This paper circulates around the core theme of Finance Charges. Bill wants to purchase a new car for $45,000. Bill has no savings together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Finance Charges. Bill wants to purchase a new car for $45,000. Bill has no savings, so he needs to 1 answer below » Finance Charges. Bill wants to purchase a new car for $45,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 13% and the maturity of the loan is six years. His monthly payments will be $903.33. Bill’s monthly net cash flows are $583.00. Bill also has a credit card with a $10,000 limit and an interest rate of 18%. If Bill uses all of his net cash flows to make the monthly payments on the car, how much will he add View complete question » Finance Charges. Bill wants to purchase a new car for $45,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 13% and the maturity of the loan is six years. His monthly payments will be $903.33. Bill’s monthly net cash flows are $583.00. Bill also has a credit card with a $10,000 limit and an interest rate of 18%. If Bill uses all of his net cash flows to make the monthly payments on the car, how much will he add each month to his credit card balance if he uses it to finance the remainder of the car? What will the finance charges be on his credit card for the first two months that finance charges apply? (Assume that Bill makes no payments on his credit card.) View less » Aug 21 2015 06:39 PM