Let's say that Jane decides to go to Crazy Johnny instead because a friend recommended that...

 

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Let's say that Jane decides to go to Crazy Johnny instead because a friend recommended that he is requiring zero down. Jane also decides that an older used car is all she needs. Figure out her monthly payment if she decides on the following from Crazy Johnny. You can use the car loan calculator here. No need to show work. A) What is her monthly payment on a 2010 Honda Civic priced at $4500 with a 15% interest rate for a 10 year loan? B) What is her monthly payment on a 2005 Jeep priced at $7000 with a 13% interest rate for a 10 year loan? C) What is one big issue you can see with buying an older, used vehicle (like a 2005 Jeep) and then taking a 10 year loan? Let's say that Jane decides to go to Crazy Johnny instead because a friend recommended that he is requiring zero down. Jane also decides that an older used car is all she needs. Figure out her monthly payment if she decides on the following from Crazy Johnny. You can use the car loan calculator here. No need to show work. A) What is her monthly payment on a 2010 Honda Civic priced at $4500 with a 15% interest rate for a 10 year loan? B) What is her monthly payment on a 2005 Jeep priced at $7000 with a 13% interest rate for a 10 year loan? C) What is one big issue you can see with buying an older, used vehicle (like a 2005 Jeep) and then taking a 10 year loan? Let's say that Jane decides to go to Crazy Johnny instead because a friend recommended that he is requiring zero down. Jane also decides that an older used car is all she needs. Figure out her monthly payment if she decides on the following from Crazy Johnny. You can use the car loan calculator here. No need to show work. A) What is her monthly payment on a 2010 Honda Civic priced at $4500 with a 15% interest rate for a 10 year loan? B) What is her monthly payment on a 2005 Jeep priced at $7000 with a 13% interest rate for a 10 year loan? C) What is one big issue you can see with buying an older, used vehicle (like a 2005 Jeep) and then taking a 10 year loan? Let's say that Jane decides to go to Crazy Johnny instead because a friend recommended that he is requiring zero down. Jane also decides that an older used car is all she needs. Figure out her monthly payment if she decides on the following from Crazy Johnny. You can use the car loan calculator here. No need to show work. A) What is her monthly payment on a 2010 Honda Civic priced at $4500 with a 15% interest rate for a 10 year loan? B) What is her monthly payment on a 2005 Jeep priced at $7000 with a 13% interest rate for a 10 year loan? C) What is one big issue you can see with buying an older, used vehicle (like a 2005 Jeep) and then taking a 10 year loan?

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To calculate Janes monthly payments for the given scenarios we can use the formula for calculating t... View the full answer