Concept explainers
a. 39–44. Use a spreadsheet to complete the first twelve lines of an amortization schedule for each loan in Exercises 11–16.
Car loans. Katie purchases a new Jeep Wrangler Sport for $23,000. She makes a $5000 down payment and finances the remainder through an amortized loan at an annual interest rate of 5.7% compounded monthly for 7 yr.
a. Find Katie’s monthly car payment.
b. Assume that Katie makes every payment for the life of the loan. Find her total payments.
c. How much interest does Katie pay over the life of the loan?
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Calculus and Its Applications (11th Edition)
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