Michelle bought a new car for $21,000. She paid a 10% down payment and financed the remaining balance for 48 months with an APR of 4.5 %. Assuming she makes monthly payments, determine the total interest Michelle pays over the life of the loan. Round your answer to the nearest cent, if necessary.

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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Michelle bought a new car for $21,000. She paid a 10% down payment and financed the remaining balance for 48 months with an APR of 4.5 %.
Assuming she makes monthly payments, determine the total interest Michelle pays over the life of the loan. Round your answer to the nearest cent, if
necessary.
Transcribed Image Text:Michelle bought a new car for $21,000. She paid a 10% down payment and financed the remaining balance for 48 months with an APR of 4.5 %. Assuming she makes monthly payments, determine the total interest Michelle pays over the life of the loan. Round your answer to the nearest cent, if necessary.
Christina bought a new car for $37,000. She paid a 10% down payment and financed the remaining balance for 60 months with an APR of 5.5%.
Determine the monthly payment that Christina pays. Round your answer to the nearest cent, if necessary.
Transcribed Image Text:Christina bought a new car for $37,000. She paid a 10% down payment and financed the remaining balance for 60 months with an APR of 5.5%. Determine the monthly payment that Christina pays. Round your answer to the nearest cent, if necessary.
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