is planning ted price is loan from his bank at 7.35% for as long a months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ 4257.64 ☑ Can he pay off the loan and keep his payments under $4,300? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) ☐ ☐ ☐ make a lower down payment try to bargain for a lower sale price make a higher down payment try to negotiate a higher interest rate try to bargain for a higher sale price try to negotiate a lower interest rate
is planning ted price is loan from his bank at 7.35% for as long a months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ 4257.64 ☑ Can he pay off the loan and keep his payments under $4,300? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) ☐ ☐ ☐ make a lower down payment try to bargain for a lower sale price make a higher down payment try to negotiate a higher interest rate try to bargain for a higher sale price try to negotiate a lower interest rate
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 27M
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Transcribed Image Text:Chuck Wells is planning to buy a Winnebago motor home. The listed price is $185,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60
months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months.
(a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.)
$ 4257.64
×
Can he pay off the loan and keep his payments under $4,300?
Yes, under these conditions, Chuck will meet his goal.
No, the monthly payment is too high.
(b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.)
□ □ □ □ □
make a lower down payment
try to bargain for a lower sale price
make a higher down payment
try to negotiate a higher interest rate
try to bargain for a higher sale price
try to negotiate a lower interest rate
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