Question
Amy needs to borrow $20,000 to purchase a new car. She can get a 3 year loan with an interest rate of 7%(compounded monthly). Calculate
Amy needs to borrow $20,000 to purchase a new car. She can get a 3 year loan with an interest rate of 7%(compounded monthly). Calculate Amy's monthly payment.
How much interest will Amy pay over the life of the loan?
If she got a 5 year loan instead, how much interest over the life of the loan would she pay then?
Work out by hand using formulas
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Production And Operations Analysis
Authors: Steven Nahmias
6th Edition
0073377856, 9780073377858
