Typing only After finding a new job as a recent graduate you decided to buy a new car.To finance the purchase you borrowed $28,885 at an interest rate of4.57%. You will be making monthly payments for 4 years to pay this loan.From your first monthly payment, how many dollars will be allocated to theprincipal? Round to the nearest penny and enter your answer in the boxbelow.

Here, Amount borrowed = $28,885 Interest rate = 4.57% Number of years = 4 Number of compounding…

Answered: After finding a new job as a recent…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Use the screenshot attached below to answer the questions Thanks! 1. What is your monthly payment if you choose 0% financing for 48 months? Round to the nearest dollar. 2. The rebate offer is $2600, and you can obtain a car loan at your local bank for the balance at 2.99% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? Round to the nearest dollar. 3.You want to make monthly payments of $413, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make? Round to the nearest dollar. 4.Suppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan? Round to the nearest dollar.
You plan to use a 15 year mortgage obtained from a local bank to purchase a house worth $124,000.00. The mortgage rate offered to you is 7.75%. You will make a down payment of 20% of the purchase price. a. Calculate your monthly payments on this mortgage. List in a spreadsheet the cash flow the bank expects to receive from you. Submit the spreadsheet with your answers. b. Calculate the amount of interest and principal for the 60th payment. Show your work. c. Calculate the amount of interest and principal to be paid on the 180th payment. Show your work. d. What is the amount of interest paid over the life of this mortgage?
After starting your full-time job out of college, you decide to buy a new car for $85,000. Create a complete amortization table in excel for this car loan: You make 84 equal end-of-month payments. The discount rate is 6.5 percent compounded quarterly. How much would you owe after the 75 th payment? Please show both regualr and formula format of the spreadsheet.
Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master It
You have decided to open a savings account and put $5000 in your local bank. If you had an interest rate of 2.8% APR, compounded monthly, how many months would it take you to earn at least $800 in interest? You may use a spreadsheet. __________years
Suppose you want to have $600,000 for retirement in 25 years. Your account earns 4% interest. How muc would you need to deposit in the account each month? Submit Question /course/showcalendar.php?cid=179278 Search
You find a house that you would really like to purchase that is listed for $337000. The bank offers you a loan at 5% APR for 30 years. Calculate your monthly payment. Round your answer to the nearest cent.
Diane is deciding between two personal loans. For each loan, the loan amount is $7500. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator Loan amount: $ Loan term: Interest rate: Calculate years % Monthly payment: (a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. S (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $ less. Loan B The total amount paid is $less. X Ľ
You have $5,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? Question Help: Submit Question Video each month Search hp
You are interested in saving for a trip when you graduate in three years. You can save $75 each of the next 36 months and earn 2.75% interest on your money. How much money would you have in your savings account in 36 months for your trip? ( Please reference the loan infromation in the "Task 5 Data " cells as the argument for your functions
After starting your full - time job out of college, you decide to buy a new car for $85,000. Create a complete amortization table in excel for this car loan: You make 84 equal end-of-month payments. The discount rate is 6.5 percent compounded quarterly. How much would you owe after the 75th payment? Please show both regualr and formula format of the spreadsheet.
A friend asks to borrow 455 form you and in return will pay you $58 in one year. If your bank is offering a 6% interest rate on deposits and loans: a) how much would you have in one year if you depostied the $55 instead? b) how much money could you borrow today if you pay the bank $58 in one year?

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS