Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hi, can someone please help me solve this, formula

Hi, can someone please help me solve this, formula would be awesome. Thanks ...

60.1K

Verified Solution

Question

Accounting

Hi, can someone please help me solve this, formula would be awesome. Thanks

Car Maker & Model: Toyota Tacoma 2016
Market price of the car: $ 29,000
Number of months of loan period: 60 months
Loan Amount (10% more than market price): 25000
Interest Rate (Annual) 6%
Monthly Payment with 5 year schedule 400
60 months
Beginning Balance Monthly Payment Interest Principal Ending Balance
1 $ 25,000 $ 400
2
3
4
5
6
7
8
9
Q1) How much interest would you result in saving by choosing a 3-year loan versus a 5-year loan?
Q2) How much is the difference in total payments between a 3-year plan and a 5-year loan?
Monthly Payment with 3 year schedule
Beginning Balance Monthly Payment Interest Principal Ending Balance
1
2

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Identify the missing angle that completes the description 7 7 3 5 6 8 m23...

Basic Math
1.2K views

8 What is the area of the parallelogram in square centimeters 6 2 cm 10...

Psychology
1.2K views

The camera inspired artists such as Monet to rethink the purpose of painting, moving away from...

Electrical Engineering
1.2K views

Model a BCD to 7-Segment Decoder （1111 1000） Create a top-level Verilog module, named bcdto7segment_dataflow with 4-bit data...

Geometry
1.2K views

Find the measure of the arc or central angle indicated Assume that lines which appear...

Accounting
1.2K views

(Sharp corporation: beyond Japan) Do case analysis of the MNC's strategy and globalisation footprint.

Accounting
1.2K views

Dividends are often a primary reason investors seek out stocks. However, not all investors want...

Accounting
1.2K views

On July 1, 2016, the first day of its 2017 fiscal year, the City of...

Accounting
1.2K views

List the 3 financial statements used in financial accounting. Discuss the importance of these financial...

Accounting
1.2K views

Thomson Trucking has $13 million in assets, and its tax rate is 35%. Rs basic...

Accounting
1.2K views

Please help me urgent i will give good rating

Accounting
1.2K views

on 22 Subsidiary ledger used to record similar types of transactions red ed out of...