You borrow a 7-year $116000 car loan with an annual interest rate of 6.1% and monthly repayments.

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You borrow a 7-year $116000 car loan with an annual interest rate of 6.1% and monthly repayments. At the end of the 49 month, you want to sell your house and pay off the car loan.

How much do you need to pay to the bank after 49 months' repayments?

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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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Posted Date: May 03, 2023 01:12 AM

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You borrow a 7-year $116000 car loan with an annual interest rate of 6.1% and monthly repayments.

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To calculate the amount you need to pay to the bank after 49 months repayments we need to calculate ... View the full answer

Personal Finance

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