(Total Marks: 13)Timothy Smith is looking to purchase a Mercedes Benz Roadster

(Total Marks: 13)Timothy Smith is looking to purchase a Mercedes Benz Roadster

Question # 00107160 Posted By: echo7 Updated on: 09/24/2015 07:44 PM Due on: 10/24/2015
Subject Business Topic General Business Tutorials:
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Q. 1 (Total Marks: 13)Timothy Smith is looking to purchase a Mercedes Benz Roadster, whichhas a total cost of $340,000. Timothy plans to deposit $130,000 and willpay the rest by taking on a 7.5% 5-year loan.

Required:

a) What is the monthly payment on this car loan?

b) Prepare an amortisation table.

c) What is the loan balance at the end of year 3?

(Round the numbers to the nearest $)

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  1. echo7
    Tutorial # 00101589 Posted By: echo7 Posted on: 09/24/2015 07:44 PM
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