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THIS IS A VEHICLE FINANCE. 1.4 Assignment 5.1: Financing a New...

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Finance

THIS IS A VEHICLE FINANCE. 1.4
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Assignment 5.1: Financing a New Vehicle (continued) 4. Max Trucker is able to make a down payment of $3500 on the four-wheel-drive vehicle in Question 3. In order to finance the remaining portion, he takes out a four- year car loan at a fixed interest rate of 9%. a) Calculate his monthly payment for the four-wheel-drive vehicle. (2 marks) b) Calculate his deferred payment for the four-wheel-drive vehicle. (2 marks) c) Calculate his finance charge for the four-wheel-drive vehicle. (1 mark) Assignment 5.1: Financing a New Vehicle (continued) 4. Max Trucker is able to make a down payment of $3500 on the four-wheel-drive vehicle in Question 3. In order to finance the remaining portion, he takes out a four- year car loan at a fixed interest rate of 9%. a) Calculate his monthly payment for the four-wheel-drive vehicle. (2 marks) b) Calculate his deferred payment for the four-wheel-drive vehicle. (2 marks) c) Calculate his finance charge for the four-wheel-drive vehicle. (1 mark)

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