Question: Now lets look at financing the same-value car ($25,000) at a typical auto loan interest rate of 4.18% for 6 years. Use your TI-84 TVM

Now lets look at financing the same-value car ($25,000) at a typical auto loan interest rate of 4.18% for 6 years. Use your TI-84 TVM Function to first calculate the monthly payment. N= (6x12) I%= 4.18/12 PV = $25000 FV = $0 PMT = $ ____________ Total Cost of 12-years of auto loan: (Payment) ________ x 144 payments = $________________ Note you now own TWO cars!

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