Calculate monthly payment amount of a car loan

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Reference no: EM131936625

Question: Assume a car loan amount of $100,000, with annual interest rate 6% and 5 years term.

1. Calculate annual payment amount

2. Calculate monthly payment amount

3. Is it better off to pay a loan monthly or annually? Why?

4. Prepare a 60 month loan amortization schedule How much is your total interest payment?

Reference no: EM131936625

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