Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE PROVIDE AN ANSWER FOR SEATTLE, WA Your job this week is to use the loan formula to compute your payment on an imaginary car

image text in transcribed

PLEASE PROVIDE AN ANSWER FOR SEATTLE, WA

Your job this week is to use the loan formula to compute your payment on an imaginary car loan. Find a car advertised for sale in your area for at least $9000. Assume that you have $5000 for the down payment, that you will pay the advertised price (plus sales tax, if appropriate) and that you are credit-worthy enough to qualify for a loan. Find an appropriate loan -- used cars and new cars typically have different loans. Use the loan payment formula to compute your monthly payment for your car. You may use an online loan calculator to check your answer, but use the formula! And, use that equation editor (math formatting tool) to show the work and steps. (I know; nuisance.) Your post should include: a description of the car you chose, its price, the loan amount, the terms of the loan (interest rate and number of years), and your payment amount--as below. In your post, you should include the elements 1, 2, 3 below. For ease of reading for all readers, and for consistency, use the same numbering used in this list, use single spacing within the bullet, and use an extra line before the next numbered item. And, be explicit; say "linear" or "not linear" as part of your work in 3. 1. A description of the car you chose, its price, and the loan amount. Please don't embed photos or table or ads or other graphic, or do anything to make this part or any part of your post big. 2. The terms of the loan (interest rate, and term) including the name of your lender. Please include a link to that page at the lender's site. Don't copy photos or tables or the general formula you're going to use, or otherwise enlarge this part. 3. Show the work as described above at bold. Take your time; be sure to include the left-hand side of the formula, for example (!) Be sure to use the equation editor for calculations. (Model on previous excellent posts, after the instructor reviews and signals.) After the calculations, end with a short direct complete English sentence to answer the question, What are the monthly payments on this car? Your job this week is to use the loan formula to compute your payment on an imaginary car loan. Find a car advertised for sale in your area for at least $9000. Assume that you have $5000 for the down payment, that you will pay the advertised price (plus sales tax, if appropriate) and that you are credit-worthy enough to qualify for a loan. Find an appropriate loan -- used cars and new cars typically have different loans. Use the loan payment formula to compute your monthly payment for your car. You may use an online loan calculator to check your answer, but use the formula! And, use that equation editor (math formatting tool) to show the work and steps. (I know; nuisance.) Your post should include: a description of the car you chose, its price, the loan amount, the terms of the loan (interest rate and number of years), and your payment amount--as below. In your post, you should include the elements 1, 2, 3 below. For ease of reading for all readers, and for consistency, use the same numbering used in this list, use single spacing within the bullet, and use an extra line before the next numbered item. And, be explicit; say "linear" or "not linear" as part of your work in 3. 1. A description of the car you chose, its price, and the loan amount. Please don't embed photos or table or ads or other graphic, or do anything to make this part or any part of your post big. 2. The terms of the loan (interest rate, and term) including the name of your lender. Please include a link to that page at the lender's site. Don't copy photos or tables or the general formula you're going to use, or otherwise enlarge this part. 3. Show the work as described above at bold. Take your time; be sure to include the left-hand side of the formula, for example (!) Be sure to use the equation editor for calculations. (Model on previous excellent posts, after the instructor reviews and signals.) After the calculations, end with a short direct complete English sentence to answer the question, What are the monthly payments on this car

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To The Financial Management Of Healthcare Organizations

Authors: Michael Nowicki

7th Edition

156793904X, 9781567939040

More Books

Students also viewed these Finance questions

Question

What impediments originate in society at large?

Answered: 1 week ago

Question

How have their tactics changed?

Answered: 1 week ago

Question

What impediments have financial or economic origins?

Answered: 1 week ago