Ann Marie is buying a new car from her local car dealership who offers financing. The purchase price of the car is $24,320 and they require a 20% down payment. They offer a 5% add-on interest loam and she will be required to makes equal monthly payments for 5 years. What are Ann Marie's monthly payments? O $488.19 $405.33 $375.23 $504.33

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A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

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A: In add on method we simply add interest for given period and add to that with principal amount.

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A: Calculation of Payoff of the Loan:The payoff of the loan is $13,492.89Excel Spreadsheet:

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Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.1% and a…

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Q: What is the payoff on Angela's loan? (Round your answer to two decimal places.)

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Q: Andie needs to borrow $6,000 to buy a car. One dealer offers her a monthly payment of $193.60 on a…

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Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a…

A: The computation of payoff of the loan is as follows:

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Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.7% and a…

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Q: Andy wants to buy a car that costs $22,750. The dealership will finance the car for 5 years, at…

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Q: what is the highest price he can afford to pay for a car?

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A: Note: This question contains two distinct questions. The first has been answered below.

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