Question
Mark has long wanted a new car, and has finally decided to turn to the latest version of a famous sports car. The new price
Mark has long wanted a new car, and has finally decided to turn to the latest version of a famous sports car. The new price at the car dealer FC (fast cars) is set at $ 740,000, which means that Mark as of today is dependent on using some form of financing to cover $ 300,000 of the purchase price. a) FM (fast money) Bank offers financing in the form of a consumer loan, where the nominal annual interest rate is 6.5%. The number of installments per year is 24, and the term of the loan is set at 7 years. In addition to the loan amount, he must also pay $ 3,600 in set-up fees, which are added to the top of the loan amount. What will be the term amount if the car is to be paid down according to the annuity principle? b) The car dealer FC also offers various financing schemes. Among these is a car loan where the nominal annual interest rate is 7%, the term is 6 years, and the term is one (1) month. The car salesman claims that this is a good offer, and points out that this loan also has no establishment fee. What will be the cost of this loan? Mark has a third option, which he is also considering carefully. This means saving money every month in a fund account, which has given an effective return of 4% per year. Assume that this trend continues. c) How long does Mark have to save to afford the car if, in addition to depositing the money he already has, he chooses to save $ 5,000 a month?
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