For the car loan described, give the following information.A car dealer will sell you the $30,350 car of your dreams for $6,000 down and payments of $669.06 per month for 60 months.(a) amount to be paid$ 46143.60(b) amount of interest$ 15793.60(c) interest rate (Round your answer to two decimal places.)10.40(d) APR (rounded to the nearest tenth of a percent)20% X

in this you have to find out the interest rate from calculating present value FACTOR.

Answered: 46143.60 ) amount of interest 15793.60…

Business

Finance

46143.60 ) amount of interest 15793.60 =) interest rate (Round your 0.40 X % 1) APR (rounded to the near 0 % X

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

For the car loan described, give the following information.
A car dealer will sell you the $30,350 car of your dreams for $6,000 down and payments of $669.06 per month for 60 months.
(a) amount to be paid
$ 46143.60
(b) amount of interest
$ 15793.60
(c) interest rate (Round your answer to two decimal places.)
10.40
(d) APR (rounded to the nearest tenth of a percent)
20
% X

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