Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In April 2010, the interest rate on 36 month used car loans was 5.74% suppose you have a contract to a buy a used car
In April 2010, the interest rate on 36 month used car loans was 5.74% suppose you have a contract to a buy a used car for $8000. (A) if a bank will lend you $8000 at 5.74% simple rate of interest for 36 months, how much interest will be charged?
(B) what is the total amount of the loan?
(C) what is the monthly payment due?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
