Walden University College Toyota Payments Per Month Questions

12:17 1
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class.waldenu.edu
၁၁။6TTTTTTTL,
Prof. Abdol
****
*********
For my example I chose to purchase new
furniture for my family room. I have set
aside a budget of 4500 to cover the entire
purchase. I have selected a cream leather
sectional with an area rug and two floor
lamps.
The loan amount would be 4500.00
Using the formula I=PRT I will calculate the
cost of the furniture including the interest.
4500.00 x 3.7% x 3= 499.50
4500 + 499.50 = 4999.50
4999.50/36 = 138.87
The amount of interest that I would pay over
a period of three years would be 499.50. The
monthly payment on the loan would be
138.87, I would have paid a total of 4999.50
for the furniture with interest.
If I were to decrease the amount of time I
paid the furniture it would decrease the
amount of interest that I paid over a shorter
period.
4500 x 3.7% x 2 = 332.00
4500 + 332.00 = 4832.00
4832.00 /24 = 201.33
12:17 1
class.waldenu.edu
4500 + 499.50 = 4999.50
4999.50/36 = 138.87
The amount of interest that I would pay over
a period of three years would be 499.50. The
monthly payment on the loan would be
138.87, I would have paid a total of 4999.50
for the furniture with interest.
If I were to decrease the amount of time
paid the furniture it would decrease the
amount of interest that I paid over a shorter
period.
4500 x 3.7% x 2 = 332.00
4500 + 332.00 = 4832.00
4832.00 /24 = 201.33
The difference of a year would yield a
monthly payment of 201.33. Cutting back on
eating out would allow me to pay the higher
amount of 62.51 in order to save on the
amount of interest paid for the longer term.
It didn’t surprise me much as the difference
was not a large enough savings to matter.
However paying the furniture off with no
interest at all would be a better option as
long as it’s paid off in the time allowed for
that particular special.
Paying the furniture off without any interest
at all would be 125.00 for 3 years and 187.50
for a period of 2 years which is a significant
amount of savings.
12:17 1
…
class.waldenu.edu
၁၁။6TTTTTTTL,
Prof. Abdol
****
*********
For my example I chose to purchase new
furniture for my family room. I have set
aside a budget of 4500 to cover the entire
purchase. I have selected a cream leather
sectional with an area rug and two floor
lamps.
The loan amount would be 4500.00
Using the formula I=PRT I will calculate the
cost of the furniture including the interest.
4500.00 x 3.7% x 3= 499.50
4500 + 499.50 = 4999.50
4999.50/36 = 138.87
The amount of interest that I would pay over
a period of three years would be 499.50. The
monthly payment on the loan would be
138.87, I would have paid a total of 4999.50
for the furniture with interest.
If I were to decrease the amount of time I
paid the furniture it would decrease the
amount of interest that I paid over a shorter
period.
4500 x 3.7% x 2 = 332.00
4500 + 332.00 = 4832.00
4832.00 /24 = 201.33
12:17 1
class.waldenu.edu
4500 + 499.50 = 4999.50
4999.50/36 = 138.87
The amount of interest that I would pay over
a period of three years would be 499.50. The
monthly payment on the loan would be
138.87, I would have paid a total of 4999.50
for the furniture with interest.
If I were to decrease the amount of time
paid the furniture it would decrease the
amount of interest that I paid over a shorter
period.
4500 x 3.7% x 2 = 332.00
4500 + 332.00 = 4832.00
4832.00 /24 = 201.33
The difference of a year would yield a
monthly payment of 201.33. Cutting back on
eating out would allow me to pay the higher
amount of 62.51 in order to save on the
amount of interest paid for the longer term.
It didn’t surprise me much as the difference
was not a large enough savings to matter.
However paying the furniture off with no
interest at all would be a better option as
long as it’s paid off in the time allowed for
that particular special.
Paying the furniture off without any interest
at all would be 125.00 for 3 years and 187.50
for a period of 2 years which is a significant
amount of savings.
12:55 7
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MATH 1030: College Math Week 5
Week 5: Consumer Mathematics
Everyone benefits from effective money
management. Money is earned, bills are paid, and
savings accounts are created. But what happens
when the money you earn is not enough to cover your
immediate needs or wants? This is where a loan
comes in.
No matter how much money you make in your
lifetime, it is likely that at some point you will take out
a loan. This could be for education, a home, a car, or
a hobby, such as a boat. If you have taken out a loan,
you already know there is a cost for taking that loan.
How much of that loan is interest, or money paid to
the financial institution for lending you the cash? How
much of your monthly payment is paying down the
debt, and how much is paying interest on that
amount? If you haven’t taken out a loan before, you
will be glad to work through this math now so that you
are prepared for the true costs involved.
This week, you will explore the math behind finances,
loans, and interest payments. You also re-examine
your own personal financial management techniques.
Learning Objectives
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Assignment:
Note: As you complete this
MATHNt030: College Math | Week 5
Assignment, be sure to
MyLab Math
reference the Week 5
Assignment instructions.
Learning Resources
Readings
Blitzer, R. (2019). Thinking mathematically (7th
ed.). Pearson.
.
o
O
Chapter 8, “Personal Finance”
Section 8.1, “Percent, Sales
Tax, and Discounts” (pp.
494-502)
Section 8.2, “Income Tax”
(pp. 503–513)
Section 8.3, “Simple
Interest” (pp. 514-519)
Section 8.4, “Compound
Interest” (pp. 519 – 529)
o
C
>
This chapter explores the math behind our fi-
nances. Percentages, simple interest, and
compound interest computations are all ex-
plored in the context of making financial
decisions.
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TuvUU IUIU GUITISH IU AUUUU IIIIaUIUI VUI
MATH 1030: College Math’ Week hned readings.
Discussion: Repaying Loans
Before taking out a loan, it is important to know the
repayment terms and how your interest rate and the
time of the loan affect the total loan balance.
For this Discussion, you examine the effect of simple
and compound interest, as well as time on the
principal balance of a loan. You also explore how
these variables affect loan repayment.
To prepare for this Discussion:
.
Think of a big-ticket item you might need to take
out a loan to purchase. Dream big. What have
you always wanted? This could be a boat, car,
motorcycle, a trip around the world, etc.
Research the cost of this item.
Select a reasonable interest rate for your item
(between 2% and 10% is standard).
Select a time period to pay off your loan
(between 3 and 10 years is common).
.
With these thoughts in mind:
By Day 3