You are purchasing a 2015 chrysler 200 for 19400 with 20, Ask an Expert

Finance

You are purchasing a 2015 Chrysler 200 for $19,400, with 20% down. The balance will be financed at 7.6% over seven years with monthly payments. Monthy Payment= $238.82

Total Interest Charges= $ 4,540.60

Find:

How much interest is saved if you increase monthly payments by $50?

Five years later you sell for $5,000, and you must pay off the remaining loan balance when sold. What is your net cash position after selling?

Note: average auto depreciation is almost 50% in three years; Chrysler has poorest resale of all domestic manufacturers.

Please complete assingment in Excel.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92782075

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