Question
You decide to buy a new car, with a drive-out price of $37,500.You finance the car at 4.8% APR for 5 years, with end of
You decide to buy a new car, with a drive-out price of $37,500.You finance the car at 4.8% APR for 5 years, with end of month payments.Answer the following questions.Show your inputs for potential partial credit. Show your answer to the nearest $.01
- What is your monthly payment?
- How much of your 25th payment is payment of principal?
- Over the entire life of the loan (assuming you pay on time), what was the total amount of interest you paid?
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Personal Finance
Authors: Jeff Madura
7th Edition
0134989961, 978-0134989969
