Question

Asked Nov 6, 2019

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Suppose you purchase a car for a total price of $21,750, including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answers to the nearest cent.)

(a) Find the monthly payment.

$

(b) What is the total amount of interest paid over the term of the loan?

$

$

(b) What is the total amount of interest paid over the term of the loan?

$

Step 1

Part A and B:

**Calculation of Monthly Payment and Total Interest Paid:**

The monthly payment is **$317.74** and total interest paid is **$4,939.823**

**Excel Spreadsheet:**

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