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Allysha buys a Jaguar for $85,000.00 to be repaid in equal monthly payments of $2035.43 over 4 years at 7% c.m. Just after the 10th
Allysha buys a Jaguar for $85,000.00 to be repaid in equal monthly payments of $2035.43 over 4 years at 7% c.m. Just after the 10th payment, the debt is commuted into a new contract requiring the outstanding balance be repaid in equal monthly payments over 6 years with the interest rate set at 6% cm. Calculate the amount of the new monthly payment and calculate the increase in total interest charge as a result of the commutation. o Paragraph % V BIU
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