Gerritt wants to buy a car that costs $27,000. The interest rate on his loan is 5.35 percent compounded monthly and the loan is for 5 years. What are his monthly payments? Multiple Choice (select the correct answer) $511.58 $539.56 $496.74 $513.86 $524.73
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Gerritt wants to buy a car that costs $27,000. The interest rate on his loan is 5.35 percent compounded monthly and the loan is for 5 years. What are his monthly payments?
-
$511.58
-
$539.56
-
$496.74
-
$513.86
-
$524.73
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- Asher wants to buy a car that costs $29,660. He qualifies for a 4-year loan at a 2.8% annual interest rate, and he can afford a $500 monthly payment. What minimum down payment must Asher make to keep his monthly payment at or below $500? Round your answer to the nearest dollar. $6,980 $20,325 $22,680 $9,336Gerritt wants to buy a car that costs $30.250. The interest rate on his loan is 5.61 percent compounded monthly andthe loan is for 5 years. What are his monthly payments?Multiple ChoiceA. $592.10B. $560.04C. $608.31D. $576.65E. $579.35Phil can afford $170 a month for 5 years for a car loan. If the annual interest rate is 3.9 percent with monthly compounding, how much can he afford to borrow to purchase a car? Multiple Choice $9,430.57 $9,253.50 $8.395.57 58,976.00 $10,200.00
- A college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment 5 years from now, after he is out of college. The bank states that the payment will need to be $7,012.76. If John borrows the $5,000 from the bank, what nominal interest rate is he paying on his loan? O 7.5% O 7% O 7.25% O 8%Andy Reid wants to buy a new home that costs $375,000. He can borrow money from the bank at an interest rate of 6.8% compounded monthly. The mortgage is for 30 years and requires monthly payments. What is Andy's monthly mortgage payment? Multiple Choice O $2,811.43 $2.44472 $1,041.67Alex would like to purchase a new car for $15,000. How much will his monthly payments be if he took out a 3-year loan at 7% interest? $436.16 $463.16 $466.13 O $406.63
- Tian can afford to put a down payment of $8,000 on a car. He can also afford to make monthly payments of $218.52 at the end of each month for the next five years. If Tian is quoted an annual interest rate of 4.49%, what is the highest price he can afford to pay for a car? Group of answer choices $19,724.14 $11,724.14 $14,118.14 $5,330.13Ann will prepay the new loan 3 years after refinancing. She will save $4,000 on her loan balance when she prepays. What is Ann's annualized IRR from refinancing? QUESTION 17 Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of $1200 and monthly homeowner's insurance of $300. Jim has $1,500 in monthly student loan payments and an average monthly credit card bill of $1,000. Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Considering both the front end DTI limit and the back end DTI limit, what is the most they will allow Jim to spend on a monthly mortgage payment? O A. $5,000.00 O B. $82,500.00 OC.$7,000.00 OD. $5,500.00 Click Save and Submit to save and submit. Click Save All Answers to save all answers.Stephen has just purchased a home for $153,200. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75%. Stephen has agreed to pay 25% of the purchase price as a down payment. If Stephen made the same loan for 20 years, how much interest would he save? E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Stephen would save $ (Round to the nearest cent as needed.)
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