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. What is the down payment for this loan? How much is the loan for? How much is the monthly loan payment? What is the total amount paid for this loan? What is the total interest paid for this loan? What percentage of the total payments goes to interest? What percentage of the total payments goes to principal? (please show an ammortization table if possible)
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