Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer both questions pls Derek borrows $32,665.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest

answer both questions pls
image text in transcribed
Derek borrows $32,665.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.30\%. After a 12.00 months Derek decides to pay off his car loan. How much must he give the bank? Answer format: Currency: Round to: 2 decimal places. Derek wants to withdraw $10,328.00 from his account 3.00 years from today and $12,051.00 from his account 15.00 years from today. He currently has $3,914.00 in the account. How much must he deposit each year for the next 15.0 years? Assume a 6.79% interest rate. His account must equal zero by year 15.0 but may be negative prior to that

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research In Finance

Authors: John W. Kensinger

1st Edition

0857245414, 978-0857245410

More Books

Students also viewed these Finance questions