New monthly loan payments after refinancing-credit union

Assignment Help Financial Accounting

Reference no: EM131223386

You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). How much are your monthly car payments? Your answer should be accurate to the nearest penny. After paying on your car loan for 12 months, you find out that you can refinance the loan at your parents’ credit union with a 48-month loan at an interest rate of 0.75% per month. How much do you have to borrow from the credit union to pay off the balance remaining on the original loan you got from the dealer? State your answer to the nearest dollar. What are your new monthly loan payments after refinancing (Problem 2) at your parent’s credit union? Your answer should be accurate to the nearest penny.

Reference no: EM131223386

Questions Cloud

How a collapse of banking system cause a fall in real output : Explain how a collapse of the banking system could cause a fall in real output. - Can monetary policymakers do anything to revive the economy under such circumstances?

Argument to the function : Write the code to call a function whose name is send_number. There is one argument for this function, which is an int. Send 5 as an argument to the function.

Api library function named read : In Unix-like operating systems, there is both a API library function named read(), and asystem call referred to as read in the Unix documentation. However, Unix system calls do notactually have names like a library function does.

Describe the theory of the exchange rate channel : Describe the theory of the exchange-rate channel of the monetary transmission mechanism. - How, through the exchange rate, does an interest rate increase influence output?

New monthly loan payments after refinancing-credit union : You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). How much are your monthly car p..

Explain the pros and cons of hiring someone as an employee : Whether the person hired in each scenario is an employee or independent contractor. The reasons why the person hired in each scenario is an employee or independent contractor. Explain the pros and cons of hiring someone as an employee versus an indep..

Consequences for the structure of the financial system : New developments in information technology have simplified the assessment of individual borrowers' creditworthiness.

Why were fusion centers created : What is different and important about the staffing of Fusion Centers that proponents say make them effective? Is there or could there be a relationship between the public staffing and function of Fusion Centers and private policing? If so, what mig..

Maybe your credit was bad or you had no previous credit : You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). How much are your monthly car p..

User Account

All Pages