How much interest will pay over full life of loan

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Reference no: EM131047431

After careful comparison shopping, Charlie Harris decides to buy a new Toyota Camry. With some options added, the car has a price of $23,558—including plates and taxes. Because he can’t afford to pay cash for the car, he will use some savings and his old car as a trade-in to put down $8,500. He plans to finance the rest with a $15,058.00, 60-month loan at a simple interest rate of 4 percent. a. What will his monthly payments be? b. How much interest will Charlie pay over the full (60-month) life of the loan? c. What is the APR on this loan?

Reference no: EM131047431

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