# Toyota Payments Per Month Questions-Walden University College.

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. 12:17 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 A class.content.laureate.net W E Menu 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 12:55 1 A class.content.laureate.net W = Menu 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. 12:55 1 A class.content.laureate.net W E Menu 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