Car cost 12,000 1,000 down payment you need 11,000 loan Auto financing calculates interest for life of loan on borrowed amount using the Simple Interest Formula You borrow 11,000 for 5 years (60 mo.) at 12% interest What is total interest on loan what total cost of car
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Car cost 12,000 1,000 down payment you need 11,000 loan
Auto financing calculates interest for life of loan on borrowed amount using the Simple Interest Formula
You borrow 11,000 for 5 years (60 mo.) at 12% interest
-
What is total interest on loan
-
what total cost of car
Step by step
Solved in 2 steps
