Payment of principal, You decide to buy a new car, with a

Payment of principal

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Reference no: EM131838497

You decide to buy a new car, with a drive-out price of $33,500. You finance the car at a 3.6% APR for 5 years, with end of month payments. Answer the following questions. Show your inputs for potential partial credit. Show your answer to the nearest $.01

a. What is your monthly payment?

b. How much of your 20th payment is payment of principal?

c. Over the entire life of the loan (assuming you pay on time), what was the total amount of interest you paid?

Reference no: EM131838497

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