your plan to finance a toyota camry that sells for $32,000 with a loan that carries a 3% APR for 5 years (60 months). what is your monthly payment?
Monthly payment = ( interest rate / 12 months) *(principal amount ) / (1 -(1+ interest rate /12)(-number of months))
Interest rate = 0.03
principal amount =$ 32000
number of months = 60
year = 12
monthly payment = (0.03 /12) * (32000) / 1- (1+ 0.03 / 12) (-60)
= 32000 * 0.0025 / 1-(1.0025)(-60)
= 31999.99 / 1 -0.860869
= 80 / 0.1391
= 575.12
your plan to finance a toyota camry that sells for $32,000 with a loan that carries...
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Question 38 (3 points) An student has only 1 asset, a Toyota Camry worth $10,000, and 1 liability,a $4,000 car loan with 2 years remaining. Therefore, the student's APC is 60% A) True B) False
Question 38 (3 points) An student has only 1 asset, a Toyota Camry worth $10,000, and 1 liability,a $4,000 car loan with 2 years remaining. Therefore, the student's APC is 60% A) True B) False
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