(1) You have just graduated from EOU and secured a job as stock broker working for...

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Finance

(1) You have just graduated from EOU and secured a job as stockbroker working for a regional brokerage exchange. To celebrate yournew position, you are going to buy the car/truck of yourdreams.
You can purchase any car/truck you like, but you cannot spendmore than $600/month on the payment. You can take out a 5-yearloan. The current interest rate is 5.99%
Shop for the car/truck you want on the Internet. Based on theseguidelines, how much will your down payment have to be to purchasethe vehicle?
Can you get there based on your first month’s commissions?
What other options might exist?

Answer & Explanation Solved by verified expert

3.8 Ratings (752 Votes)

Let us take the value of the car we want to buy be 36000Now if u take a loan of 5 year 599 and u cannot spend morethan 600 month means the max amount you can pay is around7200year or 5 See Answer

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(1) You have just graduated from EOU and secured a job as stockbroker working for a regional brokerage exchange. To celebrate yournew position, you are going to buy the car/truck of yourdreams.You can purchase any car/truck you like, but you cannot spendmore than $600/month on the payment. You can take out a 5-yearloan. The current interest rate is 5.99%Shop for the car/truck you want on the Internet. Based on theseguidelines, how much will your down payment have to be to purchasethe vehicle?Can you get there based on your first month’s commissions?What other options might exist?