Amount of interest anthony has to pay over life of loan

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Reference no: EM13847916

Anthony is considering the purchase of used car. The price, including the title and taxes, is $9,530. Anthony is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from the Credit Union at an interest rate of 9.25% compounded daily. The loan should be paid in 48 equal monthly payments. Compute the monthly payment. What is the total amount of interest Anthony has to pay over the life of the loan? Besides, provide the principal and interest payments over the first four months.

Reference no: EM13847916

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