1. Nomar is considering the purchase of an $18,000 car. He plans finance 80% of the value of the car (he will put down 20% at the time of purchase) and is offered five-year financing at 7%.

What will be his monthly payment if financed with a 7% simple interest installment loan?

2. What will be the total finance charges for the car loan in Question 1? Nomar is considering the purchase of an $18,000 car. He plans finance 80% of the value of the car (he will put down 20% at the time of purchase) and is offered five-year financing at 7%.)

3. Nomar is considering the purchase of an $18,000 car. He is offered the same five-year financing at 7%.

What will be the total finance charges if Nomar decides to put 0% down?

Please do not use excel to answer questions!

Answer rating: 100% (QA)

Answer To calculate Nomars monthly payment and total finance charges for the car loan we can use the formula for calculating the monthly payment on a ... View the full answer