Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Suppose that you decide to buy a car for $32,635, including taxes and license fees. You saved $9,000 for a down payment and can get a four year car loan at 6.31%. Find the monthly payment and the total interest for the loan. Equation below.

Suppose That You Decide To Buy A Car For 32635 Including Taxes And License Fees You Saved 9000 For A Down Payment And Can Get A Four Year Car Loan At 631 Find T class=

Sagot :

SOLUTION:

Step 1:

In this question, we are given the following:

Suppose that you decide to buy a car for $32,635, including taxes and license fees.

You saved $9,000 for a down payment and can get a four-year car loan at 6.31%.

Find the monthly payment and the total interest for the loan.

Step 2:

In this question, we are given:

Cost of the car = $ 32, 635

Down payment = $ 9000

Principal on the Car loan = $ ( 32,635 - 9,000 ) = $ 23, 635

Rate = 6. 31%

Using the PMI Formulae, we have that:

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.