Problemyou just bought a car for 17500 and have a 5 year, Ask an Expert

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Problem:

You just bought a car for $17,500 and have a 5 year loan at 8% interest.

Required:

Task1. Calculate the monthly payment. Assume you are one year into your loan (so you have already made 12 payments) for questions 2 & 3.

Task2. How much do I still owe?

Task3. How much interest have I paid in the last 12 months? Again, assume I'm one year into my loan and I add $50 to my monthly payment, how soon could I pay off the car? Please justify your answer appropriately.

Please justify your answer appropriately.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147004

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