7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You finance the loan for 5 years and make equal monthly payments. If the bank charges 7.9% apr compounded monthly, how much will your monthly payment be? When the five years is up and you own the car, how much have you actually paid for it?
7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You finance the loan for 5 years and make equal monthly payments. If the bank charges 7.9% apr compounded monthly, how much will your monthly payment be? When the five years is up and you own the car, how much have you actually paid for it?
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
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