Question
You purchased a new car two years ago. You financed your car for 5 years (with payments made at the end of each month) with
You purchased a new car two years ago. You financed your car for 5 years (with payments made at the end of each month) with a loan at 5.9% APR. You monthly payments are $671.16 and you have just made your 24th monthly payment on your car. In the space below, please provide one number for each of the following three questions (make sure to number your answers correctly): 1. What is the original loan amount (at time zero)? 2. What is the total amount of dollars that youve paid in the first 24 months? 3. Assuming that you have made all of the first 24 payments on time, then how much interest have you paid over the first two years of your loan?
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