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Hello, I have 3 quick problems I need assistance with. Please see attachment below. 1). You are considering the purchase of a BMW M5. You
Hello, I have 3 quick problems I need assistance with. Please see attachment below.
1). You are considering the purchase of a BMW M5. You will borrow the money from BMW Financial Services. The terms of the deal are outlined below: BMW M5 RWD, 500hp, 0-100 in 4.7s MSRP = $105,000 Term = 48 months APR = 8% Down Payment = $0 Monthly Payments = $2,563.36 The amortized loan payments are a blend of interest and principal. What is the total amount of interest you would pay over the life of the loan? Assume that taxes are zero. What is the total amount of interest you would pay over the life of the loan? $ (Round to the nearest dollar.) 2). The Shelby Cobra retails for $46,006 (all taxes included). What are the monthly loan payments for the car if you make a down payment of $4,594, the term is 6 years and the APR is 9.5%? (Car loan payments are made at the end of each month.) What is the amount of the monthly payment? 3). Determine the equal, annual, end-of-year payment required over the life of the following loans to repay them fully during the stated term. Term of Annual Interest Loan (Yrs Payment Loan Principal ($) Rate (%) ) ($) A 66 20 40,000 B 70,000 1515 6 Loan A Principal ($) 40,000 Interest Rate (%) 66 Term of equal Loan (Yrs Payment ) ($) 20 B Loan A B 70,000 Principal ($) 40,000 70,000 1515 6 Interest Rate (%) 66 1515 End of Term of the year Loan (Yrs Payment ) ($) 20 6 Round to the nearest cent for eachStep by Step Solution
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