How much would you pay in total interest if you bought a car for $25,000 that was fully financed with a 6% auto loan tha...
How much would you pay in total interest if you bought a car for $25,000 that was fully financed with a 6% auto loan that lasted 10 years (assuming that you make payments annually)?
Homework Answers
Total interest is calculated using the CUMIMPT function:-
=CUMIPMT(rate,nper,pv,start,end,0)
=CUMIPMT(6%,10,25000,1,10,0)
=8966.99
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