$48000 cost, $8000 down payment and so $40000 of loan and 6 years, 5%. How much...

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$48000 cost, $8000 down payment and so $40000 of loan and 6 years, 5%. How much money you need to pay at the end?

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Answer 1

Answer #1

Loan amount = 40,000, i = 5%, n = 6 years

Future Value = P(F/P, i, n)

= 40,000(F/P, 5%, 6)

= 40,000(1.340)

= $53,600

Thus, you need to pay $53,600 at the end.

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Answer 2

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