1 Consider a loan at 4.625% APR on 7 years for a $38,000 car.  a.  Estimate the monthly payment (using the average balance method) b.  How much would you pay in total for interest?  2. Now consider: 4.5% APR on 8 years for $38,000 car. a. Estimate the monthly payment (using the average balance method). b. How much would you pay in total for interest?

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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1 Consider a loan at 4.625% APR on 7 years for a $38,000 car.

 a.  Estimate the monthly payment (using the average balance method)

b.  How much would you pay in total for interest? 

2. Now consider: 4.5% APR on 8 years for $38,000 car.

a. Estimate the monthly payment (using the average balance method).

b. How much would you pay in total for interest?

 

 

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