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A friend of yours bought a new sports car with a $4,500 down payment plus a $29,000 car loan that is financed at an interest
A friend of yours bought a new sports car with a $4,500 down payment plus a $29,000 car loan that is financed at an interest rate of 0.75% per month for 60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 36th monthly payment? c. If, after the 36th payment, she decides to pay $300 more each month, how many months will it take her to payoff the remaining loan she owes? a. The required monthly payment is (Round to the nearest cent.) b. Your friend still owes on the car loan. (Round to the nearest dollar.) c. It will take her months (Round-up to the nearest month)
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