Question: Hi, can someone please help me solve this, formula would be awesome. Thanks Car Maker & Model: Toyota Tacoma 2016 Market price of the car:

Hi, can someone please help me solve this, formula would be awesome. Thanks

Car Maker & Model: Toyota Tacoma 2016
Market price of the car: $ 29,000
Number of months of loan period: 60 months
Loan Amount (10% more than market price): 25000
Interest Rate (Annual) 6%
Monthly Payment with 5 year schedule 400
60 months
Beginning Balance Monthly Payment Interest Principal Ending Balance
1 $ 25,000 $ 400
2
3
4
5
6
7
8
9
Q1) How much interest would you result in saving by choosing a 3-year loan versus a 5-year loan?
Q2) How much is the difference in total payments between a 3-year plan and a 5-year loan?
Monthly Payment with 3 year schedule
Beginning Balance Monthly Payment Interest Principal Ending Balance
1
2

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