Bob bought a new car for $28 000 with a loan that will be amortized over five
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Bob bought a new car for $28 000 with a loan that will be amortized over five years. The best interest rate he got from his bank for the loan was 1.99 percent compounded annually. What is Bob’s monthly car payment? How much interest was paid in the first car payment? How much interest will be paid over the entire life of the car loan?
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PY 12 CY 1 N 12 IY 199 PV 28 000 PMT FV 0 Bobs mo...View the full answer
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