What was the total amount of interest you paid

Assignment Help Financial Management

Reference no: EM131838341

You decide to buy a new car, with a drive-out price of $33,500. You finance the car at a 3.6% APR for 5 years, with end of month payments. Answer the following questions. Show your inputs for potential partial credit. Show your answer to the nearest $.01

a. What is your monthly payment?

b. How much of your 20th payment is payment of principal?

c. Over the entire life of the loan (assuming you pay on time), what was the total amount of interest you paid?

Reference no: EM131838341

Questions Cloud

Explain the consequences of clear-cutting the rain forests : If we explain the consequences of clear-cutting the rain forests but that government decides to continue with the process, should we interfere

Discuss how the body of knowledge needs to be moved forward : Critiques what is right or wrong with these other studies, and discusses how the body of knowledge needs to be moved forward.

What length of time does it cost less to hire college hunks : What length of time does it cost less to hire College Hunks Movers over Two Men and a Truck Movers? Show a test case to prove your findings.

Gauss-jordan elimination-sociology : A chemical manufacturer wants to lease a fleet of 24 railroad tank cars with a combined carrying capacity of 520,000 gallons.

What was the total amount of interest you paid : What is your monthly payment? How much of your 20th payment is payment of principal? what was the total amount of interest you paid?

Describe the biochemical mechanism : Describe the biochemical mechanism by which RNA splicing occurs precisely at the exon-intron borders considering that a single nucleotide offset

Evaluate importance of the internal environmental factors : Evaluate the importance of the internal environmental factors that include the cultural, language, political, and technological differences that will affect.

Solving systems of linear equations with two equations : Budget Deficits For fiscal years 2003 and 2004, California and New York were the two states in the U.S. with the largest budget deficits.

Computing the set of all functions : 1. Let G be the set of all functions f :[0,1]?R. For f,g?G define the function f?g by setting

User Account

All Pages