For each purchasing option, compute • the required monthly payment, • the total amount you will have paid for your car, and for the first loan payment, how much money will go towards interest and how much money will go towards the outstanding balance?
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- Evaluating financing packages. Assume that you’ve been shopping for a new car and intend to finance part of it through an installment loan. The car you’re looking for has a sticker price of $18,000. Custom Vehicles has offered to sell it to you for $3,000 down and finance the balance with a loan that will require 48 monthly payments of $333.67. However, a competing dealership will sell you the exact same vehicle for $3,500 down, plus a 60-month loan for the balance, with monthly payments of $265.02. Which of these two financing packages is the better deal?After deciding to acquire a new car, you can either lease the car or purchase it with a three-year loan. The car you want costs $37,000. The dealer has a leasing arrangement where you pay $2,400 today and $580 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an APR of 6 percent. You believe that you will be able to sell the car for $22,000 in three years. a. What is the present value of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the present value of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What break-even resale price in three years would make you indifferent between buying and leasing?After deciding to acquire a new car, you realize you can either lease the car or purchase it with a two-year loan. The car you want costs $34,000. The dealer has a leasing arrangement where you pay $97 today and $497 per month for the next two years. If you purchase the car, you will pay it off in monthly payments over the next two years at an APR of 6 percent. You believe that you will be able to sell the car for $22,000 in two years. What is the present value of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value of lease $ What is the present value of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value of purchase $ What break-even resale price in two years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your answer to 2…
- We have offered to contribute $6,200 at the time of your purchase. The car plan to buy will cost $36,000 and have chosen to save into an account with a high monthly interest rate of 1.1%. How much needs be to saved each month for the next 3 years (end of period) to reach the goal of $36,000 and pay cash for the car (that includes your company's one-time contribution of $6,200)?A cloud storage engineer purchased a new car for $31,990. Complete the table below to determine the cost of owning the car for the first year of ownership. Assume the car has an average fuel efficiency of 35 miles per gallon and a 4-year loan at an annual interest rate of 3.75% on the purchase price less the down payment. (Round your answers to the nearest cent.) What are the loan payments for 1 year?You have clients who are in the market for a new car and real estate. Both purchases require loans. The car purchase will be for an Electric Vehicle (EV). The cost of the vehicle is $60000 . This includes all taxes. They plan on paying 10% down and will require a loan for the rest. The loan will be for 5 years with a interest rate of 10%. Calculate the following: monthly payments, total interest on the loan. Create a loan amortization table. The real estate purchase is for a detached home in Hamilton, Ontario for $1000000. A down payment of $100000 will be required with the remaining amount to be financed with a five year mortgage amortized over 25 years at a rate of 6%. Calculate the following: monthly payments, total interest and principal paid after five years and the balance remaining Create a loan amortization table. All work should be submitted in a word document. A spreadsheet should be provided for the…
- You want to buy a car. A dealership in town has the SUV you want to buy for $22,510. Your first financing option is to make a down payment of $2500 and finance the rest at 2.99% APR for 72 months. How much will you be financing? $ How much will your monthly payments be under this financing option? (Round to the nearest dollar.) $ How much total money will you pay for the SUV at the end of the 72 months under this financing option? (Don't forget to include your down payment in this total amount.) $You are in the process of purchasing a new car that will cost you $25,000. The dealership is offering you either a $1,000 rebate (applied toward the purchase price) or 3.9% (APR) financing for 60 months (with payments made at the end of the month). You have been pre-approved for an auto loan through your local credit union at an interest rate of 7.5% (APR) for 60 months. 1) What is the monthly payment amount if you forgo the rebate and finance through the dealership at the lower 3.9% APR? 2) What is the monthly payment amount if you take the $1,000 rebate from the dealership and finance through your credit union? Should you take the rebate and finance through your credit union?You are buying a new car, and you plan to finance your purchase with a loan you will repay over 48 months. The car dealer offers two options: either dealer financing with a low APR, or a $2500 rebate on the purchase price. If you use dealer financing, you will borrow $13,000 at an APR of 3.9%. If you take the rebate, you will reduce the amount you borrow to $10,500, but you will have to go to the local bank for a loan at an APR of 8.87%. To answer the first question below, you may need the following formula, where M is your monthly payment, in dollars, if you borrow P dollars with a term of 48 months at a monthly interest rate of r (as a decimal), and r = APR/12. M = Pr(1 + r)48 (1 + r)48 − 1 Should you take the dealer financing or the rebate? dealer financingrebate How much will you save over the life of the loan by taking the option you chose? (Round your answer to the nearest cent.)$
- You are interested in buying a brand new jalopy and expect the purchase price to be $19,000. The car dealership can offer financing at a 6% interest rate over 6 years. If you put 1,000 down towards the purchase and accept the financing terms, what will your monthly payment for the loan be? In ExcelAfter deciding to get a new car at Ehlert Motors, your options are to purchase it with a three-year loan or to lease it for three years. The car you wish to buy costs $38,600. the dealer has a special loan financing offer: if you make a 10% down payment, you qualify for a special 0.96% APR compounded monthly (much lower than the competitive market 3.6% APR compounded monthly). If you purchase the car with the loan, you expect to be able to sell it in 3 years for $22,000. If you lease the car, it has no residual value (you must turn it in at the end of the lease). To make you indifferent between purchasing and leasing, what would the present value of all lease payments need to be? Because we weren't given lease information, I believe we just need to calculate the PV of the purchasing option.You are interested in buying a brand-new jalopy and expect the purchase price to be $19,000. The car dealership can offer financing at a 6% interest rate over 6 years. If you put 1,000 down towards the purchase and accept the financing terms, what will your monthly payment for the loan be? In Excel, I need to know all the steps in Excel for the answer. Everything thing needs to be filled in, so I have all parts answered for this question. Thank You! Please do not use another example in Excel because that is not the way i am supposed to solve it all arguments in EXCEL need to be entered when using PMT in Excel I have the answer I need to show how I came up with that answer using all the arguments in one box not broken down to 2 different steps. Thanks, and here is the answer.298.31 The following are the values given to calculate the monthly payment. The purchase price of the jalopy is $19,000 and down payment is $1,000. Hence, the present value of jalopy is $18,000 ($19,000 - $1,000).…