For the car loan described, give the following information. A car dealer will sell you the $30,750 car of your dreams for $6,000 down and payments of $665.06 per month for 60 months. (a) amount to be paid (b) amount of interest (c) interest rate (Round your answer to two decimal places.) %

For the car loan described, give the following information. A car dealer will sell you the $30,750 car of your dreams for $6,000 down and payments of $665.06 per month for 60 months. (a) amount to be paid (b) amount of interest (c) interest rate (Round your answer to two decimal places.) %

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

For the car loan described, give the following information.
A car dealer will sell you the $30,750 car of your dreams for $6,000 down and payments of $665.06 per month for 60 months.
(a) amount to be paid
$4
(b) amount of interest
$
(c) interest rate (Round your answer to two decimal places.)
(d) APR (rounded to the nearest tenth of a percent)
%

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