Solution-Total amount of interest you paid

Total amount of interest you paid

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Reference no: EM132116993

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 20^th 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: EM132116993

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Total amount of interest you paid

Reference no: EM132116993

Reference no: EM132116993

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