Suppose that you buy a car costing $14,000. You agree to make payments at the end of each monthly period for 4 years. You pay 7% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest you will pay.
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Suppose that you buy a car costing $14,000. You agree to make payments at the end of each monthly period for 4 years. You pay 7% interest, compounded monthly.
(a) What is the amount of each payment?
(b) Find the total amount of interest you will pay.
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Solved in 3 steps
- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? 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 annuityUse the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48 months. What is the monthly interest rate? Respuesta:
- Suppose you purchase a car for a total price of $22,565 including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answer to the nearest cent) a)find the monthly payment? b) what is the total amount of interest paid over the term of the loan?Suppose you purchase a car for a total price of $21,750, including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answers to the nearest cent.) (a) Find the monthly payment.$ (b) What is the total amount of interest paid over the term of the loan?$Suppose that you borrow $17,000 for five years at 6% toward the purchase of a car. Find the monthly payments and the total interest for the loan. The monthly payment is $
- Suppose that you borrow $11,000 for four years at 6%toward the purchase of a car. Find the monthly payments and the total interest for the loan.Suppose you purchase a car for a total price of $24,790 including taxes and licensee and finance that amount for five years at an annual interest rate of 6%. (Round your answer to the nearest cent) Find the monthly payment? What is the total amount of interest paid over the term of the loan?Suppose that you borrow $20,000 for four years at 8% toward the purchase of a car. Find the monthly payment and the total interest for the loan.
- a. If you borrow $1,100 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?Suppose you purchase a car for a total price of $25,445, including taxes and license fee, and finance that amount for 4 years at an annual interest rate of 8%. Please provide step by step to find the monthly payment and what is the total amount of interest paid over the term of the loan? Thanksa. If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?