1) Nicole wants to purchase a new car, which has a total cost of $35,482. She pl
ID: 2815927 • Letter: 1
Question
1) Nicole wants to purchase a new car, which has a total cost of $35,482. She plans to put a down payment of $5000 and will pay the rest by taking on a 5.75 percent (APR) five-year bank loan. What is the monthly payment on this auto loan. (Round to nearest dollar) SHOW WORKING
2) Albend holmes wants to deposit $2500 in a bank account that pays 5.5 percent annually. How many years will it take for his investment to grow to $15,100? (Round to nearest year) SHOW WORKING
3) William invested $4000 in an account earning 5 annual percentage rate (APR). If he had left his investment as well as any interest earned in that account for three years , he would expect the TOTAL INTEREST earned over the three years to be exactly. SHOW WORKING
Explanation / Answer
1)
loan amount= total cost-down payment=35482-5000=30482
What is the monthly payment on this auto loan=30482/((1-(1+(5.75%/12))^(-5*12))/(5.75%/12))
=585.77
the above is answer..
we do only one question based on Chegg rule
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