Yesenia purchased a car for $16,789.23. She obtained a 72 month term loan at an interest rate of 3.74%. Her monthly payment is $260.69. Using the following balance function to select the appropriate input values to calculate the balance owed after the 60th payment. 121 BC) - 6, (1+ | Select ) М ( Select) | Select ) [ Select

Yesenia purchased a car for $16,789.23. She obtained a 72 month term loan at an interest rate of 3.74%. Her monthly payment is $260.69. Using the following balance function to select the appropriate input values to calculate the balance owed after the 60th payment. 121 BC) - 6, (1+ | Select ) М ( Select) | Select ) [ Select

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You borrowed an X amount of money from a local bank to be repaid over N months at an interest rate i (assume your own numbers for X, i, M). I need : (a) Create a table (using Excel) showing each month's interest in $ (I), principal repayment, and amount of principal remaining at the end of each month. (b) Suppose that you decided to pay out the remaining principal all at once after few monthly payments (< N), how much will you pay? Use the P /A relationship to answer this part and compare to the numbers in the table.
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For the car loan described, give the following information. A car dealer will sell you a used car for $6,298 with $798 down and payments of $161.51 per month for 48 months. (a) amount to be paid $ 8550.48 (b) amount of interest $ 2252.48 (c) interest rate (Round your answer to two decimal places.) 8.94 X % (d) APR (rounded to the nearest tenth of a percent) %
For the car loan described, give the following information. A car dealer will sell you the $30,950 car of your dreams for $6,000 down and payments of $667.06 per month for 60 months. (a) amount to be paid $ 46023.60 (b) amount of interest $ 15073.60 (c) interest rate (Round your answer to two decimal places.) 1.70 X % (d) APR (rounded to the nearest tenth of a percent) 20.4 X %

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