Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a monthly payment of $595.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan?
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Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a monthly payment of $595.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan?
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- Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.7% and a monthly payment of $601.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan?Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a monthly payment of $603.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? (Round your answer to two decimal places.)Wilma wants to buy a car that costs $52,000. She has arranged to borrow the total purchase price of the car from her bank at 6 percent interest rate. The loan requires monthly payments for a period of five years. If the first payment is due in one month after purchasing the car, what will be the amount of Wilma’s monthly payment on the loan?
- mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduationg, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. what the total cost of Mary's student loan?Charisma is able to pay $1250 a month for a 25-year mortgage with end of month payments. Because of a family gift, Charisma can make a 20% cash down payment to purchase a house. If the interest rate is 5.4%, then how much house can Charisma afford to buy? Answer to two decimal places.Megan takes out a car loan for $13,000. She intends to make monthly payments for 5 years to pay off her loan. If the bank charges her an annual interest rate of 4.2% computed monthly on the loan balance, how much will her monthly payments be?
- Nicole is taking out an amortized loan for $33,000 to buy a new car and is deciding between the offers from two lenders. She wants to know which one would be the better deal over the life of the car loan, and by how much. (a) A bank has offered her a 5-year car loan at an annual interest rate of 6.5%. Find the monthly payment. (b) Her credit union has offered her a 7-year car loan at an annual interest rate of 6.5%. Find the monthly payment. (c) Suppose Nicole pays the monthly payment each month for the full term. Which lender's car loan would have the lowest total amount to pay off, and by how much? • Bank The total amount paid would be $ ____ less than to the credit union. • Credit union The total amount paid would be $ ____ less than to the bank.Todd is able to pay $360 a month for 6 years to finance a car purchase. a. If the interest rate is 6 percent compounded monthly, how much can Todd afford to borrow to buy a car? b. What is the effective annual rate of Todd's loan?Ann will prepay the new loan 3 years after refinancing. She will save $4,000 on her loan balance when she prepays. What is Ann's annualized IRR from refinancing? QUESTION 17 Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of $1200 and monthly homeowner's insurance of $300. Jim has $1,500 in monthly student loan payments and an average monthly credit card bill of $1,000. Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Considering both the front end DTI limit and the back end DTI limit, what is the most they will allow Jim to spend on a monthly mortgage payment? O A. $5,000.00 O B. $82,500.00 OC.$7,000.00 OD. $5,500.00 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
- Sarah wants to save $20,000 to use for a down payment on a home. She deposits some money into a 4-year certificate of deposit (CD) with an annual interest rate of 4.5% compounded monthly. How much does Sarah need to deposit in the CD to reach her goal of having $20,000 in 4 years? Round your final answer to the nearest dollar.Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduating, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. What is the total cost of Mary's student loan?Rebecca Carlson purchases a car for $25,000 and finances her purchase by borrowing the money at 8% per year compounded monthly; she pays off the loan with equal monthly payments for 5 years. What will be the size of her monthly loan payment?