suppose you want to buy a new car that costs you 15514 OMR by a loan from bank Muscat for 6 years. the bank charges you 4.004 percent on your loan. what is the annual payment should you pay to the bank every year on your loan?

Q: Your bank pays 2.7% interest per year. You put $1,200 in the bank today and $600 more in the bank in…

A: We need to ise compound interest formula to calculate amount of money in 2 years A=P(1+i)n Where…

Q: t to buy a car worth ₱808,000 at Hyundai Branch through EastWest Bank’s 5-year car loan program.…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Suppose you want to borrow $20,000 for a new car. You can borrow at 8% per year, compounded monthly…

A: Amount to borrow= $20,000 Interest rate= 8% per year, compounded monthly (0.6667% per month) Time…

Q: If you borrow $3,600 to buy a car at 12% per year compounded monthly, to be repaid over the next…

A: Answer Borrowing amount = $3,600 Interest rate = 12% per year  Interest rate monthly = 1%  Time…

Q: Suppose you wish to start up your coffee shop.  You need to borrow $50,000 today.  You intend to pay…

A: Using PMT function of the excel to calculate monthly withdrawals

Q: A friend asks to borrow 455 form you and in return will pay you $58 in one year.  If your bank is…

A: Present value = $55 Interest rate =6% Time =1 year So, Future value = Present value*(1+ interest…

Q: You borrow P3500 for one year from a friend at an interest rate of 1.5% per month instead of taking…

A: Answer 1: Calculation of the amount of money to be less by borrowing the money from the bank: Step…

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Amount of home = $255,000 Down payment = 5%  The time duration of the loan = 30 years

Q: You invest 10.000 dolar in a bank account to buy a house at annual interest rate 14 per year,…

A: Given: Investment = 10,000 Interest rate = 14% Years = 10

Q: Do you want to By A home for $330,000. You plan to pay 33,000 as a down payment and take out a 15…

A: Loan amount is the amount that is borrowed from a financial institution after paying a certain…

Q: You want to buy a $170000 home. You plan to pay $51000 as a down payment, and take out a 15 year…

A: Given:

Q: Suppose a man can afford monthly car payments of $380 per month, and his bank is offering a…

A: We need to use loan amortization  formula to calculate amount of loan that can be afford Loan…

Q: You want to buy a $140000 home. You plan to pay $14000 as a down payment, and take out a 20 year…

A: Hi, since you have posted a question with multiple sub-parts, we will answer the first three (as per…

Q: You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments…

A: Borrowed amount is $18826 Time period is 5 years APR is 12% To Find: Monthly payment

Q: You want to buy a $224,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: You have determined that you can afford to pay $800 per month toward a new Italian sports car. You…

A: Present value is the sum of money that must be invested in order to achieve a specific future goal.…

Q: how much money should you deposit now into a bank account paying 6% compounded quarterly?

A: The amount currently deposited in order to accumulate a specified future total is represented by the…

Q: You decide that you can spend 600 as a monthly payment for a new car. Your bank offers car loans at…

A: The amount that can be borrowed should equal the present value of future payments. This is based on…

Q: You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: Using excel PMT function

Q: You want to buy a $330000 home. You plan to pay $33000 as a down payment, and take out a 20 year…

A: given, price =  $330000 downpayment = $33000 principal = $330000 - $33000 = $297,000 n=20 m=12…

Q: Suppose you want to buy a $148,000 home. You found a bank that offers a 30-year loan at 3.5%…

A: Loan Amount = $148,000 Time Period = 30 years Interest Rate = 3.5%   The calculation of the monthly…

Q: You want to buy a $198,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: Suppose you purchase a car for a total price of $22,565 including taxes and license fee, and finance…

A: A mortgage (or loan) with a fixed annual stated rate is the net amount of borrowings that a borrower…

Q: magine you have a credit card balance of $1,000 that you would like to pay off within one year. The…

A: The credits cards are settled on the monthly payments and are paid by monthly payments and these…

