Question: Submit test point(s) possible An installment contract for the purchase of a car requires payments of $255.45 at the end of each month for 2.5

Submit test point(s) possible An installment contract for the purchase of a car requires payments of $255.45 at the end of each month for 2.5 years. Interest is 6% 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.) (b) The interest 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 Mathematics Questions!

MATH179 Group Presentation Week 12 Group D D1. The Rubber and Steel company is planning to manufacture a new product. The variable costs will be $61 per unit and the fixed costs are estimated at...

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...

A six-year, $1650.00 note bearing interest at 9.51% compounded annually was discounted at 11.2% compounded semi-annually yielding proceeds of $1916.75. How many months before the due date was the...

1. Troy is saving for his retirement 25 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $88.00 at the end of each year for the next 10 years....

2. For the last five years Joe has made deposits of $400 at the end of every six months earning interest at 3% compounded semi-annually. If he leaves the accumulated balance in an account earning 6%...

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...

Ms . Santos has contributed $ 4 , 0 0 0 . 0 0 per year for the last ten years into an RRSP account earning 9 . 0 0 % compounded annually. Suppose he leaves the accumulated contributions for another...

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)...

Jack purchased 100 shares of Green Forest stock at a price of $157.65 three months ago. He sold all stock today for $158.57. During this period the stock paid dividends of $5.67 per share. What is...

Find the possible inductance range of the following inductors a) 10 mH with a tolerance of 10% b) 2.0 nH with a tolerance of 5% c) 68 H with a tolerance of 10%

For a given change in interest rates, the prices of long - term bonds will chan True False

Perit Industries has $190,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are: Cost of equipment required Working capital investment...