Is the bank manager correct in his estimate of payment

Reference no: EM13243972

A used car you are considering buying is offered for sale for$6800. The bank will lend you $5700 on the car at 15 percentnominal interest, compounded monthly, for 36 months. The bank manager tells you that the payments will be $275.03 per month, bu the seems unsure of his figures. Is the bank manager correct in hisestimate of your monthly payments? If not, what is the correct figure?

Reference no: EM13243972

Questions Cloud

Compute the molality of a solution of benzoic acid : Calculate the molality of a solution that contains 56.5g of benzoic acid, C6H5COOH, in 350mL of ethanol, C2H5OH. The density of ethanol is 0.789g/mL.

What are the components of the total electric field : A uniform electric field points midway between the positive x and y axies. Its strength is 100Volts/m. A -50nC charge is placed at the position ( 2m, 3m ) and fixed in place. What are the components of the total electric field at the location (..

Explain economy one long run macroeconomic equilibrium : Using aggregate demand, short run aggregate supply and long runaggregate supply curves, explain the process by which each of the following economic events will move the economy from one long run macroeconomic equilibrium to another.

Describe the term economies of scale : Your company manufactures controllers used in the production of commercial air conditioning units and currently selling them at $50 each. Marginal costs are $30 for production up to 10,000 units per month.

Is the bank manager correct in his estimate of payment : A used car you are considering buying is offered for sale for$6800. The bank will lend you $5700 on the car at 15 percentnominal interest, compounded monthly, for 36 months. The bank manager tells you that the payments will be $275.03 per month

What firms need to do in order to bring in the most talented : Outlining what firms need to do in order to bring in the most talented people (from anywhere) and make the fullest possible use of their abilities.

Compute the freezing point of a solution : Calculate the freezing point of a solution that contains 8.5g of benzoic acid (C6H5COOH, MW=122) in 75g of benzene, C6H6.

User Account

All Pages