50.1K

Verified Solution

Link Copied!

Nina buys a new sport utility vehicle for $31,000 She trades in her old truck and receives $10,000, which she uses as a down payment. She finances the balance at 4% APR over 36 months. Before making her 6th payment, she decides to pay off the loan. Answer parts a) through d) below. Number of Payments 30 36 48 The payoff amount is $ (Round to the nearest cent as needed.) 4.0% 5.0% 5.5% (Finance charge per $100 of amount financed) 5.92 5.25 6.29 8.38 Annual Percentage Rate 4.5% Nina's monthly payments were $ (Round to the nearest cent as needed.) c) How much interest will Nina save by paying off the loan early? Nina will save $ (Round to the nearest cent as needed) d) What is the total amount due to pay off the loan? 7.09 9.46 a) Use the given table to determine the total interest Nina would pay if all 36 payments were made. Nina would pay Sin interest. (Round to the nearest cent as needed.) b) What were Nina's monthly payments? 6.59 7.90 10.54 7.26 8.71 11.63

Nina buys a new sport utility vehicle for $31,000. She trades in her old truck and receives $10,000, which she uses as a down payment She finances the balance at 4% APR over 36 months Before making her 6 th payment, she decides to pay off the loan. Answer parts a) through d) below a) Use the given table to determine the total interest Nina would pay if all 36 payments were made. Nina would pay $ in interest (Round to the nearest cent as needed.) b) What were Nina's monthly payments? Nina's monthly payments were $ (Round to the nearest cent as needed.) c) How much interest will Nina save by paying off the loan early? Nina will save $ (Round to the nearest cent as needed) d) What is the total amount due to pay off the loan? The payoff amount is $ (Round to the nearest cent as needed.) Nina buys a new sport ublity vehicle for $31,000. She trades in her old truck and receives 510,000 , which she uses as a down payment. She finances the balance at 4% APR over 36 months. Before making her 6ih payment she. decides to pay off the loan. Answer parts a) through d) below. a) Use the given table to determine the total interest Nina would pay if all 36 payments were made Nha would pays in interest. (Round to the nearest cent as needed) b) What were Nini's monthly payments? Nena's monthly payments were 5 (Round to the nearest cent as needed ) c) How much interest will Nina save by paying of the loan early? Nina witi saves (Round to the nearest cent as needed) d) What is the total amount due to pay off the loan? The payoff amount is 5 (Round to the nearest cent as needed)

Answer & Explanation Solved by verified expert

See Answer