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Q. After visiting several automobile dealerships, Richard Welch selects the car he wants. He likes its $10,000 price but financing through the dealer is no bargain. He has $2,000 cash for a down payment, so he needs an $8,000 loan. In shopping at several banks for an instalment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $8,000 for a period of four years at an add-on interest rate of 11 percent.

Questions

a. Illustrate what is the total interest on Richard's loan?

b. Illustrate what is the total cost of the car?

c. Illustrate what is the monthly payment?

d. Illustrate what is the annual percentage rate (APR)?

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