To finance your car, you have decided to take a car loan in the amount of $15,000
Question:
To finance your car, you have decided to take a car loan in the amount of $15,000 from your credit union. You will pay off this loan over 60 months. If the required monthly payment is $322.41, what is the effective annual interest rate on this car loan?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
15000 32241PA i 60 PAi ...View the full answer
Answered By
Kainat Shabbir
i am an experienced qualified expert with a long record of success helping clients overcome specific difficulties in information technology, business and arts greatly increasing their confidence in these topics. i am providing professional services in following concerns research papers, term papers, dissertation writing, book reports, biography writing, proofreading, editing, article critique, book review, coursework, c++, java, bootstarp, database.
5.00+
184+ Reviews
255+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
You have decided to buy your dream car that costs $40,000. You can afford $600 monthly payments at the loan rate of 9% over the 5 years of the loan. If your savings earn 4% interest annually, how...
-
You have decided to purchase a p3JLj new automobile with a hybrid-fueled engine and a six-speed transmission. After the trade-in of your present car, the purchase price of the new automobile is...
-
You are assigned to the December 31, 2011, audit of Sea Gull Airframes, Inc. The company designs and manufactures aircraft superstructures and airframe components. You observed the physical inventory...
-
Which of the following statements about an acquiescence is correct? a. Acquiescences are published only for certain regular decisions of the U.S. Tax Court. b. The IRS does not issue acquiescences to...
-
To test the effects of high acceleration on the human body, the National Aeronautics and Space Administration (NASA) constructed a large centrifuge at the Manned Spacecraft Center in Houston. In this...
-
A solution was prepared using 0.0010 g of an unknown steroid (of molecular weight around 255) in 100 mL of ethanol. Some of this solution was placed in a 1-cm cell, and the UV spectrum was measured....
-
Consider the contamination discussion at the start of this section. The information is summarized here. Probability of Failure Level of Probability of Contamination Level 0.1 High 0.2 0.005 Not high...
-
The notes that accompany a companys financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of...
-
Consider the following combinational circuit with 3 inputs a, b, c and two outputs F1 and Fo given by its truth table. a b C Fo F 0 0 0 1 0 0 1 0 1 0 1 0 0 1 0 1 1 1 1 1 0 0 0 1 1 0 1 0 0 1 1 0 0 1 1...
-
Part A 1. How well is Scrum working? 2. What are the issues confronting the Big Foot project? 3. Assume you are Kendra. What would you want to say at the retrospective? How would you say it? 4. What...
-
You obtained a loan of $20,000 to finance your home improvement project. Based on monthly compounding over 24 months, the endofthemonth equal payment was figured to be $922.90. What is the APR used...
-
You are purchasing a $16,000 used automobile, which is to be paid for in 36 monthly installments of $517.78. What nominal interest rate are you paying on this financing arrangement?
-
ABCD partnership, a calendar-year partnership, has four owners: A owns a 20 percent interest; B a 25 percent interest; C a 40 percent interest; and D the remaining 15 percent interest. Some of the...
-
Consider a system that consists of an ideal spring of spring constant k attached to a block of mass m. If we multiply only the amplitude of the system's simple harmonic motion by a factor of 4, then...
-
3. The following position vs. time graph describes the motion of a squirrel running along a clothesline. Use this graph to answer the questions below. Provide a brief explanation of each answer....
-
A flywheel slows from 484 to 400 rev/min while rotating through 42 revolutions. a. What is the (constant) angular acceleration of the flywheel? rad/s b. How much time elapses during the 42...
-
Parallel plates are separated by a distance of 10.0 cm as shown, and connected to a 18.5 V battery. Each plate has a small hole in it, and point P shows a certain location 4.00 am from one of the...
-
A jogger runs 10.0 blocks due east, 5.0 blocks due south, and another 2.0 blocks due east. Assume all blocks are of equal size. Use the graphical method (drawing the route) to find the magnitude of...
-
Let be the transition matrix for a Markov chain with three states. Let be the initial state vector for the population. Find the steady state vector. P = 1/3 || 120 X, 180 90
-
Prepare a stock card using the following information A company is registered for GST which it pays quarterly, assume GST was last paid on the 30th of June 2019. It uses weighted average cost...
-
Washington Air Company is considering the purchase of a helicopter for connecting services between the company's base airport and the new inter-county airport being built about 30 miles away. It is...
-
An airline is considering two types of engine systems for use in its planes. Each has the same life and the same maintenance and repair record. System A costs $ 100,000 and uses 40,000 gallons per...
-
Mustang Auto Parts, Inc., is considering one of two forklift trucks for its assembly plant. Truck A costs $15,000 and requires $3,000 annually in operating expenses. It will have a $5,000 salvage...
-
can anyone let me know what the capital and non-capital purchases would be from the cash book records Ben's Bookkeeping Cash Receipts Journal GST Other receipts Date Rec no. Particulars Bank...
-
When assessing a foreign country, market managers have to evaluate how feasible it is to target the market. What are marketing model drivers and enabling conditions? Briefly explain using the example.
-
The firm is looking to invest (in Year 0) in the design and development of an e-bike docking station for which a Return on Investment (ROI) of 30% is desired by the firm which anticipates an annual...
Study smarter with the SolutionInn App