Your job this week is to use the loan formula to compute your payment on an...

 

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Your job this week is to use the loan formula to compute your payment on an imaginary car loan. Find a car advertised for sale in your area for at least $9000. Assume that you have $5000 for the down payment, that you will pay the advertised price (plus sales tax, if appropriate) and that you are credit-worthy enough to qualify for a loan. Find an appropriate loan -- used cars and new cars typically have different loans. Use the loan payment formula to compute your monthly payment for your car. You may use an online loan calculator to check your answer, but use the formula! And, use that equation editor (math formatting tool) to show the work and steps. (I know; nuisance.) Your post should include: a description of the car you chose, its price, the loan amount, the terms of the loan (interest rate and number of years), and your payment amount--as below. In your post, you should include the elements 1, 2, 3 below. For ease of reading for all readers, and for consistency, use the same numbering used in this list, use single spacing within the bullet, and use an extra line before the next numbered item. And, be explicit; say "linear" or "not linear" as part of your work in 3. 1. A description of the car you chose, its price, and the loan amount. Please don't embed photos or table or ads or other graphic, or do anything to make this part or any part of your post big. 2. The terms of the loan (interest rate, and term) including the name of your lender. Please include a link to that page at the lender's site. Don't copy photos or tables or the general formula you're going to use, or otherwise enlarge this part. 3. Show the work as described above at bold. Take your time; be sure to include the left-hand side of the formula, for example (!) Be sure to use the equation editor for calculations. (Model on previous excellent posts, after the instructor reviews and signals.) After the calculations, end with a short direct complete English sentence to answer the question, What are the monthly payments on this car? Your job this week is to use the loan formula to compute your payment on an imaginary car loan. Find a car advertised for sale in your area for at least $9000. Assume that you have $5000 for the down payment, that you will pay the advertised price (plus sales tax, if appropriate) and that you are credit-worthy enough to qualify for a loan. Find an appropriate loan -- used cars and new cars typically have different loans. Use the loan payment formula to compute your monthly payment for your car. You may use an online loan calculator to check your answer, but use the formula! And, use that equation editor (math formatting tool) to show the work and steps. (I know; nuisance.) Your post should include: a description of the car you chose, its price, the loan amount, the terms of the loan (interest rate and number of years), and your payment amount--as below. In your post, you should include the elements 1, 2, 3 below. For ease of reading for all readers, and for consistency, use the same numbering used in this list, use single spacing within the bullet, and use an extra line before the next numbered item. And, be explicit; say "linear" or "not linear" as part of your work in 3. 1. A description of the car you chose, its price, and the loan amount. Please don't embed photos or table or ads or other graphic, or do anything to make this part or any part of your post big. 2. The terms of the loan (interest rate, and term) including the name of your lender. Please include a link to that page at the lender's site. Don't copy photos or tables or the general formula you're going to use, or otherwise enlarge this part. 3. Show the work as described above at bold. Take your time; be sure to include the left-hand side of the formula, for example (!) Be sure to use the equation editor for calculations. (Model on previous excellent posts, after the instructor reviews and signals.) After the calculations, end with a short direct complete English sentence to answer the question, What are the monthly payments on this car?

Answer rating: 100% (QA)

ANSWER 1 I chose a 2019 Honda Civic LX for 21450 The loan amount is 16450 2 The terms of the loan ar... View the full answer