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Question
Submitted by aoel.meg on Wed, 2017-01-11 10:45
due on Wed, 2017-01-11 12:30
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FINANCE

1) (Annuity payments) Ford Motor Company's current incentives include 5.7 percent APR financing for 72 months or $1,100 cash back on a Mustang. Let's assume Suzie Student wants to buy the premium Mustang convertible, which costs $34,000, and she has no down payment other than the cash back from Ford. If she chooses the $1,100 cash back, Suzie can borrow from the VTech Credit Union at 7.7 percent APR for 72 months.

  1. If Suzie chooses 5.7 percent APR financing for 72 months to buy the premium Mustang convertible, which costs $34,000 = PMT(62.632529), what will her monthly payment be? (Round to the nearest cent.)
  2. If Suzie chooses $1,100 cash back to buy the premium Mustang convertible and borrows $32,900 from the VTech Credit Union at 7.7 percent APR for 72 months, how much will her monthly payment be?
  3. Which option should Suzie Student choose?
Answer
Submitted by finance Tutor on Wed, 2017-01-11 16:01
teacher rated 6 times
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price: $5.00

Finance

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xxxxxx

xxxxxxxxxxxx
 xxxxxxxx payments) Ford Motor xxxxxxxxx xxxxxxx incentives include 5.7 percent APR xxxxxxxxx xxx 72 xxxxxx xx xxxxxx xxxx back on a Mustang. xxxxx assume Suzie Student xxxxx to xxx the xxxxxxx Mustang xxxxxxxxxxxx xxxxx costs $34,000, xxx she has no xxxx payment xxxxx than xxx cash back xxxx Ford. If she chooses the $1,100 cash back, Suzie xxx xxxxxx xxxx the VTech Credit xxxxx at xxx xxxxxxx APR for 72 months.
x xx Suzie xxxxxxx xxx percent xxx financing for xx months to xxx xxx premium xxxxxxx convertible, which xxxxx xxxxxxx x PMT(62.632529), xxxx will her xxxxxxx payment be? (Round xx xxx nearest xxxxxx
xxx5.70% xxxxxxx xxxxxxx xx 1st xxxx x xxxxxx borrowed * APR/12 x (1 x APR/12)No. of xxxxxx / [(1 x xxxxxxxxxx xx xxxxxx x xx
xxxxxx72 months
xxxx xxxxxxx
PVIFA 60.8581900356
xxxxxxx
Monthly payment559
xxx Suzie chooses xxxxxx cash xxxx to xxx the xxxxxxx Mustang xxxxxxxxxxx and xxxxxxx $32,900 from the xxxxx xxxxxx Union xx 7.7 xxxxxxx APR xxx xx months, xxx much will her monthly payment be?
xxx 7.70%
xxxxxxxx months
Loan xxxxxxx
xxxxx xxxxxxxxxxxxx
xxxxxxx
Monthly payment 572
x Which xxxxxx xxxxxx Suzie xxxxxxx choose?
xxxxx xxxxxx choose xxx 5.7% APR financing


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