Question

QUESTION ONE 1) Earna Wheeler is able to make a down payment of $4000 on a two-door sedan she purchases for $23,457, including tax. In order to finance the remaining portion, she takes out a three-year car loan at a fixed interest rate of 8.5%. (Module 5, Lesson 1) a) Calculate her monthly payment for the two-door sedan. (3 marks) b) Calculate her deferred payment for the two-door sedan. (1 marks) c) Calculate her finance charge for the automobile. (1 mark) 2) A four-wheel-drive vehicle sells for $28,750, plus tax, and leases for $378 per month plus tax for a lease term of 24 months. A down payment of $5000 is required. The guaranteed residual value of the vehicle is 60% of the sales price. (Module 5, Lesson 2 and Lesson 4) a) Calculate the total monthly leasing payment. (2 mark) b) Calculate the total amount paid by the end of the lease. (5 marks) c) Calculate the total residual value of the four-wheel-drive vehicle, including taxes. (3 marks) d) Calculate the total cost of the vehicle if it is purchased outright at the end of the lease. (5 marks) e) Calculate how much the vehicle depreciates in two years. (5 marks) (25 marks)

          QUESTION ONE
1) Earna Wheeler is able to make a down payment of $4000 on a two-door sedan she purchases for $23,457, including tax. In order to finance the remaining portion, she takes out a three-year car loan at a fixed interest rate of 8.5%. (Module 5, Lesson 1)
a) Calculate her monthly payment for the two-door sedan. (3 marks)
b) Calculate her deferred payment for the two-door sedan. (1 marks)
c) Calculate her finance charge for the automobile. (1 mark)
2) A four-wheel-drive vehicle sells for $28,750, plus tax, and leases for $378 per month plus tax for a lease term of 24 months. A down payment of $5000 is required. The guaranteed residual value of the vehicle is 60% of the sales price. (Module 5, Lesson 2 and Lesson 4)
a) Calculate the total monthly leasing payment. (2 mark)
b) Calculate the total amount paid by the end of the lease. (5 marks)
c) Calculate the total residual value of the four-wheel-drive vehicle, including taxes. (3 marks)
d) Calculate the total cost of the vehicle if it is purchased outright at the end of the lease. (5 marks)
e) Calculate how much the vehicle depreciates in two years. (5 marks)
(25 marks)

QUESTION ONE
1) Earna Wheeler is able to make a down payment of 4000 on a two-door sedan she purchases for23,457, including tax. In order to finance the remaining portion, she takes out a three-year car loan at a fixed interest rate of 8.5%. (Module 5, Lesson 1)
a) Calculate her monthly payment for the two-door sedan. (3 marks)
b) Calculate her deferred payment for the two-door sedan. (1 marks)
c) Calculate her finance charge for the automobile. (1 mark)
2) A four-wheel-drive vehicle sells for 28,750, plus tax, and leases for378 per month plus tax for a lease term of 24 months. A down payment of 5000 is required. The guaranteed residual value of the vehicle is 60% of the sales price. (Module 5, Lesson 2 and Lesson 4)
a) Calculate the total monthly leasing payment. (2 mark)
b) Calculate the total amount paid by the end of the lease. (5 marks)
c) Calculate the total residual value of the four-wheel-drive vehicle, including taxes. (3 marks)
d) Calculate the total cost of the vehicle if it is purchased outright at the end of the lease. (5 marks)
e) Calculate how much the vehicle depreciates in two years. (5 marks)
(25 marks)

Added by Andrew C.

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