Mark Harris wants to purchase a Maserati Quattroporte sedan, which has an invoice price of $121,737 and a total cost of $129,482. Mark plans to put down $25,900 and will pay the rest by taking on a 5.89 percent five-year bank loan. What is the monthly payment on this auto loan? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.) Monthly payment $
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- For the car loan described, give the following information. A car dealer will sell you the $30,950 car of your dreams for $6,000 down and payments of $667.06 per month for 60 months. (c) interest rate (Round your answer to two decimal places.) (d) APR (rounded to the nearest tenth of a percent)Suppose that you decide to borrow $14,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.5% Installment Loan B: five-year loan at 6.4% a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan A is $. (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan B is $. (Round to the nearest cent as needed.) c. Compare the monthly payments and the total interest for the two loans. Determine which loan is more economical. Choose the correct answer below. OA. The five-year loan at 6.4% is more economical. OB. The three-year loan at 5.5% is more economical.2. You purchase a basic package, 4-door sedan for your company's fleet for $18,000. The 3 year loan has an interest rate of 13.75%. You make 10 payments and decide the 11th will be the payment to pay off the loan in its entirety. How much does the 11" payment need to be, using the Actuarial Method?
- You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 6%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %You are looking to buy a car. You can afford $370 in monthly payments for four years. In addition to the loan, you can make a $1,800 down payment. If interest rates are 9.00 percent APR, what price of car can you afford (loan plus down payment)? Note: Do not round intermediate calculations and round your final answer to 2 decimal places.Suppose you want to buy a car. You have surveyed the dealers' newspaper advertisements, and the one shown has caught your attention. You can afford to make a down payment of $2,678.95, so the net amount to be financed is $20,000.(a) What would the monthly payment be?(b) After the 25th payment, you want to pay off the remaining loan in a lumpsum amount. What is this lump sum?
- Suppose that you borrow $10,000 for four years at 8% toward the purchase of a car. Use PMT = to find the monthly payments and the total interest for - nt 1- the loan. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)Dr. Dennis Natali plans to take advantage of a 0% interest balance transfer credit card offer to pay off a $7,250 loan he has. If his loan is at 7.5% interest for 12 months, what is his payment? How much will he save in interest? (Use Table 14.2) Note: Do not round intermediate calculations. Round your final answers to the nearest cent.You want to buy a new sports coupe for $77,500, and the finance office at the dealership has quoted you an APR of 5.9 percent for a 48-month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Monthly payment b. Effective annual rate %
- For the car loan described, give the following information. A car dealer will sell you the $30,350 car of your dreams for $6,000 down and payments of $669.06 per month for 60 months. (a) amount to be paid $ (b) amount of interest $ (c) interest rate (Round your answer to two decimal places.) % (d) APR (rounded to the nearest tenth of a percent)You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted you an APR of 6 percent for a 60 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)You borrow $22541 to buy a car. You will have to repay this loan by making equal monthly payments for 14 years. The bank quoted an APR of 6%. How much is your monthly payment (in $ dollars)? I'm not sure how the answer is 198.6394, Can you explain that to me on the financial calculator, please? Thank you :)