Answers for 3-5

For Problems 3-5, assume that you are thinking about buying a truck. 3. The truck you have in mind is priced at $29,200. You must pay tax and license fees of $1,900. Your credit union will make you a loan at 7.9% for 6 years. You have $3,000 to use toward the purchase. How much will you need to borrow? 4. You get the loan. Your monthly payment is $491.31. What is the finance charge? 5. What is the total cost of the truck, including finance charge