Question: please help me answer A and B An instaliment contract for the purchase of a car requires payments of $329.32 at the end of each

please help me answer A and B

An instaliment contract for the purchase of a car requires payments of $329.32 at the end of each month for 2.75 years. Interest in 4% per annum compounded monthly (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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!

An instaliment contract for the purchase of a car requires payments of $235.36 at the end of each month for 2.75 years. Interest is 5% per annum compounded monthly. (a) What is the amount financed?...

Need help with A and B An installment contract for the purchase of a car requires payments of $278.33 at the end of each month for 3.5 years. Interest is 9% per annum compounded monthly (a) What is...

A) What is the discounted value of payments of $48.00 made at the end of every three months for 4.25 years if interest is 4% compounded. B) An installment contract for the purchase of a car requires...

plz help with all, will give thumbs up tinh song for his rutrument 24 years from now by noting up a swingepian. He has set up sving plan whoren he will deposit $110.00 at 1w end of each month for the...

Please help me in all these questions asap. Homework: Chapter 11: Ordinary Simple Annuities PVA Save Score: 0 of 1 pt 1 of 4 (0 complete) v HW Score: 0%, 0 of 4 pts 11.3.1 Question Help Find the...

An installment contract for the purchase of a car requires payments of $206.89 at the end of each month for 4 years. Interest is 11% per annum compounded monthly. (a) What is the amount financed? (b)...

An installment contract for the purchase of a car requires payments of $329.27 at the end of each month for 3 years. Interest is 10% per annum compounded monthly. (a) What is the amount financed? (b)...

need help please What is the discounted value of payments of $83.00 made at the end of each month for 9.25 years if interest is 6% compounded monthly? The discounted value is $ (Round the final...

1. Josh contributed $150.00 every three months into an RRSP for 10 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last...

1) William has saved $560 per quarter for the last three years in a savings account earning 5.2% compounded quarterly. He plans to leave the accumulated savings for seven years in the savings account...

Figure shows that for any given demand curve for the right to pollute, the government can achieve the same outcome either by setting a price with a corrective tax or by setting a quantity with...

The following information relates to Axar Products for calendar year 2011, the companys first year of operation: Units produced................. 20,000 Units sold................... 18,000 Selling...

When management concludes that substantial doubt does not exist when the auditors believe that it does, the financial statements contain a departure from generally accepted accounting principles. In...

On 1 March 2007 DB Limited issued R560 000 15% debentures at R98. The debentures were to be redeemed at par in four equal annual payments starting 28 February 2010. Required: Journalise the above...