Homework: Chapter 5 Homework E Score: 0 of 1 pt 11 of 11 (10 complete) HW Score: 66.35%, 7.3 of P5-50 (similar to) Question Help Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used car. He has found one priced at $4,300. The salesman has told Tim that if he can come up with a down payment of $1,000, the dealer wil finance the balance of the price at an annual rate of 15% over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer, what will his monthly (end-of-month) payment amount be? b. Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 11%? a. Tim's monthly (end-of-month) payment amount is $1(Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer. 1 part Clear All Check Answer remaining

Answer rating: 100% (QA)

The Answer is in the image, click to view ... View the full answer