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- Suppose that you decide to borrow $13,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% P. Use PMT = to complete parts (a) through (c) below. - nt 1- 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.) MacBook AirThe formula below finds the monthly payment for a loan (car, mortgage, student): P=I (r/1-(1+r)-n ) P = monthly payment I = initial loan amount borrowed r = monthly interest rate n = number of months to pay off the loan 5. Assume you decide to take a 5-year car loan, with a 3.25% APR paid monthly. Insert the numbers you have so far into the formula above and simplify as much as possible. Show any in-between steps you do. (Note: simplify means to calculate the parts of the equation that you can so far.) 6. Use your simplified formula from above to answer: What is the largest amount you can borrow for the car if you can afford a $350/month payment? Show work.Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.9% Installment Loan B: five-year loan at 4.8% P Use PMT = to complete parts (a) through (c) below. - nt 1- 1+ 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.)
- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master ItSuppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% PA [¹-(1+] Use PMT= -nt7 to complete parts (a) through (c) below. 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.)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.)
- What is the monthly payment for a 5 year new car loan, when the nominal annual interest is 6%. After the down payment and other up-front charges, the amount borrowed is $21,000. Show your calculations and results using two methods: Use Engineering Economy factors and the compound interest tables found in Appendix C. Using spreadsheet. Set up table with known values and use Excel payment function (PMTA car loan of $19,055.04 is to be repaid with end-of-month payments of $369.28. If interest is 4% compounded monthly, how long is the term of the loan? State your answer in years and months (from 0 to 11 months). It will require nothing year(s) and nothing month(s) to repay the loan.A person is repaying a loan of $50000 at $200 per month. The interest rate is 3% per month. Form a difference equation, solve the difference equation and find how long it will take to repay the loan.
- A car loan of $37,412.98 is to be repaid with end-of-month payments of $725.06. If interest is 5% compounded monthly,how long is the term of the loan? State your answer in years and months (from 0 to 11 months).Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $).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
