When you purchase your car, you take out a five-year annual-payment loan with an interest rate of 5.7% per year. The annual payment on the car is $5,200. Immediately after making your third payment, what is the total amount of interest you will have naid on the loan2

When you purchase your car, you take out a five-year annual-payment loan with an interest rate of 5.7% per year. The annual payment on the car is $5,200. Immediately after making your third payment, what is the total amount of interest you will have naid on the loan2

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...

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correct answer is 3089.65

When you purchase your car, you take out a five-year annual-payment loan with an interest rate of 5.7% per year. The
annual payment on the car is $5,200. Immediately after making your third payment, what is the total amount of interest you
will have paid on the loan?

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