After careful comparison shopping, Noah Griffin decides to buy a new Toyota Camry. With some options added, the car has a price of $23,610 - including plates and taxes. Because he can't afford to pay cash for the car, he will use some savings and his old car as a trade-in to put down $7,610. Noah plans to finance the rest with a $16,000, 60-month loan at a simple interest rate of 5 percent. What will his monthly payments be? Round the answer to the nearest cent. $ per month How much total interest will Noah pay in the first year of the loan? Round the answer to the nearest cent. (Use a monthly payment analysis procedure similar to the one in Exhibit 7.7.) $ How much interest will Noah pay over the full (60-month) life of the loan? Round the answer to the nearest cent. $ What is the APR on this loan? Round the answer to 2 decimal places. %
After careful comparison shopping, Noah Griffin decides to buy a new Toyota Camry. With some options added, the car has a price of $23,610 - including plates and taxes. Because he can't afford to pay cash for the car, he will use some savings and his old car as a trade-in to put down $7,610. Noah plans to finance the rest with a $16,000, 60-month loan at a simple interest rate of 5 percent.
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What will his monthly payments be? Round the answer to the nearest cent.
$ per month
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How much total interest will Noah pay in the first year of the loan? Round the answer to the nearest cent. (Use a monthly payment analysis procedure similar to the one in Exhibit 7.7.)
$
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How much interest will Noah pay over the full (60-month) life of the loan? Round the answer to the nearest cent.
$
-
What is the APR on this loan? Round the answer to 2 decimal places.
%
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