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Social ScienceSuppose that you decide to buy a car for $25,767, including taxes and license fees. You saved $8000 for a down payment and can get a 5-year loan at 6.57%. (a) Find the monthly payment for the loan. (b) Find the total interest for the loan. (round to the nearest dollar. For example, $247)
Suppose that you decide to buy a car for $25,767, including taxes and license fees. You saved $8000 for a down payment and can get a 5-year loan at 6.57%. (a) Find the monthly payment for the loan. (b) Find the total interest for the loan. (round to the nearest dollar. For example, $247)
Expert Answer
a)The cost of buying a car is $25,767 of which $8000 is saved as the down-payment.
Therefore, the loan amount = $(25767 – 8000)
=$17,767
Given, Interest rate for a period of 5 year is 6.57%.
To calculate the monthly payment on the loan of $17.767, present value annuity payment formula will be used.
Image Transcriptionclose
PV xr P = 1 1- (1+r)" 72 where, PV present value 17767S 6.57% 12 n=5x 12
Substitute these values...
Image Transcriptionclose
6.57 17767 x 12 P == 1 1 - 60 6.57 1+ 12 97.274325 0.2793 =348.214$
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