Question
You decide to buy a new vehicle, but you need to take a loan in order to cover some of the cost. You take a
You decide to buy a new vehicle, but you need to take a loan in order to cover some of the cost. You take a loan of $14,000 that you need to pay off over the next 30 years. If the APR on the loan is 6%, how much will you need to pay every month to cover the loan? Round to the nearest whole dollar. (no commas)
Monthly Payment: $
Using your calculated payment amount, how much money total would you have paid over that 30-year period? Round to the nearest whole dollar. (no commas)
Total money withdrawn: $
How much would the bank that gave you the loan earn from interest? Round to the nearest whole dollar. (no commas)
Interest: $
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