Read Resource R1, How Much Are You Really Paying for that Car Loan? Then answer the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Read Resource R1, How Much Are You Really Paying for that Car Loan? Then answer the questions below. You may use a calculator to perform computations for this competency. Round off your answers to two places to the right of the decimal point. This is a practice activity and will not be assessed. During your In Office Check, your Assessor will ask you to compare the terms of two loans similar to those outlined below. You will be required to perform tasks similar to questions 1-3 below. You may use the online calculator to perform computations for this competency. Refer to the tutorials in the Tutorial tab to answer these questions and to prepare for your In Office Check. The tutorials includes how to create a bar chart and a pie chart. Bob needs to borrow $10,000. After researching several lending institutions, he has narrowed his. search to the two financial Institutions referenced below. Use these charts to compare the terms of the Joan offers by the two financial institutions. GREATSTART BANK APR (Annual Percentage Rate) Length of loan Prepayment penalty Monthly payment amount 11.99 % 48 months No $263.29 FIRST NATIONAL BANK OF FAIRVILLE APR (Annual Percentage Rate) Length of loan Prepayment penalty Monthly payment amount 10.99% 60 months No $217,37 Open Calculator 1. Explain how you will calculate the total interest paid over the life of each loan. Consider the monthly payment amount, the length of the loan (number of months), and the principal (the initial © 2023 by CASAS Allghta reserved. Bulld 3.4 Consumer Awareness Consumer Loans Tutorials Overview Activity A In-Office Check IOC Notes search to the two financial institutions referenced below. Use these charts to compare the terms of the loan offers by the two financial institutions. GREATSTART BANK APR (Annual Percentage Rate) Length of loan Prepayment penalty Monthly payment amount 11.99% 48 months No $263.29 FIRST NATIONAL BANK OF FAIRVILLE APR (Annual Percentage Rate) 10.99% Length of loan Prepayment penalty Monthly payment amount 60 months No $217.37 Open Calculator 1. Explain how you will calculate the total interest paid over the life of each loan. Consider the monthly payment amount, the length of the loan (number of months), and the principal (the initial amount of loan). OFIRST NATIONAL BANK OF FAIRVILLE 2b. How much will Bob save by choosing this less expensive option? 2a. Assuming that Bob holds each loan for the entire term, which loan will cost Bob less overail? OGREATSTART BANK 3a. Use spreadsheet software to open a new worksheet. Create a bar or column chart that illustrates the difference in the monthly payment amounts for each loan. Be sure to include a scale and label the elements in the chart. 323 y CADAS. A rights reserved Build 3011 Read Resource R1, How Much Are You Really Paying for that Car Loan? Then answer the questions below. You may use a calculator to perform computations for this competency. Round off your answers to two places to the right of the decimal point. This is a practice activity and will not be assessed. During your In Office Check, your Assessor will ask you to compare the terms of two loans similar to those outlined below. You will be required to perform tasks similar to questions 1-3 below. You may use the online calculator to perform computations for this competency. Refer to the tutorials in the Tutorial tab to answer these questions and to prepare for your In Office Check. The tutorials includes how to create a bar chart and a pie chart. Bob needs to borrow $10,000. After researching several lending institutions, he has narrowed his. search to the two financial Institutions referenced below. Use these charts to compare the terms of the Joan offers by the two financial institutions. GREATSTART BANK APR (Annual Percentage Rate) Length of loan Prepayment penalty Monthly payment amount 11.99 % 48 months No $263.29 FIRST NATIONAL BANK OF FAIRVILLE APR (Annual Percentage Rate) Length of loan Prepayment penalty Monthly payment amount 10.99% 60 months No $217,37 Open Calculator 1. Explain how you will calculate the total interest paid over the life of each loan. Consider the monthly payment amount, the length of the loan (number of months), and the principal (the initial © 2023 by CASAS Allghta reserved. Bulld 3.4 Consumer Awareness Consumer Loans Tutorials Overview Activity A In-Office Check IOC Notes search to the two financial institutions referenced below. Use these charts to compare the terms of the loan offers by the two financial institutions. GREATSTART BANK APR (Annual Percentage Rate) Length of loan Prepayment penalty Monthly payment amount 11.99% 48 months No $263.29 FIRST NATIONAL BANK OF FAIRVILLE APR (Annual Percentage Rate) 10.99% Length of loan Prepayment penalty Monthly payment amount 60 months No $217.37 Open Calculator 1. Explain how you will calculate the total interest paid over the life of each loan. Consider the monthly payment amount, the length of the loan (number of months), and the principal (the initial amount of loan). OFIRST NATIONAL BANK OF FAIRVILLE 2b. How much will Bob save by choosing this less expensive option? 2a. Assuming that Bob holds each loan for the entire term, which loan will cost Bob less overail? OGREATSTART BANK 3a. Use spreadsheet software to open a new worksheet. Create a bar or column chart that illustrates the difference in the monthly payment amounts for each loan. Be sure to include a scale and label the elements in the chart. 323 y CADAS. A rights reserved Build 3011
Expert Answer:
Answer rating: 100% (QA)
To calculate the total interest paid over the life of each loan For GreatStart Bank loan Monthly payment amount 22329 Length of loan 48 months Princip... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Are there dangers with incarcerating young people in detention facilities? What about the potential for negative long-term impact? Using three documented examples of misconduct/mistreatment of youth...
