You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $   Financed for 60 months: $

You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 15% APR based on end-of- month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $ Financed for 60 months: $

You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 15% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answers to the nearest cent. $

You want to buy a new car, but you can make an initial payment of only $1,300 and can afford monthly payments of at most $825.   a. If the APR on auto loans is 9% and you finance the purchase over 36 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.)         b. How much can you afford if you finance the purchase over 48 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

You are looking to buy a car that costs $30,000.  Your payment is $400/month for 60 months.  If you want to know your interest rate on this loan, you can use Excel.  Excel returns a RATE of 0.70%.  What is your APR?     8.45%     2.75%     3.24%     0.70%

You have saved $4,000 for a down payment on a new car. Thelargest monthly payment you can afford is $350. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months?

You are considering the purchase of a $54,000 Ford F-150 Raptor. If you are financing the truck for 60 months and the auto loan annual rate is 3.5%, what is your monthly car payment? (Round your answer to the nearest hundredth; two decimal places) Your Answer: Answer

You are purchasing a new car for $27,600.  The dealership offers you three options: 0% financing: 0 down and 0% financing for 48 months. Rebate: 0 down.  If you choose the rebate, you will need to secure a loan for the balance at your local bank. Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months: Suppose you make a down payment of 10% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months.  How much interest do you pay over the life of the loan?  $     ________ .  Round to the nearest dollar.   You want to make monthly payments of $431, but you don't want a car loan over your head for more than 48 months,  so you decide to go with the down payment option.  How much of a down payment do you need to make?  $   ________.  Round to the nearest dollar.

Now it's time for you to practice what you've learned. Suppose you have saved $3,500 for a down payment on a new car. The largest monthly payment you can afford is $375. The loan will have a 24% APR based on end-of-month payments. Use a financial calculator to determine the most expensive car you can afford if you finance it for 48 months versus 60 months. Months Financed Maximum Car Price 48 60 If you finance the car for a shorter period of time, you can afford a more expensive car. True False

You plan to purchase a car that costs $42,100. You deposit a down payment of $4,000 and finance the remaining amount over a period of 5 years. Your quoted annual rate is 9.30% compounded monthly Create a single-variable data table in Excel highlighting the monthly payment as a function of the length of the car loan. The table should indicate monthly payment figures for a loan term of a minimum of 2 years and a maximum of 7 years