Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.99% interest on the loan. Rajesh plans to make car loan payments weekly and has accepted the maximum loan repayment period of 8 years. How much will his weekly care loan payment be? How much will he have paid to the dealership by the time his loan is paid off?
Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.99% interest on the loan. Rajesh plans to make car loan payments weekly and has accepted the maximum loan repayment period of 8 years. How much will his weekly care loan payment be? How much will he have paid to the dealership by the time his loan is paid off?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.99% interest on the loan. Rajesh plans to make car loan payments weekly and has accepted the maximum loan repayment period of 8 years.
How much will his weekly care loan payment be?
How much will he have paid to the dealership by the time his loan is paid off?
How much interest will be paid?
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