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Takumi decides to buy a Subaru, which costs $25,000. He has saved up $3,000 for a down payment, and finances the rest with a loan
Takumi decides to buy a Subaru, which costs $25,000. He has saved up $3,000 for a down payment, and finances the rest with a loan for 60 months at a simple interest rate of 3.5% a. What is the Future Value of the loan? b. How much will he pay in total for the car? c. How much interest will he pay on the loan? d. What will his monthly payment be?
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