Sheryl decides to purchase a new car for $16 500. She has $2300 deposit saved but will need to borrow the rest. Stamp duty at 0.6% of the purchase price will be included in the loan and loan establishment fees amount to $345. She arranges a personal loan for the amount at a flat rate of 6.5% p.a. and she agrees to pay the amount back in equal monthly payments over 5 years.

a) Calculate the amount she will need to borrow

b) What is her monthly repayment?

Answer rating: 100% (QA)

Given that purchase price is 16500 adding 06 pand 345 she needs 16500 16500 06 345 But to pay ... View the full answer