You open a new business and need a new laptop computer. You decide on a Knox Computer Solutions for $1499 due to the business software that is included. If the sales tax is 4.25% of the purchase price and you finance the total cost, including sales tax, for 3 years at the annual interest rate of 8.4%, find the monthly payment amount.
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You open a new business and need a new laptop computer. You decide on a Knox Computer Solutions for $1499 due to the business software that is included. If the sales tax is 4.25% of the purchase price and you finance the total cost, including sales tax, for 3 years at the annual interest rate of 8.4%, find the monthly payment amount.
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- After deciding to buy a new car, you can either lease the car or purchase it on a three-year loan. The car you wish to buy costs $35,000. The dealer has a special leasing arrangement where you pay $99 today and $499 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at a 6% APR. You believe you will be able to sell the car for $23,000 in three years. All final answers are rounded to the nearest dollar. Choose all correct statements from the below. Question 6 options: If you sell the car after three years, the PV of purchasing the car is $15,780. Purchasing is always preferable if the APR is below 6%. The PV of leasing the car is $17,502. If the APR increases to 8.4%, you should lease the car. You should lease the car given that the PV of leasing is higher.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. What is your monthly payment if you choose 0% financing for 48 months? $ . Round to the nearest dollar. The rebate offer is $4800, and you can obtain a car loan at your local bank for the balance at 5.16% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? $ . Round to the nearest dollar. You want to make monthly payments of $403, 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…After starting your full-time job out of college, you decide to buy a new car for $85,000. Create a complete amortization table in excel for this car loan: You make 84 equal end-of-month payments. The discount rate is 6.5 percent compounded quarterly. How much would you owe after the 75 th payment? Please show both regualr and formula format of the spreadsheet.
- You decide to buy a $ 1,500 piece of furniture at a local furniture store. The furniture store asks you for a 20% down payment and formulates a 12-month plan to pay the rest at a 25% annual rate.The size of the monthly payments is $ 175. į What will be the effective annual interest that the furniture store is charging you?After starting your first full-time job out of college, you decide to buy a new car for $12,000. Using Excel, create a complete amortization table for this car-loan: You make 36 equal end- of-month payments. The discount rate is 7.25% compounded monthly. How much would you owe after the 15th payment is made? Use excel to solveYou 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: Use this information for the questions below. Use the Buying a Car information above to answer this question. You want to make monthly payments of $449, 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
- After deciding to buy a new car, you can either lease the car or purchase it on a three- year loan. The car you wish to buy costs $35,000. The dealer has a special leasing arrangement where you pay $99 today and $499 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at a 6 percent APR. You believe you will be able to sell the car for $23,000 in three years. What break-even resale price in three years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Break-even sale price What is the present value of purchasing the car? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) $ Present valueAfter deciding to get a new car, you can either lease the car or purchase it with a three-year loan. The car you wish to buy costs $39,500. The dealer has a special leasing arrangement where you pay $108 today and $508 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an APR of 6 percent, compounded monthly. You believe that you will be able to sell the car for $27,500 in three years. What is the cost today of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cost of purchasing $ What is the cost today of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cost of leasing S What break-even resale price in three years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Break-even…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. The rebate offer is $1900, and you can obtain a car loan at your local bank for the balance at 2.03% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? $ _______ . Round to the nearest dollar.
- 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:You want to buy a new car after your graduation. The price of the car is $20,000. The car dealer requires a 20% down payment; the remaining balance will be paid off over the next 72 months with an 8 percent annual interest rate on the unpaid balance. What is your monthly car payment?You can afford to pay $560 each month for a new car. The dealership offers you a 5-year loan at 6.4% interest, compounded monthly. Which of the following formulas would be used to compute the amount of money you can afford to borrow in order to purchase a new car?