Question: Problem 5 - 2 3 Loan Payments ( LG 5 - 9 ) You wish to buy a $ 2 2 , 5 0 0

Problem

5 - 23

Loan Payments

(

5 - 9)

You wish to buy a $

22, 500

car. The dealer offers you a

4 -

year loan with a

10.8

percent APR. What are the monthly payments? How would the payment differ if you paid interest only? Note: Do not round intermediate calculations and round your final answers to

2

decimal places. Monthly payment Interest only payment

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