Stacey purchased a car for $58,300; she paid 5% of the cost as a down payment and financed the balance amount at 3.9% compounded quarterly for 5 years. a) What is the size of payment made at the end of every three months to settle the loan? $ 3061.46 b) What was the amount of interest charged? $ Part 2 of 2

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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Stacey purchased a car for $58,300; she paid 5% of the cost as a down payment and financed
the balance amount at 3.9% compounded quarterly for 5 years.
a) What is the size of payment made at the end of every three months to settle the loan? $
3061.46
b) What was the amount of interest charged? $
Part 2 of 2
Transcribed Image Text:Stacey purchased a car for $58,300; she paid 5% of the cost as a down payment and financed the balance amount at 3.9% compounded quarterly for 5 years. a) What is the size of payment made at the end of every three months to settle the loan? $ 3061.46 b) What was the amount of interest charged? $ Part 2 of 2
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