Answered: Given: $35,000 - Cost 1.0%…

Given: $35,000 - Cost 1.0% monthly interest ratw $7000 - downpayment 4 year loan for the remaining balance Question: 1. what is the monthly payment amount? 2. Total interest paid

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Question

Given:

$35,000 - Cost

1.0% monthly interest ratw

$7000 - downpayment

4 year loan for the remaining balance

Question:

1. what is the monthly payment amount?

2. Total interest paid

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