Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.89% interest on the loan. Rajesh plans to make car loan payments weekly and has accepted the maximum loan repayment period of 8 years. How much will his weekly car loan payment be? What will be the total interest paid?
Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.89% interest on the loan. Rajesh plans to make car loan payments weekly and has accepted the maximum loan repayment period of 8 years. How much will his weekly car loan payment be? What will be the total interest paid?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.89% interest on the loan. Rajesh plans to make car loan payments weekly and has accepted the maximum loan repayment period of 8 years.
How much will his weekly car loan payment be?
What will be the total interest paid?
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