Question: Derek borrows $41,365.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.31%. What

Derek borrows $41,365.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.31%. What will the payments be? Round 2 decimal places

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!

A novelty scale for measuring a persons weight by having the person stand on a piston connected to a water reservoir and stand pipe is shown in the diagram. The level of the water in the stand pipe...

Abank offers 8.00% on savings accounts What is the effective annual rate if interest is compounded quarterly? Submit Answer format: Percentage Round to: 4 decimal places (Example: 92434% % sign...

Derek borrows $35 275.00 to buy a car He will make monthly payments for 6 years. The car loan has an interest rate of 5.11%. After a 15.00 months Derek decides to pay off his car loan How much must...

#2 Derek borrows $38,071.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.73%. What will the payments be? Submit Answer format: Currency: Round to: 2...

Derek borrows $43 371.00 to buy a car He will make monthly payments for 6 years. The car loan has an interest rate of 5.78%. After a 11.00 months Derek decides to pay off his car loan. How much must...

pls show work Darek borrows $321.938.00 to buy a house. He has a 30 -year morigage with a rate of 8.00%. Afer making 37.00 payments, how much does he owe on the mortgage? Answer format: Curruncy;...

27 Decek borrows $41,707.00 to buy a car He will make monthly payments for 6 years. The car loan has an interest rate of 8.30%. After a 10.00 months Derek decides to pay off his car loan How much...

1.A bank offers 4.00% on savings accounts. What is the effective annual rate if interest is compounded semi-annually? 2.A bank offers 7.00% on savings accounts. What is the effective annual rate if...

Derek borrows $31,300.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.25%. What will the payments be? Derek borrows $40,404.00 to buy a car. He will...

27)Derek borrows 33253 to buy a car . He will make monthly payments for 6 years. The car loan has an interest rate of 5.78 after a 10 months Derek decides to pay off his car loan. How much must he...

Assume you need to have $75,000 exactly 15 years from today. Assuming you do not make any additional deposits or withdrawals, exactly five years from today you must have $ in an account that earns...

List and explain the main causes and consequences of global change since the 1850s to the present day.

(*) Consider a firm that is run by a manager who acts in the interest of the existing risk neutral shareholders. At date t = 1, the firm has liquid assets (or cash) W and can choose between two types...

3 . Kristopher Company began operations in 2 0 1 4 . At \ ( 1 2 / 3 1 / 2 3 \ ) , Kristopher had a credit balance of \ ( \ $ 1 0 , 0 0 0 \ ) in its Allowance for Adjustment to Market. At January 1 ,...

A store has the following demand figures for the last four years: Year Demand 1 200 2 175 3 250 4 275 Given a demand forecast for year 3 of 225, a trend forecast for year 3 of 30, an alpha of 0.2,...

(Appendices) PREPARATION OF MERCHANDISING FINANCIAL STATEMENTS. Jay Coat Company has prepared the following unadjusted trial balance as of December Ble Ox2: LO9 The following data are also available:...

(Appendices) EFFECTS OF DISCOUNTS ON SALES AND PURCHASES. Helmkamp Products sells golf clubs and accessories to pro shops. During 19x5, Helmkamp purchased merchandise with a list price of $628,500 on...

(Appendices) TERMS OF SHIPMENT AND ENDING INVENTORY. On December 31, Archive Products had two shipments of merchandise in transit from different suppliers. The first shipment, which arrived on...