Question
1. Golden Auto will sell you a 2009 Toyota today for $13,500 with no money down. You agree to make monthly payments for 4 years,
1. Golden Auto will sell you a 2009 Toyota today for $13,500 with no money down. You agree to make monthly payments for 4 years, beginning one month from now. The loan interest rate is 6%. The amount of each payment is closest to:
| a. | $317 | |
| b. | $325 | |
| c. | $298 | |
| d. | $281 | |
| e. | $337 |
2. If $400 grows to $4,000 in 10 years, approximately what interest rate is earned?
| a. | 40% | |
| b. | 10% | |
| c. | 14% | |
| d. | 26% | |
| e. | 123% |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Finance At 40 Financial Intelligence
Authors: MOIRA O'NEILL Moira O'Neill
1st Edition
1408101114, 978-1408101117