Q: Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR.…

A: Given Information:Amount is $141,000 Number of years is 30 APR is 3.7%

Q: You buy a $36,000 car. You put $1,000 down and finance the rest with a 3.6% interest loan with…

A: Amortized loan: It is a type of loan where the borrower would make an equal periodic payment towards…

Q: You want to buy a car and therefore you need $10,000. You can borrow from a bank today for 6 years.…

A: Purchase Price of Car = 10,000 Time Period (N) = 6 years i.e. 72 months Down Payment = 10% Loan =…

Q: You decide to borrow $250,000 to build a new home. The bank charges an interest rate of 8%…

A: Monthly payments to be paid on the loan amount are calculated using the interest rate, loan amount…

Q: You want to buy a house. The loan amount will be $285,000.00. A bank is offering a 5% interest rate…

A: Monthly Payment: A borrower pays down portion of the remaining sum together with the interest on the…

Q: You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Credit Card Amount = $5,000 Interest rate = 23%  Time duration = 4 years

Q: You want to save P85,000 for future family vacation (three years from now). If the bank pays 8.5%…

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

Q: Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR.…

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

Q: 0. You expect to earn 12% annually on the account. How many years will it take you to reach your goa

A: Information Provided: Present value = $40,000 Payment additional every year = $5000 Future value =…

Q: Suppose you want to buy a $147,000 home. You found a bank that offers a 30-year loan at 3.3% APR.…

A: Mortgage/ Borrowings:  Borrowings are the loan which is taken by the individual to meet its…

Q: Suppose that you buy a car costing $14,000. You agree to make payments at the end of each monthly…

A: The payments made to purchase this car is a form of an annuity. Thus, the value of each payment can…

Q: a) Suppose you save $4,000 per year at the beginning of each year for 10 years and earn 8.5%…

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

Q: You want to buy a $156,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Loan amount = Cost of house - Down payment = $156,000 - (15% * 156,000) =$156,000 - $23,400 =…

Q: Suppose you found a CD that pays 2.9% interest compounded monthly for 6 years. If you deposit…

A: Deposit money (P) = $12000 Compound interest (r) = 2.9% compounded monthly  Time (nt) = 6 years =…

Q: You borrow $22541 to buy a car. You will have to repay this loan by making equal monthly payments…

A: In order to calculate the monthly payment on the financial calculator, firstly we are required to…

Q: You decide to finance a $21,000.00 car at a 4% interest rate for 4 years. A. How much will your…

A: Car cost ,P =$21,000 Interest Rate, r= 4%=0.04/12= 0.003333333333 Years,n = 4 or 48 months  Formula…

Q: You want to buy a new car. You can afford payments of $200 per month and can borrow the money at an…

A: An Annuity is a continuous flow of systematic timely cash flows made or received for a stipulated…

Q: To purchase a new truck, you borrow $42,000. The bank offers an interest rate of 7.5% compounded…

A: Loan amount  $       42,000.00 Interest Rate 7.50% Time Period(Years) 5

Q: Suppose you save $4,000 per year at the beginning of each year for 10 years and earn 8.5% interest…

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

Q: You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal…

A: It can be calculated using PMT function in excel. PMT(rate, nper, pv, [fv], [type]) Rate The…

Q: Suppose that you borrowed $20k for 36 months to buy a car last year at an annual interest rate of 5%…

A: Monthly payment is the fixed amount of monthly payment made by the borrower against the loan. The…

Q: You want to buy a new car. You can afford payments of $275 per month and can borrow the money at an…

A: Computation of Present value is as follows: Explanation of Computation of Present Value is as…

Q: You have $2,000 on a credit card that charges 18% interest rate if you want to pay off the credit…

A: The amount of loan = $2,000 Interest rate = 18% Time period = 4 years

Q: a) Suppose you save $4,000 per year at the beginning of each year for 10 years and earn 8.5%…

A: Working:

Q: How much will your monthly payment? My payment will be a month $_______.  B. By the end of the loan…

A: Loan: It refers to the credit taken by the borrower from the lender.  The borrower makes periodic…