Maybe your credit was bad or you had no previous credit

Assignment Help Financial Accounting

Reference no: EM131223382

You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). How much are your monthly car payments? Your answer should be accurate to the nearest penny.

After paying on your car loan for 12 months, you find out that you can refinance the loan at your parents’ credit union with a 48-month loan at an interest rate of 0.75% per month. How much do you have to borrow from the credit union to pay off the balance remaining on the original loan you got from the dealer? State your answer to the nearest dollar.

Reference no: EM131223382

Questions Cloud

New monthly loan payments after refinancing-credit union : You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). How much are your monthly car p..

Explain the pros and cons of hiring someone as an employee : Whether the person hired in each scenario is an employee or independent contractor. The reasons why the person hired in each scenario is an employee or independent contractor. Explain the pros and cons of hiring someone as an employee versus an indep..

Consequences for the structure of the financial system : New developments in information technology have simplified the assessment of individual borrowers' creditworthiness.

Why were fusion centers created : What is different and important about the staffing of Fusion Centers that proponents say make them effective? Is there or could there be a relationship between the public staffing and function of Fusion Centers and private policing? If so, what mig..

Maybe your credit was bad or you had no previous credit : You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). How much are your monthly car p..

Develop an appropriate communication plan : Write an Annotated Bibliography for three (3) relevant texts or readings around project evaluation. The Annotated Bibliography is a critical examination of the most relevant, recent and scholarly research on the topic area that is not just a summa..

Place limits on the interest rates banks : The government decides to place limits on the interest rates banks can pay their depositors. - Will their action have an impact on the economy?

Debt to assets ratio entry field-acid-test ratio entry field : Partially correct answer. Your answer is partially correct. Try again. Grouper Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. Current ratio Entry field with correct answer. Acid-test rat..

Compare and contrast debt financing options : Compare and contrast debt financing options and equity financing options available to Made for Home Pte Ltd; Identify and describe relevant types of company shares in a private company and advise Mr Lim how he might retain control over his company..

User Account

All Pages