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S. Gigi buys a G-Wagon from Cars-R-Us for $55,000. She puts 10% down and obtains a 7-year simple interested amortized loan for the balance. Her
S. Gigi buys a G-Wagon from Cars-R-Us for $55,000. She puts 10% down and obtains a 7-year simple interested amortized loan for the balance. Her interest rate on the loan is 2.5%. [12 points) a. Find the amount of Mallory's down payment. - 10 x 55,000 = $5,500 6. Find the amount of her monthly payment. loan amount = 55,000 - 5,500 = $49,500 pynt 2)(1)(1)-1 023) (2) (1) I + 025 12 = 49,500 (1 + 025 .025 12 pynt (91.694) = 58955.95 punt a 8 642.96 c. If she inherits $30,000 36 months into her loan, will she have enough to pay off the loan
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