ory Bookmarks Profiles Tab Window Help O . 1 1 8 6 7 9 8 0 Fri Jul Do Homework - Chapter 5 Homework ab.pearson.com/Student/PlayerHomework.aspx?homeworkld=652020363&questionld=12&flushed=false&cld=7443799¢erwin=yes B Loan Calculator | Bankra X Used 2021 Chevrolet Ma X Assignments * * Course Hero x EECU - Auto Loan X n/courses/95455/discussion_topics/1635206 Instructions You are in need of a car to commute to your new job. You have decided to purchase a 2-year-old car in a price range of $20,000 to $25,000. Consider the elements of the loan payment formula: Amortization Payments: PMT = - PVi 1-(1+i)-nil i = - # of periods compounded per year n = # of periods compounded per year * t1 Initial Post ( 5 Points) Answer the questions below regarding your car loan analysis. (Please do not include the question in your post.) 1. Find a 2 year-old car on the internet for sale and describe the website, make, model, color, and price in your post. 2. Find a used auto loan rate on the internet. Go to a bank or credit union site and find a rate associated with a 2 year-old car. Post the website that shows that rate. 3. Go to the bankrate.com Loan Calculator. ExInput the information for the terms of 3 yrs, 5 yrs, and 7 yrs. List each term, the payment amount and the Total Interest Paid amount. (You may list these items in a table.) Loan Table [Loan Amount] 3 Years 5 years 7 years Payment Amount Total Interest Paid 4. How does the change in n from the formula above change the payment amount? How does the change n from the formula above change the interest amount? Is lowering payments beneficial or detrimental to you as a borrower? One nact ic due by Friday July 7th by 11.50 am 20 583 F3 DD F6 F7 F8 F9 F10 F12 A & 5 O 7 9 del E R Y U O P D F G HBookmarks Profiles Tab Window Help [ (1 8 3 7 9 8 0 Fri Jul Do Homework - Chapter 5 Homework earson.com/Student/PlayerHomework.aspx?homeworkld=652020363&questionld=12&flushed=false&cld=7443799¢erwin=yes B Loan Calculator | Bankra X Used 2021 Chevrolet Ma X P Assignments * *Course Hero X EECU - Auto Loan urses/95455/discussion_topics/1635206 COX AIA UP Search entries or author Unread Edit View Insert Format Tools Table 12pt v Paragraph ~ | B I U A v Q V T Z Y Q V B V B B V B V |D D Y Y EV EV EV : 1. For the purpose of this discussion post I found a 2021 Chevrolet Malibu, in Summit White for $20,398. It is posted on NissanofClovis.com. 2. https://www.eecu.org/personal-banking/auto/products/auto-loan If you scroll down on the page under Auto Loan Rates - Model Year 2018-2021 you will find the rates listed. 3. You did not mention what Interest Rate to use so I used the rate that was set by default which was 4.5%. $20,398 13 Years 5 Years 7 Years Payment Amount $606.78 $380.28 $283.54 Total Interest Paid $1446.00 $2,418.82 $3,418.98 4 96 words * / Attach Cancel Post Reply Replies are only visible to those who have posted at least one reply. 20 888 4 F6 DD F7 F8 F9 =10 F12 & 5 6 7 O delete E R T Y U O P D F G H K C V D