You are purchasing a new truck for $33,000.00, with a down payment of $1,500.00. If the...

 

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You are purchasing a new truck for $33,000.00, with a down payment of $1,500.00. If the interest rate is 5.1% compounded monthly and you will make monthly payments for 6 years: What is the loan amount? What is the amount of the monthly payment? How much is the instrested was paid over the length of the loan? You are purchasing a new truck for $33,000.00, with a down payment of $1,500.00. If the interest rate is 5.1% compounded monthly and you will make monthly payments for 6 years: What is the loan amount? What is the amount of the monthly payment? How much is the instrested was paid over the length of the loan?

Answer rating: 100% (QA)

To calculate the loan amount we need to subtract the down payment from the total purchase price of t... View the full answer