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You want to buy a car that will cost $33,100. You have $2,750 cash as a down payment. You will finance the remainder of the
You want to buy a car that will cost $33,100. You have $2,750 cash as a down payment. You will finance the remainder of the cost through a loan that will require equal monthly payments of principal and 6.75% APR interest over five years Compute the amount of the monthly loan payment that you will need to make. Rate Nper PMT PV FV Prepare a loan amortization schedule using the format presented below. Use the amortization schedule to answer the following questions. How much total interest will you pay over the term of the loan? If you come into an unexpected sum of cash in three years, how much will you need to settle the loan? Interest Expense Monthly Payment Principal Payment Principal Balance Period
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