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Car Loan 20000 Years Monthly Payments 1% 4% 7% 10% 3 $564.16 $590.48 $617.54 $645.34 4 $425.23 $451.58 $478.92 $507.25 5 $341.87 $368.33 $396.02 $424.94
Car Loan | 20000 | |||
Years | Monthly Payments | |||
1% | 4% | 7% | 10% | |
3 | $564.16 | $590.48 | $617.54 | $645.34 |
4 | $425.23 | $451.58 | $478.92 | $507.25 |
5 | $341.87 | $368.33 | $396.02 | $424.94 |
6 | $286.31 | $312.90 | $340.98 | $370.52 |
7 | $246.62 | $273.38 | $301.85 | $332.02 |
c.) Complete the table which computes the total interest paid over the life of each loan using the monthly payments times the total number of payments minus what you borrowed. Format as currency with two decimal places.
Years | Interest Charged | |||
1% | 4% | 7% | 10% | |
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 |
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