You finance a $20,000 car with a 4 year, 6% APR loan with monthly payments and compounding. How much higher is the repayment component of the third payment compared to the repayment component of the second payment? (Enter answer in dollars to two decimals with no $ sign)

Answer rating: 100% (QA)

To calculate the repayment component of each payment well use the formula for the monthly payment on ... View the full answer