You want to buy a motorcycle for $ 12,500 plus freight of $155 and other delivery charges of $225. You have already saved 25% of the total purchase price (including all charges) towards a down payment. The bank is willing to finance the remaining balance at 8.67% compounded quarterly. What is the size of your monthly payment if the loan is for 3.75 years.
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- You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months), and nominal annual interest rate will be 6%. What will be the monthly loan payment? $275.75 $444.89 $304.81 $386.66 $295.78You want to buy a bus. Cost is $180,000 with 10% down and the rest in 7 equal annual payments which include interest at 6%. The payments begin in one year. How much are the payments? Amortize the loan. Record the Journal Enteries.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 are buying vehicle for $20,000 and are paying $2,000 as a down payment. You have negotiated a nominal interest rate of 12 percent and you plan to pay-off the car over five years. What are the monthly payments you must make on this loan?You want to buy a motorcycle for $13,500 plus freight of $105 and other delivery charges of $125. You have already saved 15% of the total purchase price (including all charges) towards a down payment. The bank is willing to finance the remaining balance at 9.06% compounded quarterly. What is the size of your monthly payment if the loan is for 3.25 years. The monthly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)You want to buy a motorcycle for $10 comma 50010,500 plus freight of $195195 and other delivery charges of $225225. You have already saved 1515% of the total purchase price (including all charges) towards a down payment. The bank is willing to finance the remaining balance at 9.169.16% compounded quarterly. What is the size of your monthly payment if the loan is for 4.754.75 years.
- You buy a new truck for your trailer that costs $55,000. What are your monthly payments for a 5 year loan assuming an annual interest rate of 4.75%? Your down payment was $10,000. Make sure your answer is shown to the nearest whole cent.Suppose that you borrow $14,000 for four years at 5% toward the purchase of a car. Use PMT = to find the monthly payments and the total interest -nt 1- for the loan. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)you want to borrow $27,000 from your local bank to buy a new car. you can afford to make monthly payments of $425, but no more. assuming monthly compounding what is the highest annual rate (APR) you can affor on a 72-month loan?
- You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate (APR), of 12%. Monthly payments will be made until all the principal and interest have been repaid. Solve, a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $9,800 from the bank, what is your true APR on the loan?You are going to buy a new car worth $24,500. The dealer computes your monthly payment to be $514.55 for 60 months of financing. What is the dealer's effective rate of return on this loan transaction?You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 9% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: $ .............. EAR: ........%