Question: You buy a car for $ 3 4 , 8 0 0 and finance it with an installment loan with payments for 6 0 months.

You buy a car for $34,800 and finance it with an installment loan with payments for 60 months. The loan at 7% APR would require monthly payments of $612.38. The same loan at 6% APR would require monthly payments of $603.19. How much would you pay in interest for the 6% APR? How much would you pay in interest for the 7% APR?
How much more interest would you pay at 7% rather than 6% over the life of the loan?
You buy a car for $34,800 and finance it with an

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