Answered: A friend of yours bought a new sports…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A friend of yours bought a new sports car with a $5,000 down payment plus a $26,000 car loan that is financed at an interest rate of 0.25% per month for60 months.

a. Calculate the required monthly loan payment on the car.

b. How much does your friend still owe on the car loan immediately after she makes the

24th monthly payment? c. If, after the 24th payment, she decides to pay $300 more each month, how many months will it take her to payoff the remaining loan she owes?

a) The required monthly Payment is $ (round to nearest cent)

b. Your friend still owes on the car loan. (Round to the nearest dollar.)

c. It will take her months. (Round-up to the nearest month)

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