Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $71000...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $71000 at a nominal rate of 5.375% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase.

a) What were his monthly car payments?
b) After 24 months how much would he still owe?

He sold the car at the end of 36 months for $60,000.

c) What was the payoff? (remember to add the last payment)

d) How much of his thirteenth payment was interest?

e) How much of his thirteenth payment was equity?

Solutions

Expert Solution

1, Scheduled Payment would be $1352.09.

2. After 24 MOnths still he owes $ 44860.98

3. $29000 Down payment + $30,701.74 Amount due after 36 months

4. HIs thirteenth payement of Interest is $261.05

5. Equity is $1091.04.

ekkarill92 answered 11 months ago

Next > < Previous

Related Solutions

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74300...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74300 at a nominal rate of 6.375% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase. What were his monthly car payments? ?(How to solve this WITHOUT using excel)

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $77800...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $77800 at a nominal rate of 8.125% per month, with uniform monthly payments starting one month from the date of purchase. What were his monthly car payments? $ after 24 months how much would he still owe? $ He sold the car at the end of 36 months for $60,000. What was the payoff. $ (remember to add the last payment) How much of his twelfth...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $68100...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $68100 at a nominal rate of 6.500% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase. a. What were his monthly car payments? b. after 24 months how much would he still owe? c. He sold the car at the end of 36 months for $60,000. What was the payoff. (remember to add the last payment) d. How...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74800...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74800 at a nominal rate of 6.250% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase. What were his monthly car payments? $ after 24 months how much would he still owe? $ He sold the car at the end of 36 months for $60,000. What was the payoff. $ (remember to add the last payment) How much of...

Travis bought a new Corvette $100,000. He got a 60 month loan for $66700 at a...

Travis bought a new Corvette $100,000. He got a 60 month loan for $66700 at a nominal rate of 5.875% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase. What were his monthly car payments? $ after 24 months how much would he still owe? $ He sold the car at the end of 36 months for $60,000. What was the payoff. $ (remember to add the last payment) How much of his...

William and Mary bought a new Chevy Corvette with a sticker price of $55,000 including tax,...

William and Mary bought a new Chevy Corvette with a sticker price of $55,000 including tax, title and license. Suppose that William and Mary agree to put down 20 percent and make 60 monthly payments of $838.42. How long will it actually take to pay off the car if William and Mary make monthly payments of $1,152.08 instead of her minimum monthly payment? Assume monthly compounding. 2.50 Years 3.00 Years 3.50 Years 4.00 Years None of the Above

Sam bought a house that costs $500,000. Sam got a 95% LTV loan.

Sam bought a house that costs $500,000. Sam got a 95% LTV loan. The lender demanded that Sam buy private mortgage insurance to insure the portion of the loan over 75% LTV. Suppose 5 years later, Sam’s mortgage balance is $400,000. However Sam defaults and his house sells for $220,000 in a foreclosure auction. How much will the mortgage insurance company pay Sam’s lender?

You are trying to decide between a 48-month loan and a 60-month car loan. If the...

You are trying to decide between a 48-month loan and a 60-month car loan. If the loan is for $22,000 at 6% APR, how much more per month is the monthly payment of the shorter loan?

Sam bought a house that costs $500,000. Sam got a 95% LTV loan. The lender demanded...

3. Suzie financed the purchase of her new car using a 5-year (60-month) loan with an...

3. Suzie financed the purchase of her new car using a 5-year (60-month) loan with an interest rate of 0.5% per month. Her loan is for $27,534.18. Answer the following questions: a.What is her monthly car payment? Your answer must be accurate to the nearest penny .b. What will her loan balance be after she makes her 20th payment? Your answer must be accurate to the nearest dollar. please I need help with this Q ASAP thanks

Subjects