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Advanced MathQ&A LibrarySuppose 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)Question

Asked Oct 27, 2019

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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)

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Step 1

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%.

Step 2

To calculate the monthly payment on the loan of $17.767, present value annuity payment formula will be used.

Step 3

Substitute these values...

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