Mathematics, 28.10.2020 23:50 milagritomiracle
I'LL MARK AS Gary took out a 6-year car loan for $18,800 to be paid back with monthly payments at a 13.2% APR, compounded monthly. The loan offers no payments for the first 18 months. Gary is wondering how much he will pay in interest on the loan. Help him figure out the answer.
Part I: What is the periodic interest rate of Gary's car loan?
Part II: What is the total amount that Gary will owe when he starts making payments?
Part III: How many monthly payments will Gary have made once his loan is paid off?
Part IV: What will Gary's monthly payment be after 18 months?
Part V: What is the total amount that Gary will pay for the car loan?
Part VI: How much will Gary pay in interest for the car loan?
Answers: 3
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I'LL MARK AS Gary took out a 6-year car loan for $18,800 to be paid back with monthly payments at a...
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