| 72 months | $ |
(b) What will the interest charges be if she elects the 36-month
plan? The 72-month plan?
| 36-month plan | $ |
| 72-month plan | $ |
Solutions
Colby Messinger answered 2 years agoRelated Solutions
The price of a new car is $32,000. Assume that an individual makes a down payment...
The price of a new car is $32,000. Assume that an individual
makes a down payment of 25% toward the purchase of the car and
secures financing for the balance at the rate of 7%/year compounded
monthly. (Round your answers to the nearest cent.) (a) What monthly
payment will she be required to make if the car is financed over a
period of 48 months?
Over a period of 72 months?
48 months $
72 months $
(b) What will...
A woman purchased a new car today for $16,000. She paid $2,000 down and agreed to...
A
woman purchased a new car today for $16,000. She paid $2,000 down
and agreed to make 47 monthly installments of $250 and a nal
balloon payment at the end of the 48th month. The interest rate is
15 percent compounded monthly. What is the amount of the final
balloon payment?
You have saved $3,000 for a down payment on a new car. The largest monthly payment...
You have saved $3,000 for a down payment on a new car. The
largest monthly payment you can afford is $500. The loan will have
a 11% APR based on end-of-month payments.
What is the most expensive car you can afford if you finance it
for 48 months? Do not round intermediate calculations. Round your
answer to the nearest cent.
$ What is the most expensive car you can afford if you finance
it for 60 months? Do not round...
You have saved $4,000 for a down payment on a new car. The largest monthly payment...
You have saved $4,000 for a down payment on a new car. The
largest monthly payment you can afford is $450. The loan will have
a 9% APR based on end-of-month payments.
What is the most expensive car you can afford if you finance it
for 48 months? Do not round intermediate calculations. Round your
answer to the nearest cent.
$
What is the most expensive car you can afford if you finance it
for 60 months? Do not round...
You have saved $5,000 for a down payment on a new car. The largest monthly payment...
You have saved $5,000 for a down payment on a new car. The
largest monthly payment you can afford is $450. The loan will have
a 6% APR based on end-of-month payments. What is the most expensive
car you can afford if you finance it for 48 months? For 60 months?
Do not round intermediate calculations. Round your answers to the
nearest cent.
Financed for 48 months: $
Financed for 60 months: $
Find the present values of the following...
The original sale price of a car is $22,194.96. The required down payment is $1,410. The...
The original sale price of a car is $22,194.96. The required
down payment is $1,410. The monthly payment a customer will pay on
the note is $604.36 for a 3-year auto loan with a promotional
financing rate at 2.99%? Given that information respond the
Following
Based on the information from Q48, if a customer decides to skip
the 2.99% financing promotion loan but take the cash rebate offer,
how much cash does the customer need to pay to buy the...
In order to buy a new car, you finance $23,000 with no down payment for a...
In order to buy a new car, you finance $23,000 with no down
payment for a term of five years at an APR of 6%. After you have
the car for one year, you are in an accident. No one is injured,
but the car is totaled. The insurance company says that before the
accident, the value of the car had decreased by 25% over the time
you owned it, and the company pays you that depreciated amount
after subtracting...
The original sale price of a car is $22,194.96. The required down payment is $1,410. What...
The original sale price of a car is $22,194.96. The required
down payment is $1,410. What is the monthly payment if the customer
can apply for a 3-year auto loan with a promotional financing rate
at 2.99%?
$577.36
$598.25
$604.36
$645.36
The original sale price of a car is $22,194.96. The required down payment is $1,410. What...
The original sale price of a car is $22,194.96. The required
down payment is $1,410. What is the monthly payment if the customer
can apply for a 3-year auto loan with a promotional financing rate
at 2.99%? Based on answer $604.36 monthly payment, if a customer
decides to skip the 2.99% financing promotion loan but take the
cash rebate offer, how much cash does the customer need to pay to
buy the new car? We assume that regular market interest...
Assume a selling price of $95,000, a down payment of $20,000, and a mortgage at 10%...
Assume a selling price of $95,000, a down payment of $20,000,
and a mortgage at 10% for 30 years. If the loan was for 25 years,
what would be the difference in the total interest cost of the
loan?
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