Question
Susie takes out a car loan for$6,140for a term of7years at12%interest compounded monthly. (a) Find her monthly payment. $ (b) Find the total amount she
Susie takes out a car loan for$6,140for a term of7years at12%interest compounded monthly.
(a) Find her monthly payment.
$
(b) Find the total amount she pays for the car.
(c) Find the total amount of interest she pays.
(d) Find the amount she still owes after 1 year.
$
(e) Find the amount she still owes after 2 years.
$
(f) Find the total interest she pays in year 2.
$
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Case Studies in Finance Managing for Corporate Value Creation
Authors: Robert F. Bruner, Kenneth Eades, Michael Schill
7th edition
007786171X, 77861711, 978-0077861711
