AB 239 Determine the equal, annual, endofyear payment/TUTORIALOUTLET AB 239 Determine the equal, annual, endofyear paym

AB 239 Determine the equal, annual, endofyear payment
FOR MORE CLASSES VISIT
www.tutorialoutlet.com
Determine the equal, annual, endofyear payment required over
the life of the following loans to repay them fully during the stated
term.
Term of Loa
Interest Loan Annual
n
Principal ($)
Rate (%) (Yrs) Payment ($)
A
30 comma 00030,000 77
1818
B
40 comma 00040,000 1717
99
Interest Term of Annual
Loan Principal ($)
Rate (%) Loan (Yrs) Payment ($)
nothing A 30 comma 00030,000 77 1818
(Round to the nearest cent.) You are considering the purchase of a
BMW M5. You will borrow the money from BMW Financial
Services. The terms of the deal are outlined below: BMW M5 RWD,
500hp, 0100 in 4.7s
MSRP = $110 comma 000110,000 Term = 7272 months APR =
5.55.5% Down Payment = $0 Monthly Payments = $1 comma
797.171,797.17
The amortized loan payments are a blend of interest and principal.
What is the total amount of interest you would pay over the life of the
loan? Assume that taxes are zero. What is the total amount of interest
you would pay over the life of the loan?
$
nothing
(Round to the nearest dollar.) The Shelby Cobra retails for $50