The car now is :000
The saleman offers
N = 5 yr
PMT = 0/mth
Down PMT= 00
Interest rate = ???? I dont know what to get, i just get the t-bill one. If i am wrong, please let me know.
I have a HP 10BII financial calculator?
do i plug these into my calculator?
N=60 (5 x 12)
PMT = 350
PV =3000
I/YR = 4.94 (5 yr yield from t-bill 6/5/2006) <- not sure should i use t-bill rate or not
4.94/60
For FV, i got ,669.85; however, this is the price i am going to pay in 5 yr.
How do I know the PV of the car?
Another question, some people take out loans to buy a car, if i want to take out 5000 for down pmt? How do I compare them? I mean should i borrow or should i make a monthly payment or should i payoff the car?
I just want to know if I can get pre-approved for more than one home loan without hurting my credit? I would like to compare the offers and see what loan has a better details like interest rate, payments ect. If you say yes please say why you think it does.
A. The payment will be less but you will pay more interest
B. The payment can change only if the bank changes your interest rate
C. The payment will be more but you pay less interest
D. The payment is the same no matter if it is a 3 year or a 5 year loan
The current monetary interest rate in the UK is 0.5%
We’re in an economic downturn. Should interest rates not be high to prevent even more borrowing? Also if they’re that low surely that means monthly mortgage repayments are cheaper, as are loans?
