Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the life of the loan. You borrow 8000 for 4 years at 10% interest. Based on this information answer the following questions What is the monthly payment

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Q: Suppose that you decide to borrow 16000 for a new car. You can select one of the following loans…

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Q: You are financing a car worth $29039.30 including tax. The interest rate is 10.8% compounded daily.…

A: Loan amount (L) = $29039.30 - $1700 = $27339.30 Interest rate = 10.8% daily compounding (m = 365) n…

Q: Milan plans to purchase a new work truck. The dealer requires a 10% down payment on the s36,000…

A: The loan amount and down payment can be calculated as per terms of financing. The monthly payment on…

Q: You purchase a basic package, 4-door sedan for your company's fleet for $18,000. The 3 year loan has…

A: Assumption: It is assumed the given situation is in monthly compounding. The question gives the…

Q: Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the…

A: APR = Annual Percentage Rate

Q: The "Fly By Night" Used Car Lot uses the following to illustrate their 11.8% finance plan on a car…

A: Present Value:  The present value is the value of cash flow stream or the fixed lump sum amount at…

Q: You wish to buy a $25,000 car. The dealer offers you a 4-year loan with a 9 percent APR. What are…

A: Borrowings are the loans taken from banks or non-banking financial institutions, to meet its…

Q: You want to buy a new sports coupe for $79,500, and the finance office at the dealership has quoted…

A: The car loan is a contract where car buyer is allowed to take delivery of car by making small…

Q: Suppose you purchase a car for a total price of $25,445, including taxes and license fee, and…

A: Given:

Q: 4. You want to buy a new sports car that costs $86,500, and the finance office at the dealership has…

A:

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: Suppose that you decide to buy a car for $60,000, including taxes and license fees. You saved…

A: Monthly payments are the re-payments of a loan which is a combination of principal amount &…

Q: You just bought a used car for $11,000 with no down payment using dealer financing at 4% APR…

A: Price of the Car is $11,000 APR is 4% compounded monthly Monthly payment is $300   To Find:- Time…

Q: You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is…

A:

Q: You need $19,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an…

A: Using Excel formula PMT to find  the annual loan payments

Q: ou want to borrow $27,000 from your local bank to buy a new car. you can afford to make monthly…

A: The given problem can be solved using RATE function in excel. RATE function computes interest rate…

Q: Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the…

A: Using excel PMT function to calculate periodic payment  Interest on Loan =(periodic payment * no. of…

Q: Example A brand new, fully loaded Tesla Model S, costs $165,000. They offer financing for 8 years at…

A: Firstly  Total Amount to be paid as down payment is $10,000 Then remaining amount will be $165,000-…

Q: A used car dealer advertises financing at 0% interest over 3 years with monthly payments. You must…

A: Effective annual rate: It is the rate which is compounded annually.

Q: You need to borrow $80,000 to purchase a car. You qualify for a 7-year car loan that requires you to…

A: Borrowing = 80,000 Time Period = 7 years or 84 months Monthly Compounding Interest Rate = 2.28%/12 =…

Q: Suppose that you decide to buy a car for $31,635, including taxes and license fees. You saved $8000…

A: given, down payment = $8000 therefore loan amount = $31635 - $8000 = $23635 P=23635 R=7.59% N=12 T=3…

Q: Suppose that you decide to buy a car for $65,000​, including taxes and license fees. You saved…

A: Incentive A involves $7,000 off the price of the car, therefore the cost of the car will be…

Q: Find the monthly payment for a $12,750 car loan financed for 30 months at 2.5% interest. Show the…

A: The monthly payments discussed here are a form of annuity wherein an equal payment is made every…

Q: You need to purchase a car, but don’t have the money to buy it outright. Therefore, you’ll have to…

A: Cost of car=$11999 Down payment =5500 monthly payment =250 interest rate =7%

Q: ave selected a new car to purchase for $19,500. If the car can be financed over a period of 4 years…

A: The given problem can be solved using PMT function in excel. PMT function computes instalment amount…

Q: The present value price of a car you would like to purchase today is $17,990. . You are approved…

A: Ordinary annuity are the payments which are made at the end of the period.

Q: Suppose you purchase an automobile for a selling price of $32,000. You make a down payment of 5% of…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Car cost 12,000 1,000 down payment you need 11,000 loan Auto financing calculates interest for life…

A: 1. given, principal (p) = $11,000 T= 5 years r = 12%  simple interest formula: simple interest =…

Q: Suppose that you decide to borrow $13,000 for a new car. You can select one of the following loans,…

A: Amont to be borrowed(P) is $13,000 Loan A is 3 year loan with Interest rate of 6.3% Loan B is 5 year…

Q: If you take out a loan for a new $20,000 car, a typical APR with a fair credit score is 4.8%. If you…

A: Solution:- We know,  Equal monthly installment =  { Loan amount x r x [ (1+r)n / (1+r)n -1] where r…

Q: The present value price of a car you would like to purchase today is $17,990. You are approved for a…

A: In this question one has to solve the monthly payment. Monthly payment can either be found out by…

Q: Furniture Land are extending one of their warehouses and will borrow $120,000 for building costs.…

A: interest rate per compounding =4.5/12=0.375% Loan amount=120000

Q: If a dealer offers you a car at $275 monthly payment for 5 years plus $5,000 down. If you can get a…

A: Loan is an agreement between lender and borrower. Lender agrees to provide funds t borrower at…

Q: You need a loan of $145,000 to buy a home. Calculate your monthly payments and total closing costs…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A house costs $147,000. It is to be paid off in exactly ten​ years, with monthly payments of…

A: Given information: Cost of house is $147,000 Monthly payment is $1,783.52 Number of years is 10

Q: You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over…

A: Monthly payment is calculated by the annuity for the given present value and calculated by present…

Q: What is the monthly payment for a 5 year new car loan, when the nominal annual interest is 6%. After…

A: The time value of money becomes an important factor for capital budgeting decisions. It is an idea…

Q: Suppose that you decide to buy a car for $60,000, including taxes and license fees. You saved…

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

Q: If a dealer offers you a car at $275 monthly payment for 5 years plus $5,000 down. If you can get a…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: You need a loan of ​$110,000 to buy a home. Calculate your monthly payments and total closing costs…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Car cost 12,000 1,000 down payment you need 11,000 loan Auto financing calculates interest for life…

A: In order to find the monthly payment one can use excel and in excel one can use PMT function.

Q: You are interested in buying a brand new jalopy and expect the purchase price to be $19,000. The car…

A: Purchase Price = $19,000Down Payment = $1,000 Calculation of Loan Amount (PV):

Q: Suppose that you decide to borrow 13000 for a new car. You can select one of the following loans…

A: With the given information, we need to find the monthly payments and total interest for each of the…

Q: Leasing a machine requires making monthly payments of $6,000 for the next 5 years (i.e., at t = 1,…

A: The rate that is actually earned on an investment is called the effective interest rate. It is also…

Q: If you are financing a new car with a loan that requires 15% interest compounded monthly over a 4…

A: Present value of annuity concept is required to use in this case. Present value of annuity is the…