Question
Assume that you want to buy a car that costs $25,000, and you can get a loan with an interest rate of 5% per annum.
Assume that you want to buy a car that costs $25,000, and you can get a loan with an interest rate of 5% per annum. You plan to pay back the loan in equal monthly payments over the next five years. What will be your monthly payment, and how much interest will you pay in total?
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
