You are out shopping for a new car you have found a toyota

Reference no: EM13617313

You are out shopping for a new car. You have found a Toyota Sienna priced at 34,400. The dealer has told you that if you can come up with a down payment of 3,300, he would be willing to finance the balance at an EAR of 5.65%. for 4 years. You come back home and after doing the math you find that the monthly payment is beyond your means. At this time, you can only afford a monthly payment of $661.01. In order to accomplish that, the dealer will have to offer you a substantially lower APR. So the next day, you tell the dealer that since the demand for Toyotas are substantially lower at this time due to quality control issues, you can only go ahead if the dealer is willing to lower the APR so that the monthly payment is $661.01.

What is the monthly payment that is beyond your means at this time? What should be the APR so that the monthly payment is $661.01?

Reference no: EM13617313

Questions Cloud

A company has a total cost of 4000 per unit at a volume of : a company has a total cost of 40.00 per unit at a volume of 120000 units. the variable cost per unit is 25.00. what

A particle of rest mass mo with kinetic energy 15moc2 makes : a particle of rest mass mo with kinetic energy 15moc2 makes a perfectly inelastic collision with an identical particle

Determine a t2 in 0r and b the rate of exergy destruction : air at t11300 0r p116 lbfin2 enters a counterflow heat exchanger operating at steady state and exits at p214.7 lbfin2.

A particle of rest mass mo with kinetic energy 6moc2 makes : a particle of rest mass mo with kinetic energy 6moc2 makes a perfectly inelastic collision with an identical particle

You are out shopping for a new car you have found a toyota : you are out shopping for a new car. you have found a toyota sienna priced at 34400. the dealer has told you that if you

Find a 95 confidence interval for the slope in each of the : find a 95 confidence interval for the slope in each of the following settings note it is y careta. n 25 y 5.3 1.10x

A particle has a velocity u 059c in the labortory the : a particle has a velocity u 0.59c in the labortory. the laboratory is itself moving with velocity v 0.48c relative to

Suppose the real risk-free rate r is 2 and investors expect : suppose the real risk-free rate r is 2 and investors expect inflation to be 4 next year 5 the following year and 7 per

The distance between new york and los angeles is about 5000 : the distance between new york and los angeles is about 5000 km. a jet traveling at a speed of 815 kmhour leaves new

User Account

All Pages