What is the amount of frank monthly payment

Assignment Help Business Economics

Reference no: EM131807646

On January 1, Frank Jenson bought a used car for $7200 and agreed to pay for it as follows: 1/3 down payment; the balance to be paid in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly.

(a) What is the amount of Frank's monthly payment?

(b) During the summer, Frank made enough money to pay off the entire balance due on the car as of October 1. How much did Frank owe on October 1?

Reference no: EM131807646

Questions Cloud

Uniform sum of money to investment : A young engineer wishes to become a millionaire by the time he is 60 years old. He believes that by careful investment he can obtain a 15% rate of return.

What amount will be required to purchase : What amount will be required to purchase, on an engineers's 40th birthday, an annuity to provide him with 30 equal semiannual payments of $1000 each

Series of equal semiannual cash flows : The first of a series of equal semiannual cash flows occurs on July 1, 2011, and the last occurs on January 1, 2024. Each cash flow is equal to $128,000.

Discuss what-other than the implementation costs : What-other than the implementation costs- is driving its inaction, Does it have any valid reasons for this inactivity

What is the amount of frank monthly payment : During the summer, Frank made enough money to pay off the entire balance due on the car as of October 1. How much did Frank owe on October 1?

How much must he pay each month : A man borrowed $500 from a bank on October 15th. He must repay the loan in 16 equal monthly payments, due on the 15th of each month

What are the formulas and processes to allocated joint costs : the constant gross-margin percentage method, and physical measures methods that use data such as weight or volume

Alternative hypotheses in order to test the claim : You suspect that an unscrupulous employee at a casino has tampered with a die; that is, he is using a loaded die. In order to test this claim.

What was his monthly loan payment : (a) What was his monthly loan payment? (b) What must he have paid (in addition to his regular 120th monthly payment) to pay the remaining balance of his loan?

User Account

All Pages