You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment? N: months 1%: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) How much is the total amount paid over the life of the loan? HINT: A = PMT x N months A =S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A-P: $
You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment? N: months 1%: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) How much is the total amount paid over the life of the loan? HINT: A = PMT x N months A =S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A-P: $
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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whats the answer for 5
![QUESTION 5
You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.)
a) What is your monthly payment?
N:
months
1%:
P.V: $
PMT: $
F.V: 0
P/Y: 12
C/Y: 12
b) How much is the total amount paid over the life of the loan? HINT: A= PMT x N months
A = S
c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P).
I=A- P: $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2285b650-38c3-4f06-bf2e-69aa4259f403%2Fe9ee8005-d380-4704-bf40-998752b87485%2F45zg9nd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 5
You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.)
a) What is your monthly payment?
N:
months
1%:
P.V: $
PMT: $
F.V: 0
P/Y: 12
C/Y: 12
b) How much is the total amount paid over the life of the loan? HINT: A= PMT x N months
A = S
c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P).
I=A- P: $
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