You look at your budget and decide that you can afford ($ 250) per month for a
Question:
You look at your budget and decide that you can afford \(\$ 250\) per month for a car. What is the maximum loan you can afford if the interest rate is \(3 \%\) and you want to repay the loan in 4 years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Sciences questions
-
Given the time value of money of 11 compounded annually calculate the term of an ordinary annuity of 425 monthly payments with a future value of 37725. Select one a 660 years b 55 years c 330 years ...
-
You look at your budget and decide that you can afford $280 per month for a car. What is the maximum loan you can afford if the interest rate is 5%. You want to repay the loan In 4 years?
-
You want to take out a loan to buy a new car for which you need to finance $20,089. Your bank will give you a loan at 10% compounded monthly. You look at your budget and decide that you can afford a...
-
The flexural rigidity of a rod-like structure like a microtubule is a measure of its bending stiffness. Flexural rigidity is given by EL, where E is the Young?s modulus and L is the geometrical...
-
One of the two thermally insulated vessels interconnected by a tube with a valve contains v = 2.2 moles of an ideal gas. The other vessel is evacuated. The valve having been opened, the gas increased...
-
Jule Cole is a founder of Mabels Labels, and she is the mother of six children. The probability that six randomly selected children are all girls is found by evaluating 0.5 6 . Find that value.
-
After the positrons were annihilated, the energy density of the universe was dominated by the photons and the neutrinos. Show that the energy density in that era was given by \(u_{\text {total...
-
1. For many decades, Porsche pursued a focused differentiation strategy. Using a clear strategic profile as a focused differentiator, Porsche was very successful and very profitable. More recently,...
-
3 3. 7 of the coins in a box are nickels. The rest are dimes. If there are 24 dimes, how many nickels are there?
-
Suppose you have an annuity from an insurance policy and you have the option of being paid \(\$ 250\) per month for 20 years or having a lump-sum payment of \(\$ 25,000\). Which has more value if the...
-
A \(\$ 1,000,000\) lottery prize pays \(\$ 50,000\) per year for the next 20 years. If the current rate of return is \(2.25 \%\), what is the present value of this prize?
-
What is an attribute? How is it related to an entity?
-
What events and experiences occurring earlier in life impacted their development in late life? What linkages do you see? Think about their physical, motor, cognitive, and interpersonal development...
-
A Richter 9.0 earthquake releases energy equivalent to about 500 megatons ( 5.0 x 10 ^8 tons ) of TNT. The hiroshima atomic bomb released the equivalent of 13 kilotoons ( 1.3 x 10 ^3 tons ). How many...
-
Mr. Uno had the following records of his horse races in the current month of 20X1: Horse Type of winnings Gross winnings Cost of Winnings A Trifecta P90,000 P40,000 B Ordinary 250,000 50,000 C Double...
-
What type of marketing channels) do you recommend, including the number and type of intermediaries to be used? How does each member of this channel add value? How will consumers get your product ?
-
What is the relevance of 'purpose' under pt IVA? Whose purpose is relevant and how is purposed ascertained?
-
List the three principles for matching expenses against revenues.
-
Use of the contraceptive Depo Provera appears to triple women's risk of infection with chlamydia and gonorrhea , a study reports today. An estimated 20 million to 30 million women worldwide use Depo...
-
Describe a jet pump.
-
Distinguish between a shallow-well jet pump and a deepwell jet pump.
-
Describe the difference between a simplex reciprocating pump and a duplex type.
-
When economists refer to a firm's capital, what are they likely describing? Select one: a. the firm's output of final goods and services b. the stock of equipment and buildings used in production c....
-
Mary decided to purchase shares in Gray Duck Ltd., a public company. She purchased 900 shares at $23 per share plus brokerage of $890 on May 24, 2019. The following additional transactions took...
-
Of the the following aspects, which two are important in assessing the cost of capital? a. Understanding the time value of money b. Understanding how to discount cash flows and returns into future...
Study smarter with the SolutionInn App