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How much would his payoff amount be

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Question - Dave McCarroll recently purchased a 2019 Ford F150 Raptor. Dave qualified for such a low interest rate that he decided to finance the entire purchase price (including taxes) of $65,000, with a 60-month amortized loan. Dave's monthly payment is $1,164.50.

a) What is the Annual Percentage Rate (APR) on the loan?

b) What is the Effective Annual Percentage Rate (EAR) on the loan?

c) What is the total amount of interest that Dave will pay over the first 12 months of the loan?

d) What is the total amount of interest that Dave will pay over the entire 60-month term of the loan?

e) If Dave decided to pay the loan off immediately after he made the 12th monthly payment, how much would his payoff amount be?

Reference no: EM132894574

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