Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. pat radigan is planning to buy a toyota hybrid for

Pat Radigan is planning to buy a Toyota hybrid for $18,749 with $1,500 down and plans...

90.2K

Verified Solution

Question

Finance

Pat Radigan is planning to buy a Toyota hybrid for $18,749 with$1,500 down and plans to finance the car. Citizens’ Financial Bankquoted a finance charge at 8.5% for 48 months; Charter One Bankquoted him a finance charge at 8% for 60 months.

a. What would be his monthly payment toCitizens’ Financial Bank? (Do not round intermediatecalculations. Round your answer to the nearest cent.)

b. What would be his monthly payment to CharterOne Bank? (Do not round intermediate calculations. Roundyour answer to the nearest cent. )

c. How much more would his monthly payment beon the 48-month loan? (Do not round intermediatecalculations. Round your answer to the nearest cent.)

Answer & Explanation Solved by verified expert
4.0 Ratings (718 Votes)
a Cost of car 18749 Down payment 1500 Finance charges 85 and No of months 48 monthsLoan Cost of car Down payment 18749 1500 17249Monthly rate Finance charges 12 8512To find monthly payment for    See Answer
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Pat Radigan is planning to buy a Toyota hybrid for $18,749 with$1,500 down and plans to finance the car. Citizens’ Financial Bankquoted a finance charge at 8.5% for 48 months; Charter One Bankquoted him a finance charge at 8% for 60 months.a. What would be his monthly payment toCitizens’ Financial Bank? (Do not round intermediatecalculations. Round your answer to the nearest cent.)b. What would be his monthly payment to CharterOne Bank? (Do not round intermediate calculations. Roundyour answer to the nearest cent. )c. How much more would his monthly payment beon the 48-month loan? (Do not round intermediatecalculations. Round your answer to the nearest cent.)

Other questions asked by students

Q

Why would some tissue cultures require different formulations of nutrients to what other would? ( i.e...

Biology
Q

What are the most common alloying elements used in stainless steel materials? What are the effects of...

Mechanical Engineering
Q

The discovery of which bone helped link Whales to animals like Hippos Deer and pigs...

Biology
Q

The mathematics faculty at a college consists of 4 professors, 7 associate professors, 5 assistant...

Basic Math
Q

Sutherland Corporation vendi productos a Rice Decorators por $ 75,000 el 1 de septiembre de...

Accounting
Q

Akita Sushi Restaurant offers two types of all-you-can eat options: regular and ultimate. Ultimate provides...

Accounting
Q

Go to the Quarter 3 worksheet, and then type Original data in cell A26 to...

Accounting
Q

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The...

Accounting
Q

3. The first man who advocated the view that the management should and can be...

Accounting
Q

Cost of Production Regort Lui Coffee Company roasts and packs coffee beans. The process begins...

Accounting
Q

Question No: 4 (Total marks for question 15, 10 for 'a' and 5 for 'b')...

Accounting
Q

5 Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San...

Accounting