Amy needs to borrow 20000 to purchase a new car she can get, Ask an Expert

Finance

Amy needs to borrow $20,000 to purchase a new car. She can get a 3 year loan with an interest rate of 7%(compounded monthly). Calculate Amy's monthly payment.

How much interest will Amy pay over the life of the loan?

If she got a 5 year loan instead, how much interest over the life of the loan would she pay then?

Work out by hand using formulas

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92665830

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