Wesley has a 60 month automobile loan at 4./9% interest. The principal of the loan is $21,000.

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a. What is theloan payment?

b. How much interest will he pay over the life of the loan if he only makes minimum payments? Calculate the loan payment at 0% interest too.

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Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

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Posted Date: Apr 19, 2023 10:51 PM

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Wesley has a 60 month automobile loan at 4./9% interest. The principal of the loan is $21,000.

Question:

Expert Answer:

a To calculate the loan payment we can use the formula for the present value of an annuity Loan paym... View the full answer

Financial Algebra Advanced Algebra With Financial Applications

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