Mark Green is considering buying a new Honda Accord. The purchase price of the car is $21,000 but Mark has a trade-in worth $4,500. Mark needs a loan to buy the car and knows that his local bank requires him to put down 10 percent of the purchase price after the value of the trade-in is considered. Mark also knows that bank will charge 8 percent for the loan and require monthly payments over the next 4 years. What is the size of Mark's monthly payments if he makes the minimum down payment on the car?

Answer rating: 100% (QA)

To calculate Marks monthly payments we need to consider the loan amount after ... View the full answer