It's time to buy a car! You decide on a model with a price of $24, 850. Wi you can borrow the money at 3.6%, compounded monthly, for 5 years. How much will your monthly payment be?
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- If you are saving the same amount each month in order to buy a new sports car when the new models are released, which of the following will help you determine the savings needed? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou want to buy a new car. You can afford payments of $250 per month and can borrow the money at an interest rate of 3.8% compounded monthly for 3 years. How much are you able to borrow? Hint: click here If you take the loan, How much interest will you pay total?Suppose you can afford to pay $ 275 a month for 5 years towards a new car with no down payment. If the current interest rates are 5%, how expensive a car can you afford?
- B) You would like to purchase a Car that costs OMR 50000. You planned with your banker to collect the amount for this project. You decided to deposit OMR 9450 each year and during 5 years. Suppose also that the bank gives an annual Interest Rate of 6%. Questions: 1. Trace the Time Line illustrating the story 2. What would be the amount collected at the end of the seventh year? 3. Will you have enough money to buy the motorcycle? How much is the difference between the amount saved and the motorcycle price? Can you buy it?You want to buy a new car. You can afford payments of $200 per month and can borrow the money at an interest rate of 6.3% compounded monthly for 5 years.a) How much are you able to borrow? b) How much interest do you pay?Suppose that you decide to borrow 16000 for a new car. You can select one of the following loans each requiring regular monthly payments. Installment loan A three-year loan at 6.3% Installment loan B five -year loan at 6.4% What would be the monthly payments for each loan and total interest for them also? How much will the buyer save in interest?
- You want to buy a car with a local bank that will lend you $20000. The loan will fully amortized over 5 years and the nominal rate of interest will be 14% with interest paid monthly, then a. What will be your monthly payment? b. Effective Annual Rate? c. Explain why total interest is different?you want to buy a car and a local bank will lend you 15000. the loan will be fully amortized over 5 years and the nominal interest rate will be 10% with interest paid monthly. What will be the monthly loan payment and what will be the loan's EAR?You want to buy a new car. You can afford payments of $200 per month and can borrow the money at an interest rate of 3.1% compounded monthly for 5 years. How much are you able to borrow? How much interest do you pay?
- Let’s pretend that we will buy a brand-new car online. How much is the car? How much is your planned down payment (limit it to 10%-30% of the car’s price)? If you plan to pay it for 5 years (60 months), how much is your monthly payment? What is the car loan interest rate (%)? What are the other fees and how much (if available)? In total, how much will you pay for the car (down payment + all monthly payments+ other fees)?Pls help on ur own.Suppose you take out a car loan that requires you to pay $8,000 now, $5,000 at the end of year 1, and $7,000 at the end of year 2. The interest rate is 5% now and increases to 9% in the next year. What is the present value of the payments?You want to buy a new car. You can afford payments of $250 per month and can borrow the money at an interest rate of 3.2% compounded monthly for 5 years.How much are you able to borrow?How much interest do you pay?