I want to buy a car that is worth $65,000. I have saved up $10,000 which can be used for the down payment. You are now working for CIBC and their interest rate can be searched online for the 5-year term (car loan). The loan is amortized over 8 years. You may assume that they are compounded biweekly. 

 1. How much would be my bi-weekly payment and how much is the cost of borrowing? 

2. How much do I have to pay at the end of the 5-year term? 

3. I can pay back $2000 biweekly; how long can I pay back my loan?

Answer rating: 100% (QA)

Biweekly payment and cost of borrowing Interest rate The current interest rate for a 5year car loan ... View the full answer