Question
In: Finance
You want to buy a car that has a price of $30,000. You will trade in...
You want to buy a car that has a price of $30,000. You will trade in a vehicle that has payments of $215.84 per month. You have 2.5 years left at an APR of 6%. They will give you $7000 in trade in. If you trade in and finance the car for 5 years @ 7% APR, what will your payment be?
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Expert Solution
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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.
jeff jeffy answered 1 year agoRelated Solutions
a. You want to buy a car, and a local bank will lend you$30,000. The...
a. You want to buy a car, and a local bank will lend you
$30,000. The loan will be fully amortized over 5 years (60 months),
and the nominal interest rate will be 7% with interest paid
monthly. What will be the monthly loan payment? What will be the
loan's EAR? Do not round intermediate calculations. Round your
answer for the monthly loan payment to the nearest cent and for EAR
to two decimal places.Monthly loan payment: $ EAR:b. What is...
You want to buy a car, and a local bank will lend you $30,000. The loan...
You want to buy a car, and a local bank will lend you $30,000.
The loan will be fully amortized over 5 years (60 months), and the
nominal interest rate will be 5% with interest paid monthly.
What will be the monthly loan payment? Do not round
intermediate steps. Round your answer to the nearest
cent.
$
What will be the loan's EAR? Do not round intermediate
steps. Round your answer to two decimal places.
%
You want to buy a car, and a local bank will lend you $30,000. The loan...
You want to buy a car, and a local bank will lend you $30,000.
The loan would be fully amortized over 5 years (60 months), and the
nominal interest rate would be 6%, with interest paid monthly.
What is the monthly loan payment?
What is the loan's EFF%?
You plan to buy a new car. The price is $30,000 and you will make a...
You plan to buy a new car. The price is $30,000 and you will
make a down payment of $4,000. Your annual interest rate is 10% and
you intend to pay for the car over five years. What will be your
monthly payment?
LOAN AMORTIZATION You want to buy a car, and a local bank will lend you $30,000....
LOAN AMORTIZATION You want to buy a car, and a
local bank will lend you $30,000. The loan will be fully amortized
over 7 years (84 months), and the nominal interest rate will be 6%
with interest paid monthly. What will be the monthly loan payment?
Round to TWO decimal places.
You want to buy a car for cash 5 years from now. The car price at...
You want to buy a car for cash 5 years from now. The car price
at that time will be 20000 dollars. To this end you want to make an
annuity deposit each year so that you accumulate the required
amount. Interest rate is 6%. How much do you have to deposit each
year if (i) deposits are made at the end of each year (ii) deposits
are made at the beginning of each year.
You want to buy a car for cash 5 years from now. The car price at...
You want to buy a car for cash 5 years from now. The
car price at that time will be 20000 dollars. To this end you want
to make an annuity deposit each year so that you accumulate the
required amount. Interest rate is 6%. How much do you have to
deposit each year if (i) deposits are made at the end of each year
(ii) deposits are made at the beginning of each year.
It is time to buy a new car. You worked hard and want to buy an...
It is time to buy a new car. You worked hard and want to buy an
expensive car (Porsche Cayenne) for $100,000. Porsche dealership
will gladly finance your new purchase. However, the only way for
you to be financed is to show them that you have 20% of the money
needed. As soon as you have that much money in your account, the
dealership will finance your new vehicle. You start saving for 52
months with the APR of 7.5%,...
You have decided to buy a car, the price of the car is $18,000. The car...
You have decided to buy a car, the price of the car is
$18,000. The car dealer presents you with two choices:
(A) Purchase the car for cash and receive $2000 instant
cash rebate – your out of pocket expense is $16,000
today.
(B) Purchase the car for $18,000 with zero percent
interest 36-month loan with monthly payments.
Market interest rate is 4%. Which option above is
cheaper? How much do you save?
You are planning to buy a car. The retail price of the car is $40,000. Fox...
You are planning to buy a car. The retail price of the car is
$40,000. Fox Auto is making you the following offer: You pay $4,000
down and then $1,000 a month for next 36 months (3 years). The APR
is 4.8 percent (compounded monthly). This offer is equivalent to a
$[___] off the retail price (when paid in cash today). Select an
answer and submit. For keyboard navigation, use the up/down arrow
keys to select an answer.
a $2,534...
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