how much vehicle you are able to afford if you make monthly payments of $375.00 per month with $9,00 down at 7.5% interest over 60 months?
2006-12-19 06:04:05 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I assume you mean $900.00 down. In that case you can afford a car costing $15,347.15
If you need to know how I worked it out, let me brake it down for you ( using a financial calculator)
i=.63 ( 7.5% divided by 12 month)
N= 60 ( number of total payments)
PMT = -375 ( payments that you would make every month)
then press PV to get the total amount you would need to borrow
PV=14,447.15
14,447.15+900=$15,347.15
2006-12-19 06:58:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Save more first for a down payment, put the 375 a month in a savings account and build to at least 20% down....don't go in with nothing down, the interest will kill you. Don't forget, the payments are only the beginning, it costs a bunch more to own a car.
2006-12-23 05:33:29 · answer #2 · answered by Rick 3 · 0⤊ 0⤋
not rather sufficient information to respond to the question yet i think of this might help. A $150K own loan at around 6% interest will yield you money at approximately $899 not such as homestead coverage or taxes. you may often get tax information from the county and coverage would properly be quoted by any coverage agent. be advantageous to function that throughout and look at your different expenses and you're able to be able to get an thought of no remember in case you may take care of to pay for it or not.
2016-12-30 16:00:12 · answer #3 · answered by sterman 3 · 0⤊ 0⤋
What about the insurance rate ? How much will that be ? Since it is a finance car, it must be fully insured. And the insurance rate depended on the type of vehicle that is.
If that is a race /sport car, it will be much expensive.
2006-12-19 06:08:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I suggest you to save $375.00 per month for a year at 15% or $750.00 per month for two years at 30% if you can.
2006-12-19 09:05:51 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Go to link below which has excellent financial calculators for any situation you may face in life. Use the simple calc to figure out the answer to your question.
Good Luck!
2006-12-19 16:46:07 · answer #6 · answered by Kirk S 2 · 0⤊ 0⤋
Go to http://www.bankrate.com/brm/calculators/autos_v2.asp for auto calculators. You have to do some adjusting of #'s to get an estimate. It would be around $18-20k.
2006-12-19 06:48:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
appx most of a vehicle.
is your comma in the right place or did you forget an amount of zeros?
2006-12-19 06:08:23 · answer #8 · answered by killer boot 5 · 0⤊ 0⤋
Check with your insurance co.
2006-12-19 06:12:17 · answer #9 · answered by thresher 7 · 0⤊ 0⤋