Monthly loan payments personal finance problem

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Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used car. He has found one priced at $ $4,500. The salesman has told Tim that if he can come up with a down payment of ?$500?, the dealer will finance the balance of the price at an annual rate of 13?% over 4 years ?(48 ?months). ?(Hint: Use four decimal places for the monthly interest rate in all your? calculations.)

a. Assuming that Tim accepts the? dealer's offer, what will his monthly? (end-of-month) payment amount? be?

b. Use a financial calculator or spreadsheet to help you figure out what? Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 8?%?

Reference no: EM131831133

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