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You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment? N: months 1%: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) How much is the total amount paid over the life of the loan? HINT: A = PMT x N months A =S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A-P: $

You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment? N: months 1%: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) How much is the total amount paid over the life of the loan? HINT: A = PMT x N months A =S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A-P: $

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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QUESTION 5 You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment? N: months 1%: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) How much is the total amount paid over the life of the loan? HINT: A= PMT x N months A = S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A- P: $
Transcribed Image Text:QUESTION 5 You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment? N: months 1%: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) How much is the total amount paid over the life of the loan? HINT: A= PMT x N months A = S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A- P: $
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