If you make monthly payments for 4 years, what is the total amount of interest that you'll end up paying?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Suppose that a car that you want costs $9000.  You make a down payment of $1000 and finance the rest for 4 years at 1.9% interest, compounded monthly.  If you make monthly payments for 4 years, what is the total amount of interest that you'll end up paying?  Round your answer to two decimal places if rounding is necessary.  The $ sign is already written next to the answer box, so do not type a $ sign in your answer.

Suppose that a car that you want costs $9000. You make a down payment of $1000 and finance the rest for 4 years at 1.9%
interest, compounded monthly. If you make monthly payments for 4 years, what is the total amount of interest that you'll end
up paying? Round your answer to two decimal places if rounding is necessary. The $ sign is already written next to the answer
box, so do not type a $ sign in your answer.
Transcribed Image Text:Suppose that a car that you want costs $9000. You make a down payment of $1000 and finance the rest for 4 years at 1.9% interest, compounded monthly. If you make monthly payments for 4 years, what is the total amount of interest that you'll end up paying? Round your answer to two decimal places if rounding is necessary. The $ sign is already written next to the answer box, so do not type a $ sign in your answer.
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