Question: Hank purchased a 20 000 car two years ago using a
Hank purchased a $20,000 car two years ago using a 9 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What’s the minimum price Hank would need to receive for his car?
Relevant QuestionsA mortgage broker is offering a $183,900, 30-year mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 4 percent APR interest rate. After the second year, the ...If the present value of an ordinary, 7-year annuity is $6,500 and interest rates are 7.5 percent, what’s the present value of the same annuity due?What’s the interest rate of a 7-year, annual $4,000 annuity with present value of $20,000? A local furniture store is advertising a deal in which you buy a $3,000 dining room set and do not need to pay for two years (no interest cost is incurred). How much money would you have to deposit now in a savings account ...How would economic transactions between suppliers of funds (e.g., households) and users of funds (e.g., corporations) occur in a world without FIs?
Post your question