A car loan for $29,500 has an interest rate of 3.25% and is amortized over 72 months.

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A car loan for $29,500 has an interest rate of 3.25% and is amortized over 72 months. What is the monthly payment on the loan?
a. $491.23
b. $451.52
c. $361.33
d. $467.97

Same facts as above. What is the balance of the loan after 3 years of payments?
a. $15,468
b. $8,299
c. $4,100.79
d. $4,830.87

Same facts as above. How long would it take to pay off 80% of the loan?
a. 45 months
b. Just under 29 months
c. About 59 months
d. About 49 months

Related Book For answer-question

Fundamentals of Investments Valuation and Management

ISBN: 978-0077283292

5th edition

Authors: Bradford D. Jordan, Thomas W. Miller

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Posted Date: May 11, 2022 12:51 AM

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A car loan for $29,500 has an interest rate of 3.25% and is amortized over 72 months.

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Mortgage amount pv 29500 Number of monthly repaymentsnper 72 Monthly interest rate rate 02708 Q1 Mon... View the full answer

Fundamentals of Investments Valuation and Management

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