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You are purchasing a 2015 Chrysler 200 for $19,400, with 20% down. The balance will be financed at 7.6% over seven years with monthly payments. Monthy Payment= $238.82
Total Interest Charges= $ 4,540.60
Find:
How much interest is saved if you increase monthly payments by $50?
Five years later you sell for $5,000, and you must pay off the remaining loan balance when sold. What is your net cash position after selling?
Note: average auto depreciation is almost 50% in three years; Chrysler has poorest resale of all domestic manufacturers.
Please complete assingment in Excel.
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