You want to buy a $35,000 car today, but you don't have the cash to buy...

  

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You want to buy a $35,000 car today, but you don't have the cash to buy it. The dealership is offering to loan you the money at 7% interest with payments made monthly for the next five years. If you choose to buy the car, what is your monthly car payment (round to nearest dollar)? You want to start saving now so you have cash to buy a $40,000 car in four years. You can earn 8% interest on your monthly payments. How much must you save each month to achieve your $40,000 goal in 4 years (round to nearest dollar)? 12. $ You decide to save $500 every month for the next five years so you can start a small business. You are investing the money and can earn 9%. How much will you have saved by the end of the five years (round to nearest dollar)? 13. $ You won $75,000, after taxes have been taken out, from a scratch-off lottery ticket. You decide to invest the money, so you have a down payment for a home in 3 years. Your expected annual return is 9%; how much will you have for a down payment in 3 years (round to nearest dollar)? You want to buy a $35,000 car today, but you don't have the cash to buy it. The dealership is offering to loan you the money at 7% interest with payments made monthly for the next five years. If you choose to buy the car, what is your monthly car payment (round to nearest dollar)? You want to start saving now so you have cash to buy a $40,000 car in four years. You can earn 8% interest on your monthly payments. How much must you save each month to achieve your $40,000 goal in 4 years (round to nearest dollar)? 12. $ You decide to save $500 every month for the next five years so you can start a small business. You are investing the money and can earn 9%. How much will you have saved by the end of the five years (round to nearest dollar)? 13. $ You won $75,000, after taxes have been taken out, from a scratch-off lottery ticket. You decide to invest the money, so you have a down payment for a home in 3 years. Your expected annual return is 9%; how much will you have for a down payment in 3 years (round to nearest dollar)?

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Answer Car Loan Payment Calculation Loan amount 35000 Interest rate 7 per year convert to monthly for the formula 7 12 0583 per month Loan term 5 year... View the full answer