Suppose that you borrow $10,000 for five years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan.

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asked Dec 25, 2019 12.2k views

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Kamran Shahid · Answer 1 · 2019-12-30T10:12:38+0000

The payment would be $198.01 and the total interest would be $1,880.75. Pretty straightforward with a financial calc. I can show you the keystrokes if you want, just message.

Suppose that you borrow $10,000 for five years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan.

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