Suppose you make a down payment of 6% of $27,600 for a car and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan?
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- Suppose you borrow 11,000 for 5 years at 6% towards the purchase of a car. What would be the monthly payments and total interest for the loan?Suppose you purchase a car for a total price of $22,565 including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answer to the nearest cent) a)find the monthly payment? b) what is the total amount of interest paid over the term of 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?
- Suppose you borrow $29 thousand for 54 months to purchase a car. The loan has a rate of 7% with add-on interest payments. What are the total payments over the life of the loan, to the nearest $1? Drop the $ signSuppose you borrow $21,000 from your bank to buy a car. You agree to pay $433.89 per month for 60 months. What is the interest rate (APR) for the loan?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? Thanks
- Suppose you buy a $40,000 car and you 'put down' $5,000 and finance the rest for 72 months at 3.75% annual rate. Over the entire life of the loan, how much will you have paid in Interest on the loan?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 $you wish to purchase real property. the lender will give you a 250000 fixed rate 30 year mortgage at 3.5% per annum. suppose that before you can make any payments you receive a pay raise so you can pay an extra 200 per month with your normal payment. how many payments are required to fully amortize the loan assuming the extra 200 is paid each month?
- Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCELYou buy a house and finance $250,000 at 4% per year. One loan is 30 years (360 monthly payments) and one is 15 years (180 monthly payments). What is your payment for each loan and what is the total paid over the life of the loans (again, assume that you do not make any early payments)?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? Prepare a monthly payment schedule for each loan above using Excel, and submit it. Suppose that you are only allowed to make a balloon payment to the principal of the compound interest loan. You have $1,000 to put down at the beginning of year three. How many payments will you save?