Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will be debt - free in 4-years, how much interest will she pay on this loan? Round your answer to the nearest dollar.

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will be debt - free in
4-years, how much interest will she pay on this loan? Round your answer to the nearest dollar.
Transcribed Image Text:Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will be debt - free in 4-years, how much interest will she pay on this loan? Round your answer to the nearest dollar.
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