Big Ed’s car dealership is running a special on 2008 trucks. Big Ed offers financing at a rate of 6.71% on a loan with a term of 36 months, but he requires the customer to make a down payment of 15% of the cost of the vehicle. You are interested in a Car Crusher truck that costs $25,230. Not including the down payment, how much will you pay over the lifetime of the loan? a. $27,924.84 c. $23,735.88 b. $25,789.32 d. $21,445.50 Please select the best answer from the choices provided
The National Science Foundation (NSF) offers grants to students who are interested in pursuing a college education. The student must be enrolled full time (12 credit hours or more), and hold a grade point average of 3.8. The NSF will pay $9,500 per year towards tuition for 4 years. The initial amount is placed into an account paying 7.8% compounded annually, and the tuition is drawn from the account until the remaining balance is zero dollars. Determine the initial amount invested by the NSF. Round your answer to the nearest dollar.a.$30,000c.$35,036b.$31,606d.$38,000
Google has just purchased your website that reviews GPS systems. You made a profit of $65,000. You would like to invest the $65,000 into an account that pays you an annual compounded interest rate of 5.5%. You want to make annual withdrawals over the next 10 years such that by the end of this 10 year period, the amount remaining in the account will be zero dollars. Determine, from the given information, the amount of the annual withdrawals. Round your answer to the nearest cent.a.$6,500c.$7,251.31b.$7,023.45d.$8,623.40
You have sold your home and would like to travel the European country side. While you are out of the country, you would like the profit that you made on the sale of your home to gain interest while you are away in Europe. You made a profit of $25,000 on the sale of your home, and you invest this amount into an account paying 7.8% interest compounded annually. If you are to withdraw from the account over a 5 year period, such that by the end of the five year period there is zero dollars in the account, how much annually will you be able to withdraw from the account?a.$5,821.22c.$6,012.10b.$5,959.02d.$6,228.44
You have decided to purchase a car for $19,000. The credit union requires a 10% down payment and will finance the balance with a 9% annual interest loan for 36 months. The sales tax in your city is 8.3%, and the license and title charges are $75. What is the total purchase price of the car including tax, license, and title?a.$19,075.00c.$20,652.00b.$18,594.30d.$20,577.00
Using technology, determine the quarterly payment on a 4 year loan of $16,231 at 5.1% compounded quarterly. Round your answer to the nearest cent. a. $1,125.69 c. $1,518.85 b. $1,127.86 d. $1,508.31 Please select the best answer from the choices provided
You have just received an inheritance of $28,000 and would like to invest it into an account. The bank offers two investment plans, one for 4 years at 5.8% compounded annually and another for 3 years at 7.083% compounded annually. You want to make equal annual withdrawals from the account over the life time of the loan. Which investment will yield the highest return over the duration of the loan, given that the account will be zeroed out by the end of that period?a.3 year account; $32,056.89c.3 year account; $24,130.77b.4 year account; $42,742.52d.4 year account; $32,174.36
You have decided to purchase a car for $22,346.16. The credit union requires a 10% down payment and will finance the balance with a 5.4% annual interest loan for 36 months. The sales tax in your city is 7.6%, and the license and title charges are $125.13. Determine the amount that the credit union will finance you for. Round your answer to the nearest cent.a.$24,179.10c.$21,761.20b.$24,169.60d.$21,752.64
Using technology, determine the present value given that you make monthly payments of $250.00 at 2.3% compounded monthly over a 5 year period. Round your answer to the nearest cent. a. $10,776.33 c. $14,156.84 b. $8,046.04 d. $14,165.26 Please select the best answer from the choices provided
Mari has just made her last payment on her car. The lifetime of the loan was 36 months. The bank financed her for $15,000 at 6.71%. How much did Mari actually pay, after she made her last payment, for the car?a.$15,000c.$17,001.20b.$16,602.12d.$18,205.30
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