Down Payment 500 Miles per month 750 Price of Gas 3.75 Car 1 Insurance $ 35.00 Cost $ 6,000.00 Registration (annual) $ 140.00 Loan Amount $ 5,500.00 Rate 4.00% Loan Term in Months 36 MPG 40 Loan Payment ($162.38) Total Monthly Expenses Total Cost over 4 years

• Vary the interest rate from 3.25% to 7.00% by 0.25%

What is the Loan Payment in scenario #3? (Enter two decimal places. Payments are considered negative values because they reduce the cash that you have)

1. 3.75%
2. 6.75%
3. 5.00%
4. 4.75%
5. 4.00%

Answer rating: 100% (QA)

To calculate the loan payment in scenario 3 we need to use the loan amount interest rate a... View the full answer