You are looking to buy a new vehicle and found a used Toyota Corolla for $19,000....
You are looking to buy a new vehicle and found a used
Toyota Corolla for $19,000. You have $5,000 to put down and are
looking to make payments on the rest.You received the following
quote (assumetaxes, licensing, etc. are paid separately) show your
work in detail.
Wells Fargo will loan you the money you need at 8.5% over a 5 year
term for $285.21 per month.
1. what is the total cost of the loan?
2.what is the total cost of the car?
3.what is the total amount of interest paid?
Homework Answers
| 1) | Total Cost Of Loan = $285.21 per month * (12 months*5years) | |||||
| $ 17,112.60 | ||||||
| 2) | Total Cost Of Car = down payment + total cost of loan | |||||
| = $5000+17112.60 | ||||||
| $ 22,112.60 | ||||||
| 3) | Total Amount of interest = total cost of loan - loan amount | |||||
| =$17112.60-($19000-5000) | ||||||
| =$17112.60-14000 | ||||||
| $ 3,112.60 | ||||||
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