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Calculating payments, interest, and APR on auto loan After careful comparison shopping, Isabella Green decides to buy a new Toyota Camry. With some options added,
Calculating payments, interest, and APR on auto loan After careful comparison shopping, Isabella Green decides to buy a new Toyota Camry. With some options added, the car has a price of $ including plates and taxes. Because she can't afford to pay cash for the car, she will use some savings and her old car as a tradein to put down $ She plans to finance the rest with a $month loan at a simple interest rate of percent. a What will her monthly payments be Round the answer to the nearest cent. per month b How much total interest will Isabella pay in the first year of the loan? Round the answer to the nearest cent. c How much interest will Isabella pay over the full month life of the loan? Round the answer to the nearest cent. d What is the APR on this loan? Round the answer to decimal place.
Calculating payments, interest, and APR on auto loan
After careful comparison shopping, Isabella Green decides to buy a new Toyota Camry. With some options added, the car has a price of $ including plates and taxes. Because she can't afford to pay cash for the car, she will use some savings and her old car as a tradein to put down $ She plans to finance the rest with a $month loan at a simple interest rate of percent.
a What will her monthly payments be Round the answer to the nearest cent. per month
b How much total interest will Isabella pay in the first year of the loan? Round the answer to the nearest cent.
c How much interest will Isabella pay over the full month life of the loan? Round the answer to the nearest cent.
d What is the APR on this loan? Round the answer to decimal place.
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