Find an advertisement for the purchase of a car and pretend that you are going to...
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Find an advertisement for the purchase of a car and pretend that you are going to make that purchase by financing the amount of the listed selling price. You will need to turn in a copy of the advertisement with this project. You will finance the car at 6% and calculate your monthly payment for 4 years and then calculate your monthly payment for 6 years. *As you are answering your questions, be sure that you are using credible sources and save your sources so that you can site them at the bottom of the paper. You will be required to have at least 3 credible sources during your research * 1. Using the chart below: Calculate the amount of your monthly car payment. Be sure and round your payment to the nearest cent before calculating total cost and interest. Calculate the total cost of the car. Find the amount of Interest paid. = A r 12 P-410-047] 1+ r -n Car Chosen: (Include the Make, Model, Year, and Price) Amount Financed (A) Interest Rate (r), in decimal form Duration of the loan (n), in months Monthly payment (P) Use formula above and show work Total Cost of Car (C), C = P n Amount of Interest paid, C-A Financed at 6% interest for 4 years Financed at 6% interest for 6 years Find an advertisement for the purchase of a car and pretend that you are going to make that purchase by financing the amount of the listed selling price. You will need to turn in a copy of the advertisement with this project. You will finance the car at 6% and calculate your monthly payment for 4 years and then calculate your monthly payment for 6 years. *As you are answering your questions, be sure that you are using credible sources and save your sources so that you can site them at the bottom of the paper. You will be required to have at least 3 credible sources during your research * 1. Using the chart below: Calculate the amount of your monthly car payment. Be sure and round your payment to the nearest cent before calculating total cost and interest. Calculate the total cost of the car. Find the amount of Interest paid. = A r 12 P-410-047] 1+ r -n Car Chosen: (Include the Make, Model, Year, and Price) Amount Financed (A) Interest Rate (r), in decimal form Duration of the loan (n), in months Monthly payment (P) Use formula above and show work Total Cost of Car (C), C = P n Amount of Interest paid, C-A Financed at 6% interest for 4 years Financed at 6% interest for 6 years
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Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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