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What is the monthly payment for the 6 year loan

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Reference no: EM132386396

You have a 6 year auto loan and the loan amount is $50,500. The interest rate is 3.2%

1. Given the APR is 3.2% what is the monthly payment for the 6 year loan?

2. Calculate the effective annual rate if the loan is compounded monthly.

3. You can retire the loan earlier if at the end of the third year you have to pay $26,000 for the remaining loan. Would you do it?

4. Let us say the original loan agreement was a 3 year loan and you have to pay $24,000 at the end of the third year. How much is the monthly payment?

5. The left-over principal of the loan is $39,000 at the end of the second year after two years of payments. What is the IRR for this loan now?

Reference no: EM132386396

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