You are buying vehicle for $20,000 and are paying $2,000 as a down payment. You have negotiated a nominal interest rate of 12 percent and you plan to pay-off the car over five years. What are the monthly payments you must make on this loan?
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You are buying vehicle for $20,000 and are paying $2,000 as a down payment. You have negotiated a nominal interest rate of 12 percent and you plan to pay-off the car over five years. What are the monthly payments you must make on this loan?
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- 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? ThanksIf you take out an $8,000 car loan that calls for 7 annual payments of $2,400 each. What is the interest rate?You are buying your first car for $20,000 and are paying $2,000 as a down payment. You have negotiated a nominal interest rate of 12 percent and you plan to pay-off the car over five years. What is the monthly payments you must makeon this loan?
- In order to buy a car, you borrow $22,500 from a friend at 10%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments. d. Three and one-half years after borrowing the money, you decide to pay off the loan. You have not yet made the payment due at that time. What is the payoff amount 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?You would like to buy a new car and will need to borrow $25,000 to do so. Your loan will be repaid monthly over 6 years at a 5% annual interest rate. Calculate your monthly payment. N (period of time) I (Interest) PV (Present Value) FV (Future Value) PMT (Annuity) Prepare the loan amortization schedule. Period Monthly Payment Interest Expense Principal Payment Principal Balance
- 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 $20,000 for four years at 8% toward the purchase of a car. Find the monthly payment and the total interest for the loan.You are going to buy a new car worth $24,500. The dealer computes your monthly payment to be $514.55 for 60 months of financing. What is the dealer's effective rate of return on this loan transaction?
- Suppose that you decide to borrow 13000 for a new car. You can select one of the following loans each requiring regular monthly payments. Installment loan A three-year loan at 5.9% Installment loan B five -year loan at 5.8% What would be the monthly payments for each loan and total interest for them also?A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for monthly repayment of I year.You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? 3. Prepare a monthly payment schedule for each loan above using Excel, and submit it.