Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. monthly loan payments personal finance problem tim

Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car....

80.2K

Verified Solution

Question

Finance

image
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $39,000. The dealer has told Tim that if he can come up with a down payment of $5,700, the dealer will finance the balance of the price at a 7% annual rate over 5 years (60 months) (Hint: Use four decimal places for the monthly interest rate in all your calculations) a. Assuming that Tim accept the dealer's offer what will his monthly cond-of-month payment amount be? b. Une a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 3.6%? Tim's monthly end of monthly payment amount in $(Round to the newest cont.) b. This monthly payment. If the deater were willing to trance the balance of the car orice at an anal roto 3. would be s (Round to the nearest cont.)

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

Finance
1.2K views

Suppose your firm is considering investing in a project with the cash flows shown below, that...

Statistics
1.2K views

interpreting conclusions of hypothesis tests:

Psychology
1.2K views

Describe the relationship of probable cause to a citizen’s right to privacy. What would be an...

Accounting
1.2K views

New revenue accounting standard impact: • What is the potential impact (old vs new) on their...

Algebra
1.2K views

implify by factoring 50 50 Type an exact answer using radicals

Algebra
1.2K views

Simplify 2 5

Algebra
1.2K views

Do the following for the points 5 2 3 1 1 1 3 1 If...

Accounting
1.2K views

abc corp. paid two cash distributions during year 5. the first was $42,000, and the...

Accounting
1.2K views

Wild West Fashion expects the total costs of goods sold to be $385,000 in November...

Accounting
1.2K views

Kingman Corp. has been concerned with maintaining a solid annual profit. The company sells a...

Accounting
1.2K views

! Required information (The following information applies to the questions displayed below.) A company incurred...

Finance
1.2K views

If stock prices follow a random walk, it implies that investors are irrational. it means...