You are interested in a car which costs $25,000. You have a $2000 down payment, and you have a found a 4-year loan at 4.5% annual interest compounded monthly. How much total interest do you end up paying if you make equal monthly payments over the entire four years?
You are interested in a car which costs $25,000. You have a $2000 down payment, and you have a found a 4-year loan at 4.5% annual interest compounded monthly. How much total interest do you end up paying if you make equal monthly payments over the entire four years?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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You are interested in a car which costs $25,000. You have a $2000 down payment, and you have a
found a 4-year loan at 4.5% annual interest compounded monthly. How much total interest do you end
up paying if you make equal monthly payments over the entire four years?
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