Solution-How much less will she have paid in interest

How much less will she have paid in interest payments

Assignment Help Mathematics

Reference no: EM131556713

Question: FINANCING A CAR Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $16,000 at a rate of 7.9%/year compounded monthly. Her bank is now charging 11.5%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for each loan. How much less will she have paid in interest payments over the life of the loan by borrowing from the manufacturer instead of her bank?

Reference no: EM131556713

Questions Cloud

What will be the size of each installment : FINANCING COLLEGE EXPENSES Yumi's grandparents presented her with a gift of $20,000 when she was 10 yr old to be used for her college education.

Cash flow statement to improve its management of cash : 1. How can management use data from the cash flow statement to improve its management of cash?

Creating a training and development program : Imagine that you have been tasked with creating a training and development program for midlevel business managers in an organization

What quarterly payment will he receive from his fund : IRAS Martin has deposited $375 in his IRA at the end of each quarter for the past 20 yr. His investment has earned interest at the rate of 8%/year compounded.

How much less will she have paid in interest payments : FINANCING A CAR Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount.

Building a system to monitor salespeople : You're working for one of the world's largest financial institutions (GloboBank). They're building a system to monitor salespeople's electronic communications.

What is the most expensive car that dan can afford : AUTO FINANCING Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $400. If the prevailing interest rate is 7.2%.

Discuss any recent versions of either operating system : discuss any recent versions of either operating system. Compare and contrast the two, and provide arguments for choosing a PC with Windows or a Mac with Mac OS.

Customer service features : Use the same financial institution that you selected in Assignment 1. Use the Internet to research its customer service features, financial statements.

User Account

All Pages

How much less will she have paid in interest payments

Reference no: EM131556713

Reference no: EM131556713

Questions Cloud

Reviews

Write a Review

Mathematics Questions & Answers

Questions on ferris wheel

Logistic map

Finding the probability of cards

Systems of ode

Derive the boolean expression

System of equations

Linear programming problem

Find the natural domain

Introduction to numerical methods

Chart of the topological manifold

Mathematics in computing

Complex problems

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT