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How much interest have paid in the second year

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Reference no: EM132844055

Suppose you want to buy a used TESLA from a private party for $ 30,000. That party is allowing you to pay 3 equal, yearly payments at a financing rate of 4 % p.a. (please round off your answers to the nearest penny)

Problem (a) How much will be your annual payment?

Problem (b) How much will you owe on your TESLA just before the first installment is paid?

Problem (c) How much will you owe on your TESLA just after the first installment is paid?

Problem (d) How much will you owe on your TESLA just before the 2nd installment is paid?

Problem (e) How much will you owe on your TESLA just after the 3rd installment is paid?

Problem (f) How much interest have you paid in the 2nd year?

Problem (g) If you were asked to make monthly payments, instead of annual payments, with the same financing rate, how much will be your monthly payment be?

Reference no: EM132844055

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