Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. (1) you have just graduated from eou and secured a

(1) You have just graduated from EOU and secured a job as stock broker working for...

90.2K

Verified Solution

Question

Finance

(1) You have just graduated from EOU and secured a job as stockbroker working for a regional brokerage exchange. To celebrate yournew position, you are going to buy the car/truck of yourdreams.

You can purchase any car/truck you like, but you cannot spendmore than $600/month on the payment. You can take out a 5-yearloan. The current interest rate is 5.99%

Shop for the car/truck you want on the Internet. Based on theseguidelines, how much will your down payment have to be to purchasethe vehicle?

Can you get there based on your first month’s commissions?

What other options might exist?

Answer & Explanation Solved by verified expert
3.8 Ratings (752 Votes)
Let us take the value of the car we want to buy be 36000Now if u take a loan of 5 year 599 and u cannot spend morethan 600 month means the max amount you can pay is around7200year or 5    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

(1) You have just graduated from EOU and secured a job as stockbroker working for a regional brokerage exchange. To celebrate yournew position, you are going to buy the car/truck of yourdreams.You can purchase any car/truck you like, but you cannot spendmore than $600/month on the payment. You can take out a 5-yearloan. The current interest rate is 5.99%Shop for the car/truck you want on the Internet. Based on theseguidelines, how much will your down payment have to be to purchasethe vehicle?Can you get there based on your first month’s commissions?What other options might exist?

Other questions asked by students

Q

You just won the $55 million Ultimate Lotto jackpot. Your winnings will be paid as $2,200,000 per...

Accounting
Q

In this problem we prove that the Strong Induction Principle and Induction Principle are essentially equiv- alent...

Advance Math
Q

End corrections in a meter bridge arise due to extra resistances at the two ends...

Physics
Q

ned by points A B C a right triangle L H

Geometry
Q

What is the present value in dollars of 127011 received 15 years from now using...

Basic Math
Q

In a tennis club there are 5 boys and 3 girls in a training squad...

Calculus
Q

x y 90 A r 6x y 15x y 20x y 15x y 6xy y...

Calculus
Q

x In4 5 equation below a Give a representation of the exact answer using logarithms...

Algebra
Q

Way Corporation disposed of the following tangible personal property assets in the current year. ...

Accounting
Q

Required information Problem 10-62 (LO 10-2, LO 10-3) (Static) [The following information applies...

Accounting
Q

The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance...

Accounting
Q

om Cruise Lines Inc. issued bonds five years ago at $1,000 per bond. These bonds...

Accounting