Question

Asked Sep 25, 2019

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You want to buy a $33,000 car. You can make a 10% down payment, and will finance the balance with a 4% interest rate for 60 months (5 years). What will your monthly payments be?

Step 1

The purchasing price of the car is $33,000. I have paid 10% payment on cash. Then the remaining amount I have to pay:

Step 2

Now, the initial amount is $27,000 and time period is 5 years and rate of interest is 4% then total amount I have to pay after 5 years is:

Step 3

Now, amount...

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