You have decided to buy a new Ford Mustang. The price of the vehicle is $26,400. You've saved $4,000 to put toward a down payment, and you'll get an amortized loan for the rest. The car dealer offers you a 5-year loan at 2.9% interest. You will pay principal and interest in equal monthly installments one month from now.

a. Determine the amount of your monthly payment.

b. How much interest will he have paid over the 5-year period?

Answer rating: 100% (QA)

Loan Amount 26400 4000 22400 Time Period 60 mont... View the full answer