1. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is the interest portion of the first 12 payment?     2. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is the interest portion of the last 12 payments?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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1. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is the interest portion of the first 12 payment?

 

 

2. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is the interest portion of the last 12 payments?

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