Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 2 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Mar 2018 My Price 4.00

birthday resolution

John is turning 13 today. His birthday resolution is to start saving towards the purchase of a car that he wants to buy on his 18th birthday. The car costs $15,000 today, and he expects the price to grow at 2% per year. John has heard that a local bank offers a savings account which pays an interest rate of 5% per year. He plans to make 6 contributions of $1,000 each to the savings account (the first contribution to be made today); he will use the funds in the account on his 18th birthday as a down payment for the car, financing the balance through the car dealer. He expects the dealer to offer the following terms for financing: 7 equal yearly payments (with the first payment due one year after he takes possession of the car); an annual interest rate of 7%. 16.a. How much will John need to finance through the dealer? 16.b. What will be the amount of his yearly payment to the dealer?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Mar 2018 08:03 PM My Price 4.00

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