1. 1. You plan to buy a car. The price of the car is $85,700. You will make a down payment of $13,598. The remainder of the car's cost will be financed over a period of 5 years. You will repay the loan by making equal monthly payments. Your quoted annual interest rate is 8% with monthly compounding of interest. (The first payment will be due one month after the purchase date.) What will your monthly payment be? Additionally, over the life of the loan what is the total interest will you pay? 

 

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CALCULATION OF EQUATED MONTHLY INSTALLMENTS EMI P r 1rn EMI ... View the full answer