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You are considering the purchase of a BMW M5. You will borrow the money from BMW Financial Services. The terms of the deal are outlined
You are considering the purchase of a BMW M5. You will borrow the money from BMW Financial Services. The terms of the deal are outlined below:
| BMW M5 |
|
| RWD, 500hp, 0-100 in 4.7s | |
| MSRP = $80 comma 00080,000 | |
| Term = 4848 months | |
| APR = 4.54.5% | |
| Down Payment = $0 | |
| Monthly Payments = $1 comma 824.281,824.28 |
The amortized loan payments are a blend of interest and principal. What is the total amount of interest you would pay over the life of the loan? Assume that taxes are zero.
What is the total amount of interest you would pay over the life of the loan?
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