You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,140, but no more. Assuming monthly compounding, the highest rate you can afford on a 48-month APR loan is ____________. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16

Q: You need to have 59,173 dollars to buy a new car 5 years from now. How much do you need to save at…

A: An annuity is the sum total of all the periodic payments or investments made over the period of time…

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…

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Q: You want to buy a new sports coupe for $74400 and the finance office at the dealership has quoted…

A: given, p=$74400 r=6.8% m=12 n=4 years (4812)

Q: You want to borrow $64,000 from your local bank to buy a new sailboat. You can afford to make…

A: The amount to be borrowed is $64,000 The monthly payment that can be afforded is $1,100 The time…

Q: You want to buy a new sports car from Muscle Motors for $71,000. The contract is in the form of a…

A: Cost of Sports Car (PV) is $71,000 Time Period is 72 months Annuity Due Interest Rate is 6.9%…

Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…

A: EAR: EAR stands for Effective Annual Rate, and it is the interest rate. Compounding periods are…

Q: You want to buy a new sports coupe for $75,300, and the finance office at the dealership has quoted…

A: Loan amount (PV) = $ 75,300 Interest rate = 7.7% Monthly interest rate (r) = 7.7%/12 =…

Q: You want to borrow $65,000 from your local bank to buy a new sailboat. You can afford to make…

A: APR or Annual Percentage Rate implies for interest rate applicable on borrowed amount for each year…

Q: You want to buy a new sports coupe for $132,500, and the finance office at the dealership has quoted…

A: The effective annual rate is the effective interest rate applicable on the loan after taking into…

Q: You want to borrow $68,000 from your local bank to buy a new sailboat. You can afford to make…

A:

Q: You want to borrow $73,000 from your local bank to buy a new sailboat. You can afford to make…

A: Given information: Present value is $73,000 Monthly payment of $1,450 Number of periods is 60

Q: You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized…

A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…

Q: You have just taken out a $16,000 car loan with a 8% APR, compounded monthly. The loan is for five…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a…

A: Effective annual rate (EAR) refers to a real interest rate which an investor is expect from his…

Q: You want to borrow $75,000 from your local bank to buy a new sailboat. You can afford to make…

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

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A: Price of a new sports car is $79,000 Time period is 48 months Interest rate is 7.3% To Find:…

Q: You want to buy a new sports coupe for $74,100, and the finance office at the dealership has quoted…

A:

Q: You want to buy a new sports coupe for $74,900, and the finance office at the dealership has quoted…

A: Loan amount (PV) = $ 74,900 Annual interest rate = 7.3% Monthly interest rate (r) = 7.3%/12 =…

Q: In one instance, a financial institution loaned you $90,000 for two years at an APR of 3.75% for…

A: Computation:

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A: Given information: Car loan amount $7,900 Number of periods is 60 monthly payments APR is 12%

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: After making the twenty-sixth payment on your car loan, you wanted to find out how much is left of…

A: Loan amount (PV) = $27000 Interest rate = 7.1% Monthly interest rate (r) = 7.1%/12 =…

Q: You want to buy a new sports coupe for $75,100, and the finance office at the dealership has quoted…

A: Loan Amount is $75,100 APR is 7.5% Total Number of months is 72  Monthly rate is 7.5%12=0.625% To…

Q: You have just borrowed $120,000 to buy a condo. You will repay the loan in equal monthly payments of…

A: a. Calculate the monthly interest rate as follows: Monthly interest rate is 1.25%

Q: You want to buy a new car, but you can make an initial payment of only $1,300 and can afford monthly…

A: Monthly interest = APR /Number of months Monthly interest =  9%/12 Monthly interest = 0.75%

Q: You have just taken out a $25.000 car loan with a 4% APR, compounded monthly. The loan is for five…

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Q: In August​ 2008, a car manufacturing company was offering the choice of a 3.3​% loan for 72 months,…

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

Q: You want to borrow $115,000 from your local bank to buy a new sailboat. You can afford to make…

A: Annual Percentage Rate is the annual rate of interest charged from borrowers for the payment to…

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Q: You are ready to buy a house and you have $15,000 for a down payment and closing costs. Closing…

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Q: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 38-year…

A: Annual Percentage Rate: The annual percentage rate (APR) of a loan to a borrower is the total cost…

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

Q: You have just borrowed $250,000 to buy a condo. You will repay the loan in equal monthly payments of…

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Q: You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year…

A: Using excel RATE and EFFECTIVE RATE function

Q: You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted…

A: Given information : Price of car : $84,500 APR : 4.7% Time period : 60 months

Q: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year…

A: A mortgage, often known as a mortgage loan, is a contract between you (the borrower) and a mortgage…

Q: You want to buy a new sports coupe for $87,500, and the finance office at the dealership has quoted…

A: As per the given information: Present value (P) - $87,500 APR - 6.9% Monthly APR (I) - 6.9%/12 =…

Q: You have accepted a loan in an amount of $15,000 for your new car. You have agreed to pay the loan…

A: Here, Loan Amount is $15,000 Time Period is 4 years Interest Rate is : 9% 6% 7% 8% Compounding…

Q: You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted…

A: Loan amount = $78,500  Annual percentage rate (APR) = 6% Effective annual rate (EAR) is the…