You wish to buy a $22,000 car. The dealer offers you a 5-year loan with a...
You wish to buy a $22,000 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Homework Answers
a). Monthly Payment = [Loan Amount * r] / [1 - (1 + r)-n]
= [$22,000 * (0.09/12)] / [1 - {1 + (0.09/12)}-(5*12)]
= $165 / 0.3613 = $456.68
b). Monthly Payment = Loan Amount * Periodic Rate
= $22,000 * (0.09/12) = $165
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