Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used car. He has found one priced at $5,400. The salesman has told Tim that if he can come up with a down payment of $1,100, the dealer wil finance the balance of the price at an annual rate of 12% over 2 years (24 months) in Use four decimal places for the month interest rate in your calculations)
a. Assuming that tim compts the dealer’s offer what will his monthly end-ofmonth payment amount be?
b. Use a financial calculator or spreadsheet to help you gure out what’s monthly payment would be if the deater were willing to finance the balance of the car price at an annual rate of ?
a. Tim’s monthly end-of-month payment amount is (Round to the nearest cent)
b. Tim’s monthly payment if the dealer were willing to finance the balance of the car price at an annual rate of 8%, would be $ (Round to the nearest cont.) Get Finance homework help today