Answered step by step
Verified Expert Solution
Question
1 Approved Answer
QUESTION 11 A car costs $35,000 and you can afford to make a down payment of $5000. You take a loan for the remaining amount
QUESTION 11 A car costs $35,000 and you can afford to make a down payment of $5000. You take a loan for the remaining amount at an annual interest rate of 3.7%. What will be the monthly payments if you want to pay off the loan in 3 years? A. ($951) B. -($882) OC. C. ($1,521) D. ($1,251) What is the present value of an investment with the following cash flows at the discount rate of 8%? Date 2/3/2005 12/3/2006 7/3/2007 9/3/2008 5/3/2009 10/3/2010 Cash flow ($10,000) $3,000 $950 $3,350 $2,060 $5,900 A. $3,157 B. $21,000 C. $2,234 D. . $1,238 QUESTION 10 An annual investment of $500 is made at the end of each year. How many years, approximately, will it take for the investments to reach $35,000 if the annual rate of interest is 9.845% ? A. 22 B. 17 C. 31 D.28
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started