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I need these both solved if possible please. I will be very grateful. Attempts: Do No Harm: /2 11. Problem 5.26 (PV and Loan Eligibility)
I need these both solved if possible please. I will be very grateful.
Attempts: Do No Harm: /2 11. Problem 5.26 (PV and Loan Eligibility) eBook You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have an 11% APR based on end-of-month payments. What is the most expensive car you can afford you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the most expensive car you can afford you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent. 12. Problem 5.36 (Nonannual Compounding) eBook a. You plan to make five deposits of $1,000 each, one every months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 7% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round intermediate calculations. Round your answer to the nearest cent. h. One year from today you must make a payment of $12,000. To prepare for this payment, you plan to make two equal quarterly deposits (at the end of Quarters 1 and 2) in a bank that pays 7% nominal interest compounded quarterly. How large must each of the two payments he? Do not round intermediate calculations. Round your answer to the nearest cent. $Step by Step Solution
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