-
In Exercises 8586, find a. (f g)(x); b. (g f)(x); c. (f g)(3). f(x)=x, g(x) = x + 1
-
Figure 3-B illustrates a mass m1 driven by a sinusoidal force whose frequency is w. The mass m1 is attached to a rigid support by a spring of force constant k and slides on a second mass m2. The...
-
A light bulb manufacturer wants to estimate the total number of defective bulbs contained in all of the boxes shipped by the company during the past week. Production personnel at this company have...
-
Write a Monte Carlo code for a system of \(N\) hard spheres of diameter \(D\) on a one-dimensional ring of length \(L\) with periodic boundary conditions. Calculate the pair correlation function and...
-
Via Gelato is a popular neighborhood gelato shop. The company has provided the following data concerning its operations: While gelato is sold by the cone or cup, the shop measures its activity in...
-
Executives at Southwestern Construction have noticed that the company's construction team in the Phoenix office is more efficient with its resources than the other teams in the Las Vegas, Salt Lake,...
-
A job shop consists of 6 different machines and 4 different jobs are to be processed through these machines. The job interarrival time follows Exp(15) mins. Each job is processed on a series of...
-
Please write down whether the following statements are true or false, and explain your answer very briefly. 1. At the higher levels of national output where AS curve is nearly vertical, expansionary...
-
Would it be valuable for MMM to increase their pay-out ratio or decrease it to reinvest more in the company? Why does only one model respond to the 5-year growth rate?
-
Carly Jacobsen has been hired as the new CEO of Argosy Bank. Argosy Bank is based in Detroit, MI and is heavily oriented towards consumer lending (as opposed to commercial lending to businesses,...
-
Lucy lives in Tung Chung and goes to work in Central by coach operated by Express Coach Company ("ECC") everyday. She buys her ticket from the driver every morning and she always falls asleep shortly...
-
One The small town of Fort William has only two pharmacists. One pharmacist is Catholic, the other Protestant. side of the town is predominantly Catholic; the other predominantly Protestant. The...
-
One of the most important concepts about court justice can sometimes be the very right to get into the courthouse door. In Chapter 2, we have learned, and will be learning about "jurisdiction",...
-
A company is considering purchasing equipment that will cost $1,000,000. The equipment is classified at a CCA rate of 25%. The cquipment will add $80,000 in production costs each year and will...
-
Discuss whether responsible human resources management should apply different standards for the home company and suppliers, for developed countries and developing countries, and for large companies...
-
David and Darlene Jasper have one child, Sam, who is 6 years old. The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David's Social Security number is 577-11-3311, Darlene's is...
-
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
-
Harold Conners (Social Security number 785-23-9873) lives at 13234 DeMilo Drive, Houston, TX 77052, and is self-employed for 2012. He estimates his required annual estimated tax payment for 2012 to...
-
Draw Bode plots for a sixth-order Pade approximation to a pure delay of 1 second.
-
A rejection network that can be utilised instead of the twin-T network is the bridged-T network shown below. The transfer function of this network is given by \[...
-
Sketch the polar plot of the frequency response for the following transfer functions: 1 (a) KG(s): = (1+0.5s) (1+2s) (1+0.5s) (b) KG(s) = $2 s+10 (c) KG(s) = s2+6s+10 30(s+8) (d) KG(s) = s(s+2)(s+4)
Study smarter with the SolutionInn App