The salesman agrees to a purchase price of $16,000. Henry has $3,000.00 saved and will get $2,000.00 as a trade-in for his current vehicle. Henry has great credit and will finance at a 3.25% interest rate over 60 months. Using this calculator, what will Henry's monthly payment on this loan be?

Answers

Answer 1

Answer:

$198.88

Explanation:

The total value of vehicle that the salesman has offered and agreed = $16,000

The down payment that Henry can make at the time of purchase = $3,000

Now the trade in amount, which Henry will get by trading his old vehicle = $ 2,000

The amount that needs to be paid or converted to loan would be

= 16000 – 3000 – 2000

= 11000

Henry has to take a loan of $11000 from the Bank who is offering a loan at interest rate of 3.25%.

Interest on loan for first year be = 3.25% x 11000 = 327

Interest on loan for 2nd year be = 3.25% x 8940 = 259

Interest on loan for 3rd year be = 3.25% x 6812 = 189

Interest on loan for 4th year be = 3.25% x 4615 = 116

Interest on loan for Last year be = 3.25% x 2345 = 41

Summing them up gives total value of 932.

Now monthly payement = (11932 / 60) = 198.8


Related Questions

Other Questions
A network router connects multiple computers together and allows them to send messages to each other. If two or more computers send messages simultaneously, the messages "collide" and willl have to be resent. Using the combinational logic design process (explained in section 2.7, and summarized in Table 2.5), create a collision detection circuit for a router that connects 4 computers. The circuit has 4 inputs labeled M0 through M3 that are set to '1' when the corresponding computer is sending a message, and '0' otherwise. The circuit has one output labeled C that is set to '1' when a collision is detected, and to '0' otherwise. You do not have to draw the circuit, just select the most correct equation in the answer box.C = M0(M1+M2)+M1(M2+M3)+M1M2C = M0(M1+M2+M3)+M1(M2+M3)+M2M3C = M0M1+M1(M2+M3)+M3(M2+M0 Given: f(x) = 3 - X; g(x) = -2xFind g[f(x)] If each cube has edges 1.5 centimeters long, what is the volume of the prism outlined in blue?A)9 cm3B)15.5 cm3C)81 cm3D)91.125 cm3 Ocean Gate sells external hard drives for $200 each. Its total fixed costs are $30 million, and its variable costs per unit are $140. The corporate tax rate is 30%. If the economy is strong, the firm will sell 2 million drives, but if there is a recession, it will sell only half as many. 5.00 L of a gas is collected at 100K and then allowed to expand to 20.0 L. What must the new temperaturebe in order to maintain the same pressure?A. 400 CB. 127 CC. 223 CD. 627C How did U.S. involvement in Vietnam escalate through the 1960s? What were the political and social consequences of that escalation, in both Vietnam and the United States? If a loan of 1,500 at 4% is paid off in 90 days what is the interest Alessandro and Francesca raced each other home from school. It took Francesca 13/15 as long as Alessandro to run home who got home first An electric current can be best conducted by The volume of blood filtered by the kidneys is 1.18 dm^3 min^(-1).Calculate the total volume of blood filtered in 24 hours. When a cell differentiates, it becomes a stem cell.TrueO False To get an estimate of consumer spending over a holiday season in 2009, 436 randomly sampled American adults were surveyed. Their spending for the six-day period after Thanksgiving, spanning the Black Friday weekend and Cyber Monday, averaged $84.71. A 95% confidence interval based on this sample is ($80.31, $89.11). Which of the following statements are true? Select all that apply. A 90% confidence interval would be narrower than the 95% confidence interval if we don't need to be as sure about our estimate. In order to decrease the margin of error of a 95% confidence interval to a third of what is is now, we would need to use a sample 3 times larger. This confidence interval is not valid since the distribution of spending in the sample data is right skewed. The margin of error is $4.4. We are 95% confident that the average spending of these 435 American adults over this holiday season is between $80.31 and $89.11. This confidence interval is valid since the sampling distribution of sample mean would be approximately normal with sample size of 436. 95% of random samples have a sample mean between $80.31 and $89.11. We are 95% confident that the average spending of all American adults over this holiday season is between $80.31 and $89.11. The fed can attempt to decrease the federal funds rate by Tina must select and answer in any order seven of ten essay questions on a test. In how many ways can she do so? Consider the right triangle. A right triangles with side lengths 28 meters and 45 meters. The hypotenuse is unknown. What is the length of the hypotenuse StartRoot 53 EndRoot StartRoot 1,241 EndRoot 53 m 2809 m Use the drop-down menus to complete each statement.Reduction in spending caused problems with Rome'sRome's location made the city harder to defend because it wasConstantinople's location was closer toThe defenses of the Eastern Roman Empire made the Western Roman Empire Carls square swimming pool has a volume of 1000 cubed feet. What are dimensions of his pool? For each statement, identify the appropriateness of the behavior when it comes to preparation.A student supports opinions with evidence and research. A student uses opinions, rather than evidence, to support a point about a topic. A student uses notes to participate in a discussion. A student fails to conduct research prior to a discussion. The price of gold on April 15,2000 was $282/t.oz. How much did 100.0cm^3 of gold cost that day if 1.00 t.oz=28.4 grams? Whats earths relation to the sun during June solstice and December solstice