You want to purchase a new car since the prices have dropped so low due to the current economic condition. You can purchase the car for $18,000. You know that you can get a loan at 4.5% (compounded monthly). How long will it take you to pay off the loan if you can make a monthly payment of $350?

Answer rating: 100% (QA)

To find out how long it will take to pay off the loan we can use the formula for the number ... View the full answer