Johnny just purchased a new hybrid car costing $40,000. He put down $10,000 of savings and...

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Johnny just purchased a new hybrid car costing $40,000. He put down $10,000 of savings and borrowed the remaining $30,000 from his credit union at a 6% annual rate of interest over a 5-year period. What is Johnny's monthly car loan payment? Johnny just purchased a new hybrid car costing $40,000. He put down $10,000 of savings and borrowed the remaining $30,000 from his credit union at a 6% annual rate of interest over a 5-year period. What is Johnny's monthly car loan payment?

Answer rating: 100% (QA)

To calculate Johnnys monthly car loan payment we can use the formula for the present value of an ... View the full answer