Question
You decide to buy a new car, the 2021 Chevrolet Silverado, for $33,695. You make a down payment of 18%, but will need to take
You decide to buy a new car, the 2021 Chevrolet Silverado, for $33,695. You make a down payment of 18%, but will need to take out a loan to finance the remaining balance.
A 4-year loan with monthly payments at 3.38%, compounded monthly.
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What is the down payment for this loan?
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How much is the loan for?
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How much is the monthly loan payment?
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What is the total amount paid for this loan?
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What is the total interest paid for this loan?
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What percentage of the total payments goes to interest?
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What percentage of the total payments goes to principal?
(please show an ammortization table if possible)
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