Compute the monthly payment and the total amount spent for a vehicle that costs $22,100 if you finance the entire purchase over 5 years at an annual...
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Compute the monthly payment and the total amount spent for a vehicle that costs ​$22,100 if you finance the

entire purchase over 5 years at an annual rate of 7.00 percent. Calculate the payment if you finance the car for only four years.​ Finally, calculate the payment for three years. What do you notice about the payment under the different time​ assumptions? 


The monthly​ payment, PMT​, on the​ 5-year auto loan is ​$____.  ​(Round to the nearest​ cent.)

Top Answer

Monthly payment for 5 years is $437.61 Total amount paid is $26,256.60... View the full answer

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