Question: A $ 5 2 , 0 0 0 loan is taken out on a boat with the terms 3 % APR for 3 6 months.

A $52,000 loan is taken out on a boat with the terms 3% APR for 36 months. How much are the monthly payments on this loan?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

6.0583% 6.1277% 6.1204% Daily Quarterly Monthly Which alternative offers you the highest effective rate of return? A) Investment A B) Investment B C) Investment C D) Investment Application: Discount...

Q:

A $57,000 loan is taken out on a boat with the terms 3% APR for 36 months. How much are the monthly payments on this loan? OA. $1,989.15 OB. $1,657.63 OC. $2,154.92 OD. $1,823.39 A $57,000 loan is...

Q:

A $42,000 loan is taken out on a boat with the terms 3% APR for 36 months. How much are the monthly payments on this loan? OA. $1,343.55 B. $1,465.69 C. $1,221.41 O D. $1,587.83 A $42,000 loan is...

Q:

A $62,000 loan is taken out on a boat with the terms 6% APR for 36 months. How much are the monthly payments on this loan? A. $2,263.39 B. $2,452.01 C. $1,886.16 OD. $2,074.78 ... A $62,000 loan is...

Q:

A $43,000 loan is taken out on a boat with the terms 9% APR for 36 months. How much are the monthly payments on this loan? A. $1,777.61 B. $1,504.13 C. $1,640.87 D. $1,367.39 A $43,000 loan is taken...

Q:

Multiple Choice (25 OQuestions 4 -100 Points) 1) The effective annual rate (EAR) for a loan with a stated APR of 11% compounded quarterly-cosest to A) 12.61% B) 13.75% C)11.46% D) 14.90% 2) Consider...

Q:

1) A $32,000 loan is taken out on a boat with the terms 3% APR for 36 months. How much are the monthly payments on this loan? A) $1663.45 B) $1814.67 C) $1965.89 D) $1512.22 52) A construction...

Q:

What is the yield to maturity of a eight-year, $5,000 bond with a 4.5% coupon rate and semiannual coupons if this bond is currently trading for a price of $4,615? A.5.71% B.8% C.6.85% D.2.86% A...

Q:

18.) A homeowner has five years of monthly payments of $ 1,100 before she has paid off her house. If the interest rate is 7% APR, what is the remaining balance on her loan? 19.) An annuity pays $ 11...

Q:

A $48,000 loan is taken out on a boat with the terms 6% APR for 36 months. How much are the monthly payments on this loan? O A. $1,752.30 OB. $1,460.25 O C. $1,898.33 OD. $1,606.28 ch 1 di What is...

Q:

Refer to Data Set 1 in Appendix B and find the maximum and minimum pulse rates for males, then use those values with the range rule of thumb to estimates. How many adult males must you randomly...

Q:

Explain the key objective of substantive testing and the response from auditors when errors or exceptions are identified during testing

Q:

Limitation 2 . Tax law prohibits an accrual method busine owed to a related person who uses the cash method until s associated with the payment Adopting an Accounting method Permissible accounting...

Q:

There are many management theories that are utilized in organizations. These theories were developed by scholars in the management discipline. One individual was responsible for identifying the major...