Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 7% APR. Your monthly payments are $437.71 and you have just made your 24th monthly payment on your SUV. Assuming that you have made all of the first 24 payments on time, then the outstanding principal balance on your SUV loan is closest to OA. $14,134 B. $15,547 C. $19,787 OD. $16,961

Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 7% APR. Your monthly payments are $437.71 and you have just made your 24th monthly payment on your SUV. Assuming that you have made all of the first 24 payments on time, then the outstanding principal balance on your SUV loan is closest to OA. $14,134 B. $15,547 C. $19,787 OD. $16,961

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 5.9% APR with monthly compounding. You monthly payments are $617.16 and you have just made your 24th monthly payment on your SUV. Assume you have made all of the first 24 payments on time. a) What equation and correct inputs do you need to solve in order to compute the outstanding loan balance after your 24th monthly payment? You are now told that PV = $20,316.80 from part (a). What equation and correct inputs do you need to solve in order to compute the original loan b) amount? You are now told that the original loan amount from part (b) is $33,000. Calculate the actual dollar amount of interest you have paid over the first c) two years of this loan?
Two years ago you purchased a new SUV for $50,000. You financed your SUV for 60 months at 6.15% APR (with payments made at the end of the month). You have just made your 24th monthly payment on your SUV. Assuming that you have made all of the first 24 payments on time, What is the outstanding principal balance (rounded to the nearest dollar) on your SUV loan?.
You are planning on buying a new car. You need to finance $32,500 for the purchase. The bank will lend you the money at 6.60% (compounded monthly) over five years. What are the monthly payments on the loan? O $2,192.37 O $833.55 O $637.42 $7,841.74 O $653.48
You decided to purchase a new appliance by borrowing $1,500 using Home Credit Product Loan which charges 18% compounded monthly. a. What are the monthly payments if the loan needs to be repaid in 3 years? b. How much do you still owe just after making the 20th payment?
Joseph obtained a loan of $30,000.00 at 5.90% compounded quarterly. How long (rounded up to the next payment period) will it take to settle the loan with payments of $1,400.00 at the end of every 3 months? You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.50% compounded monthly. How long will it take you to save the planned amount?
You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%. a) When you first get the loan, how much is your payment? $ 390.24 Correct b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $ c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $
To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is $421.14. Fill in all the blanks in the amortization schedule for the loan. Assume 1 that each month is of a year. Round your answers to the nearest cent. 12 New loan Payment number Interest Principal payment payment balance 1 2 $25,381.72 25 $78.93 $342.21 $17,873.52 26
You purchase a house in East Lansing, MI. You calculate the amount financed to be $203,315. You obtain a 15-year mortgage with an interest rate of 3.8% and have calculated a monthly payment of $1,062. For the following, round your answer to the nearest cent. The payment on the principle in the first month is $450.41 $403.56 $418.17 $643.83 $489.31 OOOO
Assume that you have purchased a new car and after your down payment, you borrowed $10,000 from a bank to pay for the car. Also assume that you have agreed to pay off this loan by making equal monthly payments for 4 years. Given that the annual interest rate is 11%, how much will be the payment each month? How much will be the payment if you want to pay all the rest of the loan at once at the beginning of third year?
You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments for 5 years. The bank quoted an APR of 12%. How much is your monthly payment (in $ dollars)? $_______
Fifteen years ago a couple purchased a house for $230,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 7.4% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: $ (b) Find the balance of the loan after 14 years and after 15 years. Let n be how many payments are left on the loan. After 14 years After 15 years n = %3D Loan Balance: $ Loan Balance: $ (c) Find the total amount of interest paid by the couple during the 15th year. Interest Paid During 15th year: $
18 months ago Bob got 2300$ loan from a Bank. Bob started paying off the loan after 4 months, through constant deliveries, every two months, until today, in which he made the last payment and paid off the debt to the bank. Calculate the amount paid for each payment, knowing that Bank gave the loan based on the compound interest system, capitalized monthly and annual effective rate of 5, 7%. Thank you

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS