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Dahasolnce [82]
2 years ago
12

Rupesh wants to buy a new BMW priced at $54,000. He makes a down payment of 20% of the original price. He also trades-in his old

car for $10,000. (This means he sells the old car to the dealer for $10,000). For the balance, Rupesh takes a 60-month car loan at an interest rate of 3.45%. What will be the approximate payment at the end of every month
Business
1 answer:
AlladinOne [14]2 years ago
5 0

Answer:

The approximate payment at the end of every month will be $603.22.

Explanation:

Since the payment is going to be made at the end of every month, this can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or the balance = Price of BMW - Down payment - Old car sales amount = $54,000 - ($54,000 * 20%) - $10,000 = $33,200

P = Monthly payment = ?

r = Monthly interest rate = Annual interest rate / 12 = 3.45% / 12 = 0.0345 /

12 = 0.002875

n = number of months = 60

Substitute the values into equation (1) and solve for P, we have:

$33,200 = P * ((1 - (1 / (1 + 0.002875))^60) / 0.002875)

$33,200 = P * 55.0377058660197

P = $33,200 / 55.0377058660197

P = $603.22

Therefore, the approximate payment at the end of every month will be $603.22.

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Answer:

The correct answer is: Snob effect.

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If you have 1-year rate is 8%, 2-year rate is 9%, and 3-year rate is 10%. Assume that the pure expectations theory for the term
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Explanation:

Given:

1-year rate = 8%

2-year rate = 9%

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Computation:

According to Pure Expectations Hypothesis,

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1.331 = 1.1881 (1 + 1 year rate 2 year from now)

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Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Customaria, a nation with a pure tr
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Occupational choices can be restricted.

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Answer:

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