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Business : asked on Samuelgamboe
 20.01.2022

You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an APR of 7.3 percent for a 72 month loan to buy the car. a. What will your monthly payments be

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24.06.2023, solved by verified expert
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Ranjana Bhatt
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$1573

Explanation:

The information given above can be processed further as follows:

Nper = 72

Rate = 7.3%/12 = 0.073/12 = 0.0060833 = 0.0061

PV = 91500

The formula to use will be:

= PV ÷ 1 - (1 - r)^-nper / r

= 91500 ÷ 1 - (1 0.0061)^-72 / 0.0061

= $1573

Therefore, monthly payments will be $1573

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Business
You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an apr of 7.3 percent for a 72 month loan to buy the car. a. what will your monthly payments be? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. what is the effective annual rate on this loan? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Step-by-step answer
P Answered by Master

Monthly payment: 1,573.20

effective rate: 7.55%

Explanation:

We need to calculate the quota of an ordinary annuity

The formula for this is as follow:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV  $91,500.00

time72 months

rate0.006083333 the APR is divide into 12 to convert to monthly rate

91500 \div \frac{1-(1+0.0060833)^{-72} }{0.0060833} = C\\

C  $ 1,573.199

The effective rate will be an annual rate equivalent to the APR compounding monthly

(1+ r)^{time} = 1+ r_e

time12.00

rate0.00608333333333333

1(1+ 0.00608333333333333)^{12} = 1 + r_e

1.075493 - 1 = re

re = 0.75493 = 7.55%

Business
You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an apr of 7.3 percent for a 72 month loan to buy the car. a. what will your monthly payments be? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. what is the effective annual rate on this loan? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Step-by-step answer
P Answered by Specialist

Monthly payment: 1,573.20

effective rate: 7.55%

Explanation:

We need to calculate the quota of an ordinary annuity

The formula for this is as follow:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV  $91,500.00

time72 months

rate0.006083333 the APR is divide into 12 to convert to monthly rate

91500 \div \frac{1-(1+0.0060833)^{-72} }{0.0060833} = C\\

C  $ 1,573.199

The effective rate will be an annual rate equivalent to the APR compounding monthly

(1+ r)^{time} = 1+ r_e

time12.00

rate0.00608333333333333

1(1+ 0.00608333333333333)^{12} = 1 + r_e

1.075493 - 1 = re

re = 0.75493 = 7.55%

Business
You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an APR of 7.3 percent for a 72 month loan to buy the car. a. What will your monthly payments be
Step-by-step answer
P Answered by PhD

$1573

Explanation:

The information given above can be processed further as follows:

Nper = 72

Rate = 7.3%/12 = 0.073/12 = 0.0060833 = 0.0061

PV = 91500

The formula to use will be:

= PV ÷ 1 - (1 - r)^-nper / r

= 91500 ÷ 1 - (1 0.0061)^-72 / 0.0061

= $1573

Therefore, monthly payments will be $1573

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C. Fair Credit Reporting Act

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According to the given excerpt, the Fair Credit Reporting Act allows Carlos to take an action in case of any error found in his credit report.

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Step-by-step answer
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