Hamed will borrow $20,000 to purchase a car.The annual interest rate will be 6%, compounded monthly.How much

Fantastic news! We've Found the answer you've been seeking!

Question:

Hamed will borrow $20,000 to purchase a car.The annual interest rate will be 6%, compounded monthly.How much interest would he save if he paid off the loan in monthly instalments over 4 years instead of 5 years?

a) $4,983

b) $3,986

c) $956

d) $654

The answer is d) $654. I am looking for how to compute this on financial calculator with steps please.

Posted Date: May 18, 2024 09:08 AM

See More Questions

Using the Internet, explore the most useful mobile applications for a business or industry of your choice. Also explore mobile applications for this business or industry that are not currently...
The textbook lists depreciation as an example of a period cost that often must be updated in the accounting records at the end of a fiscal period. What other examples of period costs that must be...
Refer to Exercise 67. Construct a joint probability table to compute the In Exercise 67 In a recent survey of local businessmen and business-women, 40% of the respondents said they were online...
Why are mass transfer coefficients from clean drops higher than mass transfer coefficients in dirty systems? What is the practical significance of this?
1. What is the cost of completing this project if no overtime is used? How long will it take to complete the project? 2. What is the shortest amount of time in which the project can be completed?...
Presented below are financial statements ( except cash flows ) for two not - for - profit organizations. Neither organization has any permanently restricted net assets. ABC Not - for - Profit XYZ Not...
Mercury, Inc. using the weighted average inventory costing method. For the year, sales amounted to $ 2 7 5 , 0 0 0 . Mercury had 2 5 0 units available for sale and sold 2 2 0 units during the year....
An article in the San Jose Mercury News stated that students in the California state university system take 4.5 years, on average, to finish their undergraduate degrees. Suppose you believe that the...
From generation to generation, the mean age when smokers first start to smoke varies. However, the standard deviation of that age remains constant of around 2.1 years. A survey of 40 smokers of this...
In 1955, Life Magazine reported that the 25 year-old mother of three worked, on average, an 80 hour week. Recently, many groups have been studying whether or not the women's movement has, in fact,...
The mean age of De Anza College students in a previous term was 26.6 years old. An instructor thinks the mean age for online students is older than 26.6. She randomly surveys 56 online students and...
If the tolerance is reduced by half, how would this affect the minimum sample size?
Alyssa Corporation uses a standard cost system Direct labor information for Product CER for the month of October is as follows Standard rate $800 per hour Actual rate paid $830 per hour Standard...
What is beacon marketing? What are digital wallets?
Suppose that we wish to compute the inverse and log-determinant of the matrix \[ \mathbf{I}_{n}+\mathbf{U} \mathbf{U}^{\top} \] where $\mathrm{U}$ is an $n \times h$ matrix with $h \ll n$. Show...
Suppose that in the stochastic gradient descent method we wish to repeatedly draw minibatches of size $N$ from $\tau_{n}$ where we assume that $N \times m=n$ for some large integer...
Denote the pdf of the $\mathscr{N}(\mathbf{0}, \boldsymbol{\Sigma})$ distribution by $\varphi \Sigma(\cdot)$, and let \[ \mathscr{D}\left(\boldsymbol{\mu}_{0} \boldsymbol{\Sigma}_{0} \mid...

Hamed will borrow $20,000 to purchase a car.The annual interest rate will be 6%, compounded monthly.How much

Question:

Expert Answer:

Students also viewed these finance questions