How much would the johnsons need for a down payment

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Reference no: EM131962871

The Johnsons want to buy a 2017 Nissan Altima for $28,570. Bank of America will charge them a 5.75 percent annual rate compounded monthly for a 5-year loan.

• If the Johnsons can afford a $450 monthly payment, how much do they need to borrow?

• How much would the Johnsons need for a down payment?

• Prepare a loan amortization table showing principal and interest payments required to pay off the loan. (Any help/feedback would be greatly appreciated).

Reference no: EM131962871

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