Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Use PMT= find the monthly payments and the total interest for the loan. BIED The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) PH

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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am 108.

Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Use PMT=
find the monthly payments and the total interest for the loan.
The monthly payment is $.
(Do not round until the final answer. Then round to the nearest cent as needed.)
PA
[[-(-9]
The total interest for the loan is $
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
nt
to
Transcribed Image Text:Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Use PMT= find the monthly payments and the total interest for the loan. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) PA [[-(-9] The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) nt to
